Study looks at entrepreneurial tendencies and attitude towards money in Gen Z Romanians
Half of the young Romanians in Generation Z who have considered investing in their own business remain motivated and eager, despite a lack of financial resources, according to this year's PulseZ Insights study.
Specialists from the I Want to Be an Entrepreneur and Insights national programs - part of the Romanian Business Leaders (RBL) Organisation, in collaboration with the market research agency IZI data - collected and analyzed the responses of over 1200 young people in Romania born between 1995 and 2010 to produce the Insights PulseZ study. The study aims to capture the behaviors, needs, personal motivations, and preferences of those in Generation Z.
Generation Z's main motivation for starting a business is their desire to make a contribution (30%), followed in roughly equal proportions by being able to do what they enjoy (20%) and a higher earning potential (19%).
Most are thinking of moving into the area of food preparation and sales services, followed by those targeting real estate. IT also ranks highly (22%), as do arts and culture (20%).
"This survey reveals a generation in Romania eager to make their mark on society, attentive to values such as sustainability, looking for a career where what they do matters first and only then the salary package. Other conclusions drawn are: lack of intrinsic motivation for the job, need for mentors and structure in approaching a long-term project. I see these survey results as a wake-up call that today's managers should pay attention to and meet the new generations with vision, inspiration, and directions that make young people's work feel relevant and meaningful", said Dan Schipor, Business Advisory Partner for BDO Romania.
The main barriers to starting a business are a lack of financial resources, as mentioned by 78% of respondents, lack of training to start a business (66%), lack of mentors (64%), and lack of technical knowledge (56%).
"The impact that lack of financial resources has on the entrepreneurial drive of the younger generation is important, but not new. The economic environment is severely affected and access to resources is even more limited compared to previous years. An important signal is, in my opinion, the perception of a lack of knowledge to help them take the first steps to start their own business, as well as a lack of support from mentors. There is a vast field of action here and we need to expand our efforts through the national entrepreneurship program with the support of the business community," said Dragos Petrescu, President of Romanian Business Leaders and Project Leader of Insights and I Want to be an Entrepreneur.
The lack of financial resources for investment and the general economic climate has driven a change in the younger generation's attitude toward money.
More young people now want to save money (57% vs. 51% in 2021) and earn more (53% vs. 48%), with the biggest change coming in increased attention to spending, 58% this year compared to 45% the year before.
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