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Financial independence is driving Gen Z and Millennial entrepreneurs to start their own businesses.
- Among those surveyed, 60% of Gen Z entrepreneurs and 57% of Millennials cited financial independence as a top motivation for starting their own business.
- Flexibility and autonomy (44% Gen Z, 50% Millennials) and pursuing their passion (43% Gen Z, 49% Millennials) were other top motivations for starting their own business.
However, defining a successful business differs by generation.
- Almost a quarter (23%) of Gen Z entrepreneurs surveyed consider building a brand with loyalty as the top measure of success for an entrepreneur.
- The top measure of success for Millennial entrepreneurs surveyed is achieving consistent growth, which was ranked first by slightly more than a quarter (27%).
AI is already used by most, and the experience is positive for those that do.
- 73% of Gen Z and 70% of Millennial business owners surveyed are using AI tools in their business.
- Of those using AI tools, 82% of Gen Z and 88% of Millennials said that the experience was positive.
- Among those surveyed, AI is being used in multiple ways to help build businesses including:
- Helping with research (32% of Gen Z, 44% Millennials)
- Generating content for a business plan (30% Gen Z, 43% Millennials)
- Drafting initial versions of business plan (28% Gen Z, 31% Millennials)
AI is also expected to be critical for their businesses for years to come.
- Three-quarters of entrepreneurs surveyed (74%) believe AI will be somewhat/very critical for running their business in the future.
Although, some have reservations about the impact AI will have.
- Half of Gen Z (51%) and a third of millennials (35%) surveyed agree with the statement ‘AI is more of a threat than a benefit to small business owners’.
Survey Methodology
These are a selection of findings from a survey conducted by The Harris Poll from July 16 to 23, 2025 on behalf of American Express. The sample of 214 Canadian Gen Z and 312 Canadian Millennial entrepreneurs was done online. Each sample consisted of the following:
- Gen Z
- 51 who are self-employed/sole proprietors
- 56 who are small business owners with 1-99 employees
- 53 who have a side hustle/side business
- 54 who want to start their own business
- Millennials
- 106 who are self-employed/sole proprietors
- 104 who are small business owners with 1-99 employees
- 102 who are small business owners with 100-499 employees
