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The rise of the Gen Z entrepreneur – top things you need to consider when starting your own business

ByCommunitySpirit

Sep 23, 2021

Are you one of the 8.5 million (66%) Gen Z’s setting their sights on entrepreneurialism post pandemic? A new report by WP Engine, the WordPress technology business, has revealed just how the four generations’ relationships with digital have changed over the past year, with Gen Z’s leading the charge when it comes to setting up a new business.  

The average age of entrepreneurs is decreasing, Gen Z’s are becoming a powerful economic force to be reckoned with – with the resurgence of the economy and unprecedented spending, their influence grows every day.  

The report revealed that Gen Z’s have an increasing interest in entertainment as well as beauty and wellness focused businesses (both up 30% from 2019) whilst Millennials are also thinking about starting businesses in technology more than double that of 2019 (10% in 2019 versus 22% in 2021.)  

Whatever your business idea, where do you start? We look at some top tips to consider before taking matters into your own hands. After all, preparation is key…  

  • From idea to reality – don’t forget your business plan… 

So you’ve got your idea, but is it viable?  Do you need investment? Is there a demand for it? What are the pros and cons? All serious questions that must be considered when taking a business from idea to reality. Simon Squibb, an angel investor and serial entrepreneur explains why it’s important to never underestimate the importance of a good business plan.  

“When I’m investing in businesses, I’m really looking at the person and whether or not they can move quickly enough and pivot their business to make it work. If a year from now, the business isn’t worth billions yet and they’re starting to wane. If there isn’t a purpose in the plan, they don’t keep going. But if they have a purpose, and it’s not working, they’re going to keep finding a way to make it work.” 

A good place to start and look for advice is online platform The Purposeful Project which has been designed to help 10 million people start and grow their own businesses, as well as teach entrepreneurship for free.  

  • Build your online presence with a strong web offering 

The world has moved online particularly post pandemic, so building your website and a strong online presence is key. The WP Engine platform equips you with a suite of site building and management tools to drive more creative agility; cloud hosting and security solutions to enable enterprise performance; and optimisation tools to give you ongoing intelligence.  

If you’re considering selling through your site, the WP Engine eCommerce Solution allows SMBs to create a stunning, mobile-friendly WooCommerce site quickly and easily. Owners will be able to either optimise an existing online store or build one with a quick setup wizard; take advantage of ready-to-use eCommerce themes; drag and drop tools to add content and products in seconds; enable blazing-fast product searches that increase revenue and use the automated plugin updates, which save valuable time and allow store owners to relax knowing their site is secure and updated.  

  • The customer is always right? Why customer service is crucial  

Regardless of whether a business is operating online, or as traditional bricks and mortar store – new businesses need to adapt to the long-term trends of their customer-base. So even if there are fewer customers initially walking into the store, the service should not suffer.   

With excellent customer service, comes repeat business. For those setting up a new business, it’s imperative to have the right technology in place to deal with customers in a quick and efficient way. Ensure all customer interactions are streamlined into one platform with Zendesk – no matter whether they’re contacting you by email, social media (Twitter/Facebook), WhatsApp or Wechat. Also useful is Zendesk messaging in Suite Live Chat – it allows businesses to address the customer’s questions faster via the web, mobile, and messaging without interrupting their experience.   

  • Home office tech? Make sure you’re equipped 

From laptops to printers, keep in mind the features you need now, but also in the future. As you scale the business will your tech need to take on additional roles, such as photocopying, faxing and scanning for example? Do you need to print customer labels for your new business for example?  

In a time where demand for printing is high, driven by millions of people working and learning from home, you need a smart solution that can keep up with your hybrid needs. Designed with that in mind, the new HP+ printer is a bit a gamechanger for at-home printing.  

Claiming to offer a more secure, productive and sustainable solution, it’ll protect you from any nasty malware by keeping itself up to date, secure and ready to print from anywhere anytime – even if you’re on the move. There’s also an added bonus of Instant Ink, a new subscription service, which means you’ll never run out of ink again. Perfect for your busy business!  

  • Safe-guard against cyber attacks and data breaches 

With the increase in cyber attacks and data breaches, we’re told to be vigilant in regards to keeping sensitive data safe. But when it comes to cybersecurity, being proactive is just as important. For medium to large businesses, cybersecurity requires a budget, adequate staff, and appropriate tools to protect and defend against cyber attacks. But for small businesses and homes, having access to effective security analytics can come at a high cost of either time or money.  

With so many products out there, it can be confusing to know what to choose. Built to help small businesses and homes with limited time and resources, the Elastic SIEM product offers a great solution for providing security analytics and monitoring capabilities.  

With an up-and-coming generation of entrepreneurs, there’s never been a better time to start your own business. Preparation is the key to success.