77% of Canadian Gen Z Have or Plan to Launch Their Own Business

Gen Z Breaking into the Executive Suite

Survey Unveils Gen Z’s Entrepreneurial Drive and Tech-Savvy Mindset

As the back-to-school season approaches, a recent survey conducted by GoDaddy delves into the aspirations and attitudes of post-secondary-aged Canadians, often referred to as “Gen Z” (ages 18-26). The survey offers intriguing insights into this generation’s career aspirations and their outlook on the future of work, with a notable focus on entrepreneurship.

Generation Z: Poised for Entrepreneurial Success

According to the survey, an impressive 53% of Gen Z Canadians believe that their generation is uniquely equipped to embark on entrepreneurial journeys, surpassing the capabilities of their predecessors. Remarkably, 63% of respondents attribute technology as a catalyst that simplifies the process of starting a business. This tech-savvy cohort is characterized by a resounding 77% who either already possess their own business or are actively planning to initiate one.

Myriam Provost: A Success Story

One shining example of this entrepreneurial spirit is Myriam Provost, owner of Atelier Renouveau by Myriam, a GoDaddy customer based in Varennes, Quebec. Myriam’s journey of transforming her passion for up-cycled furniture design into a thriving business was made possible by technology, including the creation of her website through GoDaddy. In under two years, Myriam turned her hobby into a sustainable venture, reflecting her artistic style and dedication to sustainability.

Gen Z Prioritizes Income and Work/Life Balance

While entrepreneurship is on the rise, Gen Z Canadians still place significant importance on secure income and work/life balance when contemplating their future career paths. Survey results reveal that the top three factors influencing future career choices are secure income (49%), work/life balance (38%), and passion (32%). The study also highlights generational differences, with younger respondents (18-21) valuing passion more than financial security, while older respondents (22-26) prioritize financial stability (67%).

Passion Trumps Paychecks

Interestingly, an overwhelming majority of respondents (76%) are willing to accept a salary cut of up to 26% to pursue work they are passionate about.

AI’s Impact on Canadian Minds

Canadians exhibit a paradoxical relationship with artificial intelligence (AI). While almost two-thirds (63%) are already using AI tools, the adoption rate is significantly ahead of other English-speaking markets, they also express substantial concerns (56%) regarding AI’s potential impact on their future.

Commitment to Long-Term Success

Gen Z Canadians are resolute in their commitment to long-term growth, with 68% recognizing that building a business takes time, often exceeding a year for success to manifest. Nearly 58% express a willingness to embrace failure and try again, while 50% are prepared to endure short-term financial setbacks to achieve long-term success.

Barriers to Entrepreneurship

Lack of financial resources ranks as the most substantial barrier to initiating one’s own business (61%). Additionally, a notable gender discrepancy is observed, with young women (50%) more likely to cite confidence or fear of failure as a barrier compared to young men (38%). Other challenges include insufficient skills or expertise (37%), time constraints (26%), and inadequate support (22%).

Mental Health: A Persistent Concern

In all surveyed regions (Canada, Australia, United Kingdom, and United States), mental health remains a pressing concern among young Canadians. While some improvement has been noted in 2023, it appears that only men have experienced this positive shift. Women, on the other hand, are nearly as likely to report a decline in mental health as an improvement.

About GoDaddy

GoDaddy stands as a global catalyst for millions of entrepreneurs, facilitating the launch, growth, and scaling of their businesses. Entrepreneurs turn to GoDaddy for domain name registration, professional website creation, customer attraction, online and offline payment acceptance, and the consolidation of essential business management tools, all conveniently accessible in one place. The company’s user-friendly tools and 24/7 expert guidance support microbusiness owners at every step of their journey. For more information, visit www.GoDaddy.com.

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