Let’s be real: Gen-Z gets called lazy more often than ambitious. But here’s the twist: This so-called “lazy” generation is outpacing everyone else in launching new businesses. Many of them are skipping the usual gatekeepers and building on their own terms. No big bank account or traditional team required.
Gen-X still produces more business founders than Gen-Z. But the lead is shrinking, and fast.
Six years ago, you’d find 26 Gen-X founders for every Gen-Z upstart. Now, it’s just four to one. Gen-Z didn’t get the memo about slacking off. That’s according to a new report from the Bank of America Institute. It studied data from about 70 million Bank of America accounts to find out who is starting businesses now.
The report found more good news for young founders. In June, Gen-Z business applications grew about 66 percent from a year before. That’s more than double the growth rate for Millennials and Gen-X. Business applications overall are up almost 15 percent from a year ago.
Why this is happening now
Taylor Bowley, an economist at the Bank of America Institute, pointed to one main reason: the job market. It’s tougher for many people right now, especially those just starting their careers. When steady jobs are harder to find, more people choose to start their own. A report shows business is doing well.
Another group, the National Federation of Independent Business, also measures small-business confidence every month. Its score rose 2.1 points in June. That tells the same story. More people feel ready to start their own business. But real problems remain, such as inflation and rising costs.
More young people are starting businesses. Forget the lazy stereotype. Gen-Z is working smarter, not lazier or harder, and they’re showing that hustle can look like creativity, speed, and digital know-how, not just long hours.