Goodbye to the Bezos and Bransons of the world; hello to the Rihannas and Beckhams of the world.
New research by Natwest reveals the ‘Top 10 UK Modern Business Icons’ list according to Brits aged 18-30, and it hasn’t got the names you’d expect. 64% of 18 – 30-year-olds want to be an entrepreneur or run their own business in the future – with the main reasons being wanting to make a lot of money (40%), having more control over their work/life balance (39%) and the cost-of-living crisis (38%).
A decade ago, you’d expect to see the likes of Alan Sugar, Jeff Bezos, and Richard Branson, as the traditional meaning of entrepreneur is, of course, someone who takes business risks, and their role is predominately being the CEO of the company. Fast forward to 2022, the meaning of ‘entrepreneur’ has developed. It is now a broader and more diverse title.
The most fitting icons for the traditional meaning would be Steven Bartlett and Elon Musk – someone from the traditional business world. However, that does not mean the rest of the list members are less credible. The rise of social media has paved the way for ‘creater CEOs.’ According to young brits, their ‘modern business icons’ include reality stars, music stars, and athletes.
So, let’s unpack the Natwest research with our thoughts.
So, what is a ‘modern business icon?’
According to the participants, a ‘modern business icon’ is ‘relatable’ (31%), ‘stylish’ (29%), and ‘hard-working’ (28%). They are an interesting choice of words. Why were they described like that? The most obvious answer would be social media, which all icons, and most of the general population, have in common – making them relatable. Another common attribute is that all the icons are, to some extent, celebrities, making them stylish. The icons are hard-working as their sole occupation is entrepreneurs; they are incredibly versatile. For instance, the top icon is Rihanna: a multi-award-winning singer, actress, and businesswoman. So, it is clear why Gen Z looks up to them.
Gen Z see themselves in these icons – like them, their icons are working more than two jobs. The study found that over four in ten (44%) of young Brits consider themselves entrepreneurial – mirrored by 44% having two or more jobs, with more than half (54%) already having run or currently running their own business or side hustle.
The research found that 64% of 18 – 30-year-olds want to be an entrepreneur or run their own business in the future – with the main reasons being wanting to make a lot of money (40%), having more control over their work/life balance (39%), and the cost-of-living crisis (38%).
As you can see, the younger generation, particularly Gen Z, view the workplace differently. They view leadership from a digital/pop culture perspective, which is why businesses need to be ready. The Natwest study found that 44% of young Brits consider themselves entrepreneurial – mirrored by 44% having two or more jobs, with 54% already having run or currently running their own business or side hustle. Employers tend to have an expectation that an employee must devote their time to their job – Gen Z will not accept that mentality and would expect their employer to provide balance.
Why not read our latest blog on Gen Z to discover how Masters in Minds can help organisations implement Gen Z methods? Click here for ‘Gen Z: The Most Unique Generation.’
What do you think of The Top 10 Global Modern Business Icons? Do they inspire you?
Here is what a few of our team members thought:
Sadia: Most of the top ten icons inspire me. These successful individuals prove that you don’t need to stick to your niche. Many may question their credibility as entrepreneurs, as they didn’t have ‘real’ business experience before expanding their brand – however, that is encouraging as it shows that you don’t need the experience to become an entrepreneur; knowledge and passion can get you started. Furthermore, this list is a reflection of the diversity across the world. This list may not have been as diverse as it is now compared to a decade ago. Rihanna and Beyonce – two black women – sit at the top; that’s pretty empowering, if you ask me.
Rachel: In the days of Branson, there weren’t many high-profile female entrepreneurs in the spotlight, so I’m incredibly heartened to see the increased female presence at the table. However, I cringe slightly that most of the females in the top 10 are in the beauty sector, due to celebrities marketing their own hair, makeup or perfume brand. It’d be nice to see other successful female entrepreneurs from outwith the entertainment industry in the top 10. But we know generation Z are particularly fixated on looks and the entertainment world. At just 13 years old my son has already been part of the barrage of teenagers desperately trying to get their hands on the much sought-after hydration drink ‘Prime’. Kids are selling it to their fellow pupils in schools at triple its price and sales have been limited to just three bottles per customer in most shops when they actually have it in stock. The drink itself is just okay, saved by its eye-catching packaging and quirky names for flavours such as Meta Moon. However, the real reason for the demand is its two creators, YouTube stars KSI and Logan Paul, who between them have more than 50 million subscribers. It is definitely the way of the future. Despite some reservations, I am pleased that social media and the internet in general have enabled and empowered people from all backgrounds to be successful.
If you enjoyed these blogs, have a read of the following:
A Demand for Change: What Gen Z want to see from you
Are you ready for Gen Z: The Most Unique Generation?
