While a significant majority (85%) say it’s important their business solves problems that others don’t, Gen Z leaders strongly believe purpose and profit aren’t mutually exclusive; over four-fifths (82%) state that it’s important their business is as profitable as possible. Almost nine in 10 (88%) see hitting profit targets as the key measure of business success. 

The study of entrepreneurs and senior leaders aged 18-27 years old at a range of UK businesses reveals that over four-fifths (82%) in this cohort consider their business to be ‘purpose driven.’ Respondents primarily defined this as a business which ‘makes a positive difference to a significant environmental or societal issue’ (31%). Others classified it as a business ‘using its mission and values to guide decision-making' (22%) or one with ‘clear ethical credentials’ (17%). 

The research found Gen Z business leaders are highly ambitious to succeed, with three quarters (76%) of current business owners stating ambitions to be a serial entrepreneur. This desire doesn’t all stem from craving status; respondents are motivated about leaving a positive legacy, with 93% wanting to build something their family will be proud of.   

Alongside this sharp focus on business success, Gen Z leaders are prioritising their wellbeing with almost nine in 10 (88%) agreeing it’s important to have time to enjoy the good things in life. However, about one third (34%) stating that maintaining a healthy work-life balance has been one of their biggest learning curves as a young business leader. 

Lee Sullivan, Vice President at American Express, said: “This research spotlights the aspirations of Gen Z business leaders to realise their own entrepreneurial ambitions in tandem with a determination to make a positive impact. Whether at the start of this journey or as they scale up, our focus at American Express is on backing these young leaders to help their business reach its potential.”

Paul Van Zyl, Co-Founder and CEO of The Conduit, said: “As a business founded on the belief that purpose and profit can go hand-in-hand, we are delighted to see the next generation of business leaders are committed to making this the norm. Their dedication to driving meaningful change while pursuing financial success is shaping a new paradigm, where business not only thrives but contributes to a more just and sustainable future for all."

Commenting on the research, Gen Z entrepreneur Megan Hale, Co-Founder of Team Repair, a circular, repair kit subscription service, said: “Founding an impact-driven business not only fuels me every morning but has also unlocked financial support through grant funding and impact investment. But even though we are impact-focused, profit is also important. As a circular business, we believe there is power in proving that this innovative model can be best for both the planet and profit. We want to show that businesses can do good and make money – in the hope of encouraging others to take the same path.”  

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