Workers in the Gen Z age cohort (18-27) are making their mark in the workplace – with many already stepping into leadership roles. In the UK alone, data from last year found that nearly 250,000 company directors are now Gen Z[1], reflecting their growing influence.

Earlier this year, American Express partnered with The Conduit members club to survey both Gen Z entrepreneurs and workers across the UK, to build understanding of the key motivations and unique strengths of Gen Z in the world of business. Lee Sullivan, Vice President, American Express provides highlights  some of the key takeaways.

Ambition at their core

Gen Z are defined by their entrepreneurial ambition. This is seen amongst those currently in full-time employment, with over two-thirds (67%) of Gen Z workers in the UK aspiring to own or lead a business. And even before they start out on their own, 63% say greater entrepreneurial freedom and autonomy in their current roles would make them feel more motivated.

Notably, for those already leading a business, the ambition goes even further: 76% of Gen Z business owners want to become serial entrepreneurs. Yet this ambition is not purely about personal success. Gen Z leaders are driven by the desire to build something meaningful and lasting. An overwhelming 93% say they want to create something their family will be proud of.

Balancing profit with purpose

The research also reveals that Gen Z’s ambition to leave a legacy goes hand in hand with their desire to make a meaningful impact on the world. Profitability is certainly a priority, as 82% of young business leaders want their ventures to be as profitable as possible. But just as many (82%) say their businesses are purpose-driven. These personal values shine through amongst Gen Z workers as well, with three-quarters (76%) saying it’s important that their work makes a positive impact on society.

Digitally native, digitally competitive

As digital natives, Gen Z believe their familiarity with technology sets them apart from other generations. According to the research, more than one-third (37%) of Gen Z workers and over a quarter (27%) of Gen Z business leaders believe this digital fluency gives them a competitive edge in the workplace. Businesses across all sectors and industries can benefit from Gen Z’s fresh perspective on digital innovation.

Growing with the right support

To complement their perceived digital strengths, Gen Z are also focused on building the strong professional networks and trusted relationships that are often critical to building a successful business or career.

Gen Z leaders are already leaning on their networks for advice and inspiration, and find digital platforms particularly helpful. Nearly half (45%) of Gen Z leaders surveyed turn to online business platforms and digital communities when looking for insight, ideas or tips on how to better run a business, while a quarter (24%) actively attend in-person networking events.

While building networks might come easy for some, many aspiring entrepreneurs acknowledge that it can be challenging. Nearly a quarter (23%) of Gen Z workers that say they want to start their own business cite not having the right connections as a barrier to doing so. This points to the wider business community having a clear opportunity in supporting Gen Z to flourish and meet their entrepreneurial ambitions.

It’s evident that Gen Z is helping to pave a new era of work and business. Wherever their path takes them, American Express is focused on backing entrepreneurs – and the businesses they create – to thrive.

[1] Business Matters, January 2024