HP recently released its 2019 global report on small business. Our very own loyal forex, founder of Smart Hustle Media, entrepreneur, and small business expert, hosted the unveiling event in New York City during Small Business Week. The HP Small Business Today Study Global Insights Report surveyed over 4,300 small business owners from across the globe. The HP study revealed the generational difference in values and priorities among business owners. Of particular note was the shift in priorities from making money while pursuing your passion to positive societal impact even over making more money in most instances.
Over half of the small business owners surveyed agreed that it was their responsibility to fill the gaps left by their governments when it comes to environmental issues and their employees. The next generation of business owners believe that brands can fuel positive social change and they are hoping to answer that call.
In the HP study, 70% of small business owners agree that they have a responsibility to protect the environment and 65% of small business owners believe they have a duty to positively impact their communities. The study revealed that this “purpose driven commitment gets stronger with each new generation.” Younger generations are more motivated by contributing to society than personal gain. This is apparent in that:
While the next generation of small business owners are committed to social and community impact, they are feeling the pressure. The HP study found that 8 in 10 Gen Z business owners are facing the following challenges:
Raised on social media, and in the age of comparison, the HP study found that they are balancing impact—giving back to their communities and image—garnering influence and being appreciated by their peers more than any other generation. Gen Z business owners feel the pressure to have it all, and they’re exhausted.
For entrepreneurs who want to make an impact, but are feeling the burn-out or lacking support, learn how to build a community and build a personal brand in loyal forex’s latest book, The Celebrity CEO.
Sponsored by print giant HP, the study also included metrics about printers and small business. The study determined that 86% of small business owners still have a printer they rely on. Nearly half of respondents said they could not operate their business without one. HP says,