Only 9% Indian Gen Zs Want To Pursue Entrepreneurship, Seeking Job Security Instead

iQOO, a sub-smartphone brand of the vivo group announces the release of its first Global Quest Report 2024 with CyberMedia Research (CMR) on the Gen Z traits and trends on dreams, career, and aspirations.The report unveils the dreams and passion journey of this unendingly optimistic generation, one of the largest across the world. It encapsulates insights from 6,700 respondents, aged between 20-24 years, 7 countries- India, United States of America, United Kingdom, Brazil, Malaysia, Thailand, and Indonesia. The report covers three broad areas: Gen Z Questers’ spirit & motivation to fulfil their dreams, obstacles & barriers that disrupt their quest for passion, and career choices that drive their interests.

Recently, PM Modi highlighted that India boasts the world’s third-largest startup ecosystem, with over 1.25 lakh startups and 110 unicorns. Despite this impressive growth, the startup sector faces significant challenges as angel investors become increasingly cautious. This situation underscores a crucial consideration: whether the youth aspire to be "job seekers" or "job creators" in the evolving landscape.

Executed by iQOO with CyberMedia Research (CMR), the report decodes Questers’ drive, passion and ambition through a quantitative metric- Quest Index, or “QI”. The results showcase India’ s QI as 9.1 followed by Malaysia with 8.7 QI, Thailand & USA with 8.2 QI, Indonesia with 8.1 QI, United Kingdom with 8 QI, and Brazil with 7.8 QI.

Some of the key highlights from the report include:  

1. Only 9 per cent of Indian Gen Zs want to pursue entrepreneurship as they seek stability and security in work life.
2. 19 per cent Indians prefer career advancements in big organisations instead of startups.
3. 1 out of 4 Indian respondents are more inclined towards new-age job fields like, data analysis, AI, and cybersecurity and content creation.
4. 43 per cent respondents in India and 46 per cent globally are willing to give up work-life balance to succeed in their career.
5. 8 out 10 Gen Zs in India believe gender disparity is the biggest hurdle in their quest for success.
6. 84 per cent of Indian Questers believe their jobs align with their goals, compared to 72 per cent globally.
7. 91 per cent of the Indian respondents believe that gap year can help them pursue their dreams and aspirations.
8. 46 per cent feel financial constraints as a barrier to pursue their choice of career. However, over 90 per cent are confident in achieving their dream despite the barrier.
9. Indian youth are hustlers, they take 2X the initiatives compared to their global peers.
10. 65 per cent see failure as a learning opportunity, and 60 per cent believe it pushes them towards their dreams
11. 51 per cent of Questers said that they would take up higher studies to support their quest while 32 per cent believe they should take up relevant jobs to support their dreams.
12. 49 per cent of the Indians believe mentorship by experts is a powerful tool to support their aspirations.

The primary research also highlights 62 per cent of the Indian youth willing to give up their hobbies and other interests to achieve their dreams. All findings from the report tie back to how the snap savant Gen Z are fueled by their desire to achieve more despite anything.

Commenting on the release of the brand's first quest film and report, Nipun Marya, CEO, iQOO India, said, “Today’s youth are characterised by their bold dreams and an unwavering drive to bring those dreams to fruition. This indomitable spirit is encapsulated in our brand philosophy: "I Quest on and on" and we proudly refer to these passionate and determined individuals as Questers. While we specialise in high-performance smartphones, we’ve been inspired by the innovative ways young people utilise technology to chase their ambitious goals. This inspiration led us to decode the aspirations of today’s youth and to offer them the support they need. The result is the Global Quest Report and the Quest Film—our brand’s exploration into how passion fuels this ever-optimistic generation. Both the film and the report is an effort to inspire the Gen Z to embark on their own quest despite the numerous challenges and achieve their dreams.”

While sharing views on the report, Prabhu Ram, Vice President– Industry Research Group, CyberMedia Research (CMR) said, “In our increasingly complex, digitally-driven world, today’s youth face unprecedented challenges. At CyberMedia Research (CMR), we have been at the forefront of understanding these evolving consumer paradigms. CMR’s research done for The Global Quest Report, commissioned by iQOO, explores the perspectives of a brave new generation of youth across Asia, Europe, North America, and South America, providing invaluable insights into their mindset and their quests. The high levels of clarity and focus on big dreams along with a hustler mindset underscore the state of today’s youth in India.”