Entrepreneurship is in fashion, especially among the younger generations. In the past, climbing the corporate ladder was seen as one of the best indicators of success. Today, that perception seems to be changing as those who have been successful at climbing the ladder are the ones who more often decide to get off it.
This trend marks a departure from the traditional approach as many people now view entrepreneurship as the path to success and financial independence. Probably the most powerful reason why entrepreneurship has become more attractive is the desire for independence. It is no longer about sacrificing your personal life and integrity for stability but all about work-life balance, autonomy, and personal satisfaction.
An EY report found in 2021 that 53% of surveyed GenZ respondents hope to run their own businesses in 10 years. When looking at those respondents who had already entered the workforce, the report found the percentage to be 65%. With most Gen Zs considering the chance to generate original ideas, interaction with people from around the world, and the solving of complex problems as the characteristics of their ideal career, it is not surprising that their affinity to entrepreneurship increased once exposed to the workforce.
Another factor driving the shift towards entrepreneurship among young adults and adults is the increasing uncertainty of traditional career paths, especially at a time when technologies like AI are disrupting traditional jobs in an unprecedented manner. The belief is that many traditional careers are becoming obsolete and job security is no longer guaranteed means that many are turning to entrepreneurship as a way to take control of their future.
Technology has also played a significant role in the increasing attractiveness of entrepreneurship. With the rise of e-commerce and social media, it is now easier than ever to start a business and reach customers worldwide. People can now start a business from their homes and reach a global audience with minimal investment, no matter if they are offering creative service, sharing knowledge, or selling their latest invention.
Cut Class’s co-founder Leslie Levito, MAVI’s CEO and Co-founder Cynthia Hollen, and Steph Ramirez Consulting’s CEO and Founder Stephanie Ramirez sat with Fast Company’s Executive Board member Kwasi Asare to talk about their experiences leaving corporate America. The panel was part of this year’s edition of Grit Daily House at SXSW and offered viewers valuable insights on what climbing and leaving the corporate ladder is really like.
To learn more about what it took for the panelists to risk it all and pivot to start their own startups, the challenges they experienced, what it took to succeed, and much more, this is a panel you won’t want to miss.