About 62% of Gen Zers have started a business or plan to. Gen Zers love entrepreneurship because they understand how risky a traditional career path is. The Great Recession (2007 to 2009) happened when the first Gen Zers were around 12 years old. They saw their parents and loved ones get laid off and struggle to find new jobs. 

The recent coronavirus pandemic also affected employment, and global lockdowns had a negative impact on work and school. The two events hugely impacted Gen Zers’ perceptions about traditional employment. If you’re a Gen Z entrepreneur looking to build a local business success, here’s how to do it.

Know Your Unique Selling Point (USP)

Most Gen Zers are experts at social media, photography, coding, video editing, and technology. These skills are very useful for running and marketing a business. But because most Gen Zers possess these skills, you need to identify the unique skills you bring to the table to make your business stand out in a crowded marketplace.

Know your unique selling point, the thing that sets you apart from the competition. For example, 70% of Gen Zers try to buy goods and services from companies they consider ethical, so become an ethical company and work with ethical suppliers. Your USP is what will make customers choose your business over others. 

Get Good Funding

A financially healthy company has enough working capital. A company with good working capital pays its employees and suppliers on time and easily meets its financial obligations. Apply for external funding to create enough working capital and fulfill your growth ambitions. 

A loan can give your business the money it needs to grow. You can apply for a car title loan and fulfill customer orders to boost trust and loyalty. Most small businesses fail because of a lack of working capital, so apply for funding early on and steer clear of this hurdle.

Be Highly Flexible

Uncertain economic times and a rapidly changing digital world have made Gen Zers the most nimble of all generations. They are very quick to change directions, learn a new skill, or ditch something that isn’t working. This mindset will serve you well in business. 

You should be ready to adapt and overcome the challenges you will inevitably face. If your brick-and-mortar store isn’t doing well, focus on the online store and market it heavily online. No two days will be alike, and your ability to adapt and solve problems will determine how successful you become.

Build a Business That Stands the Test of Time

Generation Z is the most entrepreneurial generation in history. It currently makes up about 21% of the global population and is revolutionizing the world with its unique views on entrepreneurship, work, and success. This generation grew up with the internet, and its different worldview makes it ideal for entrepreneurship in the digital age. If you’re a Gen Z entrepreneur, apply these tips and build a successful business from the get-go.