Ramon Ray of print giant HP, founder of Smart Hustle Media, entrepreneur and small business expert hosted a New York City event where he shared HP’s global report on small businesses.
One of the key points in the HP Small Business Today Study Global Insights Report was that younger entrepreneurial-minded folks (Gen Z in particular) are motivated to start businesses that have a positive societal impact.
The study also reported that “While making money while pursuing your passion is a top definer of success and motivator for most small business owners around the world, societal impact becomes a key consideration for those in Asia and younger generations of small business owners, on par with or overtaking money in most cases.” The study found that 70% of small business owners globally believe they have a duty to protect their environment.
The study also found that 46% took a stand on controversial societal and/or political issues; with another 46% stating they won’t work with other companies that they feel do not support their community or respect their culture and heritage. 44% of business owners won’t work with other companies that do not do their part to protect or advance the rights of underrepresented groups.
As expected, HP included printers and small business operations in the study with 86% of small business owners having a printer and 49% saying they could not operate their business without one. Gen Z small business owners also felt as though they had to make more sacrifices than the other generations to start their business.
Eight in ten small business owners feel alone and unsupported in the many challenges they encounter. The most common challenges are maneuvering regulations and laws, keeping up to date with the latest technology, finding support and lack of sleep.