As with other generations before them, Gen Z have their unique values and ways of working – and they are set to shape and change the world of business. 

American Express recently partnered with The Conduit members club to survey the UK’s young entrepreneurs and senior business leaders about their motivations, priorities, and challenges – and understand the unique qualities and opportunities this new generation is bringing to the workplace. Here are some of the key insights into how Gen Z is shaping business leadership. 

1. Balancing purpose and profit

Gen Z are an ambitious and entrepreneurially minded generation, who care about making a positive impact. The research revealed that profitability is a key priority for them, with 82% of young leaders wanting their business to be as profitable as possible, and at the same time, 82% define their ventures as purpose-driven.

This desire to make a positive impact is rooted in Gen Z’s personal values, with 84% of young business leaders believing it’s important to make a positive difference to society. With the motivation to be both profitable and purposeful, Gen Z are pioneering a more dynamic way of doing business that leaves a positive legacy behind them.

2. A generation of digital natives

Digital fluency is second nature to Gen Z, who have been exposed to smart phones, social media and the internet from a young age. This tech-savviness can offer them a competitive advantage in business; over a quarter (27%) of Gen Z leaders believe being more comfortable with technology gives them an edge.

Technology also plays a key role in how they approach problem-solving. To overcome the learning curves of running a business, many Gen Z business leaders lean on digital resources such as websites and free online courses, and following business influencers on social media.

Business leaders across generations can take a cue from Gen Z by better leveraging digital tools and resources to continuously adapt and stay ahead in an evolving business landscape. Equally, Gen Z can benefit from balancing these digital tools with a more holistic approach to business leadership, that includes mentorship, peer-to-peer knowledge sharing and connecting with others in-person.

3. Building leadership skills

Running a business can be challenging at any age, and every generation that enters business leadership will have to navigate its own hurdles. According to our research, Gen Z business leaders have found maintaining a work-life balance (34%), learning how to be an effective leader (30%) and how to manage business finances (28%) to be some of the biggest learning curves when leading a business.

Another frustration point for a quarter of Gen Z leaders is they feel they are not taken as seriously as a young business leader when trying to fund their business.  Despite these obstacles, Gen Z are a resilient and innovative pool of business talent and with the right support, they will be able to truly drive meaningful change. 

4. The power of a helping hand

Having a robust support system in place is critical to being a successful business leader. Amongst Gen Z business owners, emotional support from family friends and already having business leaders in their network are cited as key factors that helped them when setting up their business. As they look to scale, these support networks become even more crucial.

Gen Z leaders are already making a head start to growing their business network. When looking for insight and inspiration on how to better run a business, almost half (45%) turn to online networking platforms and business communities and a quarter (24%) attend in person networking events.

With the right networks in place, Gen Z will be able to accelerate their businesses growth and overcome any hurdles more effectively. Here, the wider business community has a valuable role to play in supporting Gen Z business leaders to succeed.

Empowering the next generation

Gen Z’s digital prowess and ability to balance purpose with profit provides a refreshed approach to leadership that the entire business world stands to benefit from. As Gen Z leaders advance their own business aspirations, the rest of the business world has an opportunity to help nurture their development and growth. At American Express, we are committed to supporting these businesses to offer tailored advice and solutions to meet their specific business needs.

Naturally, Gen Z business leaders will soon have their own role to play in supporting the next generation – Gen Alpha. By reaching down and giving junior colleagues direct exposure to entrepreneurial environments, Gen Z can continue to invest in the future of business leadership.

Now it’s up to the wider business community to ensure Gen Z have the support, resources, and recognition they need to fully realise their potential.

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