There’s Never Been a Better Time to Be Your Own Boss – and Here’s Why

Each generation has characteristics that set it apart. Gen Z, the first generation to grow up online, has a very different way of working than millennials, Gen X and baby boomers.

After entering the workforce amid the Covid-19 turmoil, Gen Z found themselves in an employment landscape plagued by instability and drudgery instead of salaried jobs with benefits. Fortunately, the Zoomers are using this turbulent time to their advantage. Rather than settle for unsatisfying, risky jobs, Gen Z is looking for the benefits of entrepreneurship – according to one study, 93% of adults have taken at least one step to dip their toes into business ownership.

Decades ago, entrepreneurship was considered a risky alternative to the traditional career path, one that started after a four-year degree and was kept until retirement. But as the comfortable life of the middle class becomes increasingly difficult in conventional ways, trading is now seen as a viable alternative to working for someone else.

Of course, entrepreneurship isn’t just for Gen Z. Anyone who wants to can embrace the many benefits of startup life.

Related: You’re Not Crazy: Trading Your Six-Figure Job for Entrepreneurial Freedom Is the Right Move

Why now is a good time to be an entrepreneur

The word “entrepreneur” dates back to the 18th century, but the concept has been around since one caveman sold a handaxe to another. But only in the last 15 years or so have businesses evolved into what they are today.

That’s because the Internet has greatly lowered the barriers for anyone who wants to open their own business, from anywhere in the world. In the past, the West Coast of the US – especially Silicon Valley – was the first base, due to factors such as the region’s concentration of research universities and significant government investment, among other attractions. The San Francisco Bay Area has long had a pioneering spirit, ever since it attracted so-called forty-niners hoping to strike it rich during the Gold Rush of the mid-1800s. Eventually that spirit gave way to a different kind of pioneer, one less interested in digging for gold than hacking creative solutions to problems using technology.

But now, you don’t have to take the plunge and go to Mountain View to start your dream startup. Especially for bootstrappers, who do not want outside investment, there is no need to try to get funding from Google networking events. Digital nomads now freely roam the globe, working on their businesses everywhere from Manhattan to Mexico to Malta. Being an entrepreneur is easier than ever – all you need is a strong internet connection.

Related: The Best Time to Start Your Dream Business is Now. Here’s Why You Shouldn’t Worry About Time Performance.

The benefits (and pains) of being your own boss

There are many reasons a person might want to become an entrepreneur. Maybe you’ve identified a product need that doesn’t exist and want to address a pain point. Maybe you see an opportunity to make the world a better place. Or maybe it’s a lifestyle that appeals to you: Being your own boss, making your own schedule and answering to no one.

These are all good reasons to start a business, and there are many more, too. But before you get caught up in the dream of firing off emails near Bali, remember: Launching a startup is a job – a lot of work. A 40-hour work week will be an unusual luxury, especially at first. Not answering to anyone means you have no one to turn to when things get tough, and if you fail, it’s hard to find anyone to blame but yourself. In a Reddit post discussing the pros and cons of freelancing, one user summed it up — “Pro: Freedom to manage yourself as you please; Con: Freedom to manage yourself as you please.”

Research suggests that some personality types are better at this than others. Research from Myers-Briggs, of the well-known Myers-Briggs Type Indicator (MBTI), found that the personality types of Intuition (N) and Perceiving (P) tend to have a more entrepreneurial nature than Sensing and Judging types. As the study notes, “Entrepreneurs in the group showed a much higher tendency to be innovative, risk-taking, impulsive and independent especially than non-entrepreneurs,” adding that, “people who like to do unusual things, intuition, thinking and understanding. tend to show higher levels of entrepreneurial practice.”

This is not to say that only certain personality types are suitable for entrepreneurship – research shows that people across the MBTI spectrum can – and do – become entrepreneurs. But it’s worth taking a closer look at your strengths and weaknesses to decide if it’s ultimately the right move for you.

Related: Are You Ready for Business? Here’s How To Break Free From Corporate Recruitment To Pursue Your Passion

You make your own luck

I started my company, Jotform, as a side project I did at night and on weekends on top of my full-time job. As a bootstrapped founder, I knew that no big investment was going to save me. That meant I had to make tough decisions and sacrifices, like moving back to Turkey from New York City to cut costs.

It was up to me to sink or swim, and I’m thankful that my hard work and the decisions I made then allowed me to grow my company to where it is today. Although there were people who taught me and helped me along the way, it is incredibly satisfying to know that Jotform’s success is the result of my own hard work.

Almost everyone wants the freedom to make their own destiny. In the past, many people have settled for less. But I believe there has never been a better time to be an entrepreneur. Gen Z may have unreadable slang, but they aren’t afraid to break out of the corporate mold and create their own luck. For them, and anyone else who chooses that path, the sky is the limit.