Young generation Z individuals opt for self-employment instead of climbing corporate ranks
A significant proportion of early-career professionals, particularly from Generation Z, are growing disenchanted with the traditional nine-to-five work structure. As the oldest Gen Z members reach the age of 28, they represent a sizeable demographic shunning conventional corporate life in favor of more meaningful employment.
According to data provided to NBC News by LinkedIn, approximately 18% of business founders in 2024 were Generation Z, an increase from 14.5% in 2023.
Francesca Albo, 28, and her business partner Lea Burbidge Izquierdo, 29, decided to leave their corporate jobs behind and embark on the entrepreneurial journey. The two women, who met at a dog park in October 2021, bonded over their shared professional experiences and love for dogs, leading them to launch Puppy Sphere, a wellness space offering puppy-filled yoga classes across North America.
Describing her former life in a corporate cubicle, Albo shared that she felt depressed and unfulfilled, spending years managing a research team at a biotech lab with mundane tasks. Burbidge Izquierdo, who also experienced corporate burnout in her career in fintech and marketing, saw Puppy Sphere as an opportunity to create something meaningful.
In 2024, Puppy Sphere is a multimillion-dollar business with over 13 locations and more than 200 employees. The most popular events include 45-minute yoga sessions led by certified instructors, often in partnership with A-list entities such as Animal Planet, Netflix, and pop singer Sabrina Carpenter. The co-owners note that the dogs not only provide clients with serotonin boosts but also offer crucial socialization skills.
Numerous young professionals are following in Albo and Burbidge Izquierdo's footsteps, opting out of traditional employment. Approximately 59% of millennials and Gen Zers reported having held a traditional job before starting their own company, according to an American Express survey in 2024. Gen Z workers report seeking more meaningful work, with some finding their jobs uninspiring, according to a CNBC and SurveyMonkey survey.
The desire for purpose in the workplace mirrors findings from various studies among younger generations. According to Wendy Smith, a senior manager of research science at SurveyMonkey, "Gen Z workers are motivated, but they're craving connection and creating meaning in their work."
Other Gen Z entrepreneurs echo the sentiment of seeking deeper meaning in their careers. Ariana Nathani, 28, worked as a project designer at Johnson & Johnson for five years before leaving to focus on her podcast and in-person social events business, Drinks First. Nathani credits technological advancements, such as social media and artificial intelligence, for aiding Gen Z's entrepreneurial success and making opportunities previously seen as inaccessible more attainable.
Jake Aronskind, 28, left his job as a proprietary stock trader in 2021 to create Pepper, an interactive food-centered social app for home cooks. The app has gained momentum, with tens of thousands of downloads, appearances on a Gordon Ramsay show, and a promising revenue stream.
The rise of entrepreneurship among Gen Z presents both opportunities and challenges, with Albo acknowledging that the dream lifestyle isn't always easy to maintain. "Lea and I work 24/7. It is incredibly difficult," she said, emphasizing the significant effort required to maintain a successful business. Despite the hardships, however, Albo remains optimistic: "The corporate nine-to-five isn't the only viable option for those seeking fulfillment in their careers."
- In 2024, Puppy Sphere, the wellness space offering puppy-filled yoga classes, is a multimillion-dollar business owned by Francesca Albo and Lea Burbidge Izquierdo, both of whom left their corporate jobs behind for entrepreneurship.
- Numerous young professionals, such as Ariana Nathani, are following in the footsteps of Albo and Burbidge Izquierdo, opting out of traditional employment in favor of starting their own businesses.
- The co-owners of Puppy Sphere, Francesca Albo and Lea Burbidge Izquierdo, took out loans to finance the initial stages of their business, demonstrating the crucial role of credit in entrepreneurship.
- According to Wendy Smith, Gen Z workers are motivated by the desire to create meaning in their work and connect with others, driving the trend toward entrepreneurship and a shift away from traditional finance and corporate careers.
