According to a recent survey by GoDaddy, Canada’s Generation Z (Gen Z) population has a strong desire to be entrepreneurs. They are motivated by their passion and the transformative power of technology. These young Canadians are seizing opportunities and using the digital landscape to turn their dreams into reality.
The survey found that an astounding 75% of post-secondary-aged Canadians already run their own business or plan to start one. This shows that Gen Z entrepreneurs are fearless in embracing technology to propel their entrepreneurial endeavors forward.
One notable finding is that 53% of Gen Z Canadians believe their generation is better equipped than previous generations to start a business. They have confidence in technology’s ability to revolutionize the entrepreneurial landscape, making it easier than ever to embark on such journeys. In fact, 63% of respondents recognized the pivotal role technology plays in launching their businesses.
GoDaddy, a leading provider of online tools and resources for entrepreneurs, recognizes the importance of supporting this rising wave of young business owners. They are committed to democratizing entrepreneurship by empowering aspiring entrepreneurs to succeed. For example, GoDaddy customer Myriam Provost successfully started her own upcycled furniture design business with the help of technology.
While financial security is important to many individuals, younger respondents prioritize passion above all else. The survey revealed that 76% of Canadians are willing to take a pay cut to pursue work they are truly passionate about. This aligns with the entrepreneurial spirit of Gen Z Canadians, who are willing to endure short-term financial challenges for long-term success.
However, Gen Z entrepreneurs face obstacles on their path to success. The lack of financial resources is the most significant challenge, often preventing aspiring entrepreneurs from taking the leap. Additionally, lack of confidence and fear of failure are significant barriers, particularly for young women. Overcoming these hurdles requires support and a shift in societal perception to encourage risk-taking and view failure as an opportunity for growth.
The survey also highlighted the importance of mental health in the entrepreneurial journey of young Canadians. Concerns about mental well-being are high among this demographic, emphasizing the need for holistic support. Achieving a healthy work-life balance and ensuring a secure income are key considerations for young Canadians as they plan their future careers.
The impact of artificial intelligence (AI) is also a concern for these aspiring entrepreneurs. Canadians express more concern about the effects of AI on their future prospects compared to other English-speaking markets. However, the survey found that 63% of Canadians are already using AI tools, showing their willingness to adapt and embrace technology to enhance their businesses.
To meet the comprehensive support needs of aspiring entrepreneurs, GoDaddy offers a suite of tools at every stage of the journey. They provide solutions for generating naming ideas, building websites, attracting customers, and accepting payments, making it easier for entrepreneurs to establish and grow their businesses.
The survey included 1,069 Canadian Gen Zs aged 18-26 and was conducted using an accredited online research access panel. The data collection was national, and the findings were weighted to represent the country’s census data. GoDaddy also conducted parallel surveys in Australia, the UK, Canada, and the US, with a total of 4,232 participants aged 18-26.
In conclusion, the GoDaddy survey reveals the vibrant entrepreneurial spirit among Gen Z Canadians. With a majority already owning or planning to start their own businesses, this generation is confident in the transformative power of technology. Despite facing barriers such as financial constraints and fear of failure, Gen Z Canadians are determined to overcome these hurdles and pursue their entrepreneurial dreams. Organizations like GoDaddy play a pivotal role in providing the tools and resources to make entrepreneurship more accessible for this ambitious generation. As Canada’s Gen Z entrepreneurs continue to innovate, they are poised to leave their mark on the business landscape, fueled by their unwavering spirit and the endless possibilities offered by technology.