Gen Z, the largest global generational group, is redefining entrepreneurship. Born between the late 1990s and early 2000s, this digitally fluent and socially conscious generation is not only building businesses with a purpose but also ensuring they remain profitable.
New research from American Express and The Conduit found that four in five Gen Z entrepreneurs classify their business as ‘purpose-driven’—but they are also highly focused on financial success. While 74% prioritise purpose over profit, an overwhelming 82% say profitability is just as important.
Balancing Profit with Purpose
Megan Hale, founder of Team Repair, a subscription-based repair kit service, embodies this mindset. “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,” she explains. Like many in her generation, she is determined to show that business can do good while making money—and hopes to inspire others to follow suit.
Challenges and Opportunities
Despite their ambition, Gen Z entrepreneurs face notable challenges, including mental health pressures, skill gaps, and barriers to funding. While many juggle multiple ventures or corporate jobs to gain experience, 92% struggle to secure funding, and 39% are hesitant to take risks.
The key to overcoming these hurdles? Mentorship and supportive networks. Insights from a roundtable discussion at The Conduit emphasised the need for resources that nurture young talent, helping them build resilient and successful businesses.
Supporting the Next Generation of Business Leaders
Empowering Gen Z entrepreneurs requires investment in mentorship, inclusive environments, and entrepreneurial development. Initiatives like The Conduit’s Impactful Careers programme offer young professionals free access to career advice and industry mentorship, ensuring they have the tools to succeed.
By fostering innovation and supporting purpose-driven businesses, we can help Gen Z entrepreneurs prove that profit and purpose are not opposing forces—but powerful allies in shaping the future of business.
