When it comes to the best entrepreneurial generation, Generation Z is the largest cohort with remarkable innovative startups not only in the UAE, but also over the world.
The social media gurus and the best entrepreneurial mentality comparing with their alumni, break the regulatory and had the urge of thinking out the box when it comes to building their careers.
It all based on the analysis of the fast growth in the business market in the world, which created a vast need for digital and sustainable business solutions. The choice to be more skeptical about selecting regular routine specializations was the main theme of this generation.
The economic and global conflicts support the entrepreneurship mindset to rise more among generation Z youth. Those youth coexist in a crucial time to the global business, starting from revolutions, epidemics, war and the economic inflation.
Why generation Z is so keen on entrepreneurship?
According to the entrepreneurial spirit index in 2021, statistics clarify that nearly 82% of jeuveniles are planning to set up their own business. In fact, with this generation, nothing is unthinkable as they are independent, excellent self learners and tech savvy.
Youth in generation Z inspired by the entrepreneurial success stories around them, starting from Facebook to SWVL. The dream of being independent, debt free and investing time in self development, motive them to be more rebel towards the traditional way of getting a high educational degree, then prompted in the corporate ladder.
In the GCC and the whole MENA region, when it comes to sustainability and entrepreneurship, the UAE ranks first globally, according to the global entrepreneurship monitor 2021/2022.
The SME on the GCC represent nearly 1.5 million, the UAE has 400,000 of them, contributing in the national GDP by 53% (non-oil GDP).
The dynamic business frame works, supported by the national United Arab Emirates agenda, to support entrepreneurs and SME, encourage youths to kick start their projects. Not only UAE youth, but also from other nationalities started to migrate there, to take advantage of the stunning ecosystem, and the accelerated growth.
Sustainability challenges drive generation z.
Growing up with the increasing challenges for sustainability, with basic knowledge of STEM education, and the sense social responsibility.
Drove this generation to take the responsibility of saving the planet on their shoulders. The DIY generation started to find sustainable business solutions and made it applicable for real. since, the UAE started to incubate the green eco business in the 2021 vision, seeking the diversity of the national income from oil industry.
According to The Forbes Middle East, United Arab Emirates comes with 33 of 50 pioneer eco-green startups in the middle east, with the most active supportive eco-system.
Vital participation in the diplomatic scene
Based on the Atlantic Council report (silicon valleys rule in foreign policy and what others can learn from it), entrepreneurs play a leading role in bridge up cultures, with a significant impact on strengthening economic diplomacy, which has a vital impact on supporting the external relations between countries, and developing global politics tools.
From this principle, the UAE government establishes the substitute Silicon Valley in Dubai, to put it in the list of largest global business hubs.
The startups in the region have secured nearly $3 billion in financing in 2021, with expectations of continuing to rise during 2022 with more investment deals, which played an important role in opening the door to competition between global and local startups in the region, with the support of international investors and major players.
That’s made the UAE launch the “the entrepreneurial nation” initiative, which aims to create 20 billion companies by 2031, and pushed the Technical Venture Capital Fund (STV) in the Kingdom of Saudi Arabia to raise one billion dollars to promote and support the establishment of more billion companies in the region, which confirms the emerging companies will play a pivotal role in the region’s economies and the relations between its countries during the coming period.
Rejecting unemployment
Conceptualising the old employment broken model, becomes too cliche for generation Z, the impacts of epidemics and wars, highlighted the fallback of the normal employment system of the previous generation.
This generation faced the fact that financial stability could be a myth, try to create virtual hiring spaces, overcome the over employment capacity, and innovate new jobs chances.
The challenge wasn’t easy, but with passion towards making a change to the world, the juvenile entrepreneurs succeeded in benchmarking oriented business hub, not by necessarily asking you to be an entrepreneur to work in it. Entrepreneurship is about mindset, and embracing creativity and adaptable business solutions.
By the end of the article, we hope to unshod lights of the future of entrepreneurs, and inspire our readers, to start thinking how to embrace an entrepreneurial mindset.
You could also read more on: is Dubai good for entrepreneurs?
