There are several differences between the 2 Generations, but the following are probably the most popular. Let's look at what they are and what that will mean to Startups. It's nothing too intense just some food for future StartUp founders and such. Ok! Let's go!
Unlike the Millenials, Generation Z is predicted to be less focused. This means that startups in the generation are likely to waste time chasing several goals. They may also miss out on the momentum of winning small milestones that lead to the next goals. The magnitude of this I see is greater when I plug into the equation that both generations will already be battling having a shorter attention span with the Generation Z being even lower than the very living out loud millennials. Startup founders might need a firm schedule of goals and how to get them done to avoid detours and if all fails they can rent my mother's slipper to streamline the old-fashioned way.
Guess what! Millenials are not as great at multitasking as Generation Z is expected to be. This is probably due to the fact that they have become more efficient in shifting between work and play and are growing in an environment where they are using a laptop to do their class work, facetime a friend, taking notes on a pad and giving their pet attention. This is good news to startup management since they will have a workforce that can not only handle more, it will be more tech-savvy . This also speaks to the quality of the founders themselves. Exciting times ahead. Startups will have staff who can use just about any device, globally used softwares and systems and will need very little for startups in terms of the staff learning curve.
Did you know that 67% of millennials will go looking for a bargain compared to the Generation Z? Millennials came of age around tough times, the US recession, Inflation, fewer jobs etc and this is probably why they are much more conservative at spending. This means you might not really enjoy a finance director as a Generation Z. They are more unlikely to look for a bargain. I am not sure what this means to impulse buying …. Write a comment about it. I am curious what you think. If my economics teacher was being honest and that all resources are scarce then Startups should be wary of a generation Z that will take the first price and not haggle.
Leroy Mwasaru founder of CampBuni demonstrates this next doing so well. This young man is 21 and is the founder of an organization already working with WWF. Millennials like me call that being boss. Generation Z will have EARLY STARTERS. They are ahead in almost every tech way you can think of. This is not just applying to founders, According to an article I read a while ago this applies to the workforce too. Employers predicted that there will be more youth between 16 and 18 going straight into the workforce. Access to information has changed mindsets and most of them are likely to opt out of traditional steps. Like finish school and go to college. This also means they are going to be more entrepreneurial. For a startup, it means you are likely to have staff who will be looking at the venture as their own. There is a risk of them having side hustles that can make for high turnover and you should not forget this means that they use company time for the hustle in the negative. On the other side, I see staff who will do all it takes to grow faster, willing to be involved in the planning and setting of goals and take ownership in attaining of these goals.
The last highlight is on what most of us millennials thought we were maybe going to be: Global Citizens. Yeah! I am disappointed in the number of countries I have lived in or visited. Generation Z is set to become more global. Look around for example, if you are in Africa and see the number of educational and trade fairs visits by globals school and exchange programs available and not to forge the amount of interest in trading in Africa that is bound to have more travel across continents. Generation Z is definitely going to be m.o.r.e global compared to millennials. That's tough for me to even write. The StartUp scene will see people more sensitive to various cultures, they will have to speak more languages, they will see more linkages and have a larger perspective on issues and problem-solving.