Gen Z entrepreneurs lack this basic business skill

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Offline Khan Ehsanul Hoque

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Gen Z entrepreneurs lack this basic business skill
« on: October 02, 2023, 12:49:19 PM »
Gen Z entrepreneurs lack this basic business skill

Though many show interest in entrepreneurship, Gen Zers still need to master some of the basics of running a business.

These young adults — born between 1997 and 2012, according to Pew Research Data — have a lot to learn about invoicing, according to a study released exclusively to Yahoo Finance by Skynova. The survey found that 93% of Gen Zers have asked their parents for help writing invoices in the past, while 53% of Gen Zers didn’t know what to include in their invoices.

Invoicing is an integral skill to learn as Zoomers wade into entrepreneurship and freelancing, experts say. Errors can cost money and jeopardize success.

“Because of common mistakes, many invoices are paid late or not at all. Missed payments are especially hard on brand new businesses,” said Jen Graham, software developer for Skynova. “But long term, these mistakes are worse. They can affect how your clients see you, how they rate you, and whether they will work with you again.”

Overall, Zoomers aren’t the only ones struggling with billing clients. The Skynova report surveyed 1003 workers who had significant experience completing invoices. Over half reported struggling the most with knowing what to include on their invoices.

Professional businesswoman working with her computer, she is sending an e-invoice online
But due to their limited working experience, Gen Z especially has little familiarity with invoicing. The study found 95% consider themselves “new to the invoice world,” while nearly half only learned what an invoice was in the past one to two years.

“Most people don't start a business thinking ‘Oh I want to become an expert at invoicing,” Graham said. “Yet for many, it's one of the first things they need to learn.”

Invoicing mistakes can have steep consequences for both Gen Zers and their companies. On average, Gen Zers have lost $346 to invoicing mistakes. The Skynova survey also found that 92% of invoicing professionals said they would be less likely to continue working with a company that error ridden invoices. Invoicing professionals also characterized those who send error-filled invoices as unprofessional (60%), incompetent (59%), and inexperienced (50%), according to Skynova.

Khan Ehsanul Hoque

Daffodil International University