Whop, an online marketplace for digital tools and communities, conducted the ‘Gen Z entrepreneurship survey‘ which asked over 1,100 Americans about different generations’ attitudes toward entrepreneurship.
Employers that encourage staff entrepreneurship are set to reap the rewards, tapping into the Gen Z entrepreneurial talent pool while providing the job stability they crave.
Online platforms such as Etsy, Whop and Vinted are facilitating these side ventures for Gen Zs, with users on Vinted rising over 116% in the past 3 years. Over 2 million posts on TikTok use the hashtag ‘side hustle’ and searches for the term ‘AI side hustle’ have increased by 311% in the past year.
Why businesses should support staff with side ventures
Side hustles help employees gain new skills and insights that can benefit their main job and pursuing passions outside of work can recharge employees, enhancing their productivity and creativity.
Businesses that create a supportive culture for side hustles attract motivated and ambitious candidates and lead to higher job satisfaction as supporting side hustles boosts morale and loyalty, reducing turnover rates.
What businesses can do to support staff with side ventures
To support staff side hustles, businesses can offer flexible work schedules. Offering flexible working hours or remote work options will help employees manage their time between their main job and their side hustle. Businesses can provide an open and supportive workplace culture where employees feel comfortable sharing their entrepreneurial endeavours and receive encouragement and advice from colleagues.
Providing employees with side ventures access to company resources like training programs, mentorship, or professional development opportunities ensures growth in their primary job roles. Similarly, employers can offer workshops or access to legal and financial advisors to help employees navigate the complexities of running a side business while ensuring it doesn’t conflict with their main job.
Cameron Zoub, CGO and co-founder of Whop, says:
“The way that we work has changed – thanks to advancements in technology, there are now more people than ever before working remotely or as freelancers. What entrepreneurs have now is the flexibility to build their businesses online, and what they need is a platform to help them on this journey. Our ecosystem at Whop enables everyone to make a sustainable living on the internet, regardless of their technical abilities, and we’ve seen this first hand.”