The decision to reject traditional employment in favour of starting one's own business is more prevalent now than ever before. "Generation Z," born after 1996, is at the forefront of this movement, both globally and in Pakistan.
This trend is on the rise for various reasons. Many individuals from Generation Z are motivated by a desire to escape the rigid schedules of traditional jobs and the constant oversight from superiors. According to a report by BBC Urdu, they seek the freedom to explore the world with just a laptop and a reliable internet connection.
Moreover, they crave independence and autonomy, longing to be their own boss and have the flexibility to work on their own terms. This challenging and dynamic environment appeals to them, driving them towards entrepreneurship.
A large-scale survey by Lloyds Bank – a major British financial institution—revealed that 60 per cent of Generation Z youths said they prefer to quit their jobs and to start their own business. However, 80 per cent said that they would rather be their own 'boss' than work under another 'boss'.
19 per cent said that there is no satisfaction in the job, if they want, they will find their own work and peace.
Another research in US revealed that 50 per cent of young people want to do their own business instead of a job and it is the same situation emerging in Pakistan and India.
For instance, Ayesha Awan decided to do something else instead of job even during her studies. She is the co-founder of a startup ' SocialBu'.
She had always been opposed to the idea of working for anyone and had decided during her studies that she wanted to launch her own business, not a job.
"Freedom to create, think and express is very important to me, that's why I launched my startup when I got the first opportunity," says Ayesha.
“It is dangerous… there is a lot of tension. It is very difficult to work with a team, but the fun and joy of doing your own work is different,” she added.
Read: How PTI’S digital roar captured GEN Z hearts
She says that the first objection was from the family, but she believes that now doing business is very easy, all you need is a laptop and Wi-Fi and you can connect with people all over the world.
In most societies, a job has been considered a better and safe option, but these changes do not occur instantly the situation is slowly changing in countries like Pakistan.
Salman Shahid, chief executive of the Pakistani company Gray Matter Global, said that many young people in Pakistan are still looking for a job instead of their own work. His company 'Grey Matter Global' helps university students in their career choices.
Shahid says that the economic conditions of Pakistan are forcing the youth to look for alternative sources of income.
He said that 78 per cent of students studying in Pakistani universities still prefer the job.
However, there has been a change in the attitudes of the youth in recent times and the main reason for this is social media where influencers are showing alternative sources of income to youngsters.
Young people are not only in a dilemma to find alternative sources of income but also in need of an alternative lifestyle. Covid-19 pandemic is also a reason for the changing attitude of youth.
Shahid says that the verdict of becoming 'your own boss' started as a joke, but it is now becoming a reality. Young people now prefer internships and freelancing because of the flexibility in working hours and reducing their travel expenses due to working from home and with relatively good pay.
He believes that the job market in Pakistan is so dire that young individuals who have invested four years in university education (spending approximately Rs1.5 to 2 million) often find themselves accepting jobs with monthly salaries ranging from 35,000 to 40,000 rupees. This, he asserts, represents an egregious exploitation of the youth by our society.
Explaining whether a job or a new business is more challenging is difficult, as it depends on factors such as personality, environment, and support system. Both options come with their own set of advantages and disadvantages.
With a job, the benefit lies in receiving a steady monthly salary without the concern of company finances. This allows for financial support of one's family and provides time for personal matters. However, income and career growth are often limited and slow-paced.
The process of implementing an idea within a corporate hierarchy can be time-consuming and daunting, often taking weeks for approval.
On the other hand, entrepreneurship offers unlimited income potential and flexibility in decision-making and time management. It also provides a better work-life balance. However, the risk of financial loss is inherent, and entrepreneurs must be prepared to invest significant time and effort into their ventures, often working long hours to achieve their goals.
Hamza Ahsan, founder of Applywise, acknowledges the challenges he faced after launching his startup. Initially lacking experience and guidance, he relied solely on his passion and determination. Ahsan advises aspiring entrepreneurs to remain committed despite criticism and to keep moving forward.
Ultimately, it's essential to consider one's circumstances and follow one's heart when deciding between a job and entrepreneurship. However, careful evaluation of the potential consequences is crucial before taking any step.
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