(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.)
There has been plenty of focus on millennials in the past few years, but it’s now time to redirect our attention to Gen Z. Right now Gen Z is entering the workforce and are ready to become the face of corporate America.
While there are plenty of similarities between Gen Z and Millennials, let’s look at a few ways they differ.
Gen Z is more competitive
Millennials have been said to be collaborative and teamwork focused and want to operate in an environment where they feel included and part of something bigger. Gen Z is said to be more competitive and want to be judged based off of their individual performance.
Gen Z also understands that there is a need for consistent development in skills in order to compete. This generation will do whatever it takes but certainly wants to reap rewards for it.
Gen Z is highly idependent
Gen Z typically likes to work alone and many of them would rather have their own office space as opposed to working in open and collaborative environments. This generation also prefers to manage their own projects, so their unique skill sets can be exposed.
Gen Z does not want to depend on others to get things done.
Gen Z prefers face-to-face communication
Millennials love to communicate via email, text, and anything other than face-to-face. The Gen Z group are huge in-person interactors and prefer it over the less personal email or text.
Millennials have received a lot of “bad press” for being so attached to their phones and Gen Z wants to transition out of that shadow. This generation will want more in-person meetings to discuss projects, etc.
Gen Z knows technology
Gen Z has known nothing other than technology their entire lives. They grew up with Facebook, texting, etc. Millennials still grew up with landlines and dial-up internet.
While Millennials are tech-savvy, Gen Z has been living in a world of smartphones for as long as they can remember. This generations relationship to technology is almost instinctual rather than learned.
Gen Z expects the workplace to conform to their needs
Gen Z wants everything to be catered to their needs. This is why companies have had to re-think the amenities they offer and how they structure their offices in order to meet the needs of this young workforce.
Companies now have to appeal to this younger mindset and have a less cookie-cutter approach to the environment they create for their employees. While millennials also expect the workplace to conform to their needs, for Gen Z, it could mean the difference between accepting a job offer or not.
There are obviously very clear differences between these two generations. Yes, every member of a generation will have their own unique traits and characteristics, but overall you will see that Gen Z is a more independent and technologically-advanced group in comparison to Millennials.
Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here.
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Chart: All The AI Startup Exits That Made Over A Billion Dollars
Artificial intelligence—AI—is getting those investor checks. In Q2 alone, AI startups raked in $7.4B in funding. And if you look at the exits, you can see why VCs are bullish. It’s a sector that’s delivering some very valuable exits.
Since 2013, seven AI companies have had billion-dollar exists—either through IPO or M&A—four of which have taken place in the last two years. Here’s a chart from CB Insights with all seven.
10 Bizarre Things About The WeWork IPO Filing
As WeWork goes public in its recently announced IPO, professionals and entrepreneurs better take note. The sharing economy is spreading its wings beyond Uber and AirBnB.
Although less well known than those icons of the sharing economy, WeWork could change how we work in the years ahead.
That said, its IPO is a bit bizarre, as the media has been quick to point out. Here’s why.
1. We Work Is Running Spectacular Losses
In 2018, the company had a net loss of $1.9 billion. In the first 6 months of 2019 alone, it lost another $900 million.
2. Investors Worry The Company Will Run Out Of Cash
MKM Partners’ Rohit Kulkarni said the company faces a real prospect of running out of cash in a few months’ time.
3. WeWork Is Spending Money Like It’s 1999
The startup has a burn rate of $150m-$200m a month.
4. Over $47 billion In Future Lease Obligations
WeWork will need to make a ton of money in the future to make it all work.
5. Its Contracts With Users Are Short Term
The startup keeps things flexible for users but is taking on more of the risk itself.
6. The Company Could Be On The Hook If Users Leave
If users defect, WeWork’s rent obligations remain. This should worry any investor.
7. WeWork’s Business Model Is Iffy At Best
The company has declining revenue per user, on top of its failure to be profitable. In other words, things could get worse for investors.
8. Conflicts Of Interest With The CEO
WeWork leases some buildings owned in part by CEO Adam Neumann, paying millions in rents for it.
9. WeWork’s China Assets A Puzzle For Investors
The company’s assets in China are puzzling for investors, and they carry unique risks yet to be fully understood.
10. Despite All Its Troubles, WeWork Has A Staggering Valuation
This unicorn has a valuation of $47 billion. Some in the business media say it’s based on smoke and mirrors. The IPO could be a good test of whether the valuation will hold.