Beyond profit: A phenomenological exploration of Generation Z’s entrepreneurial motivations and the integration of financial and social value

Objective: This study examines how Generation Z conceptualises profit and how these perceptions shape their entrepreneurial motivations and strategies. Traditional economic theories define profit as financial gain. However, Generation Z entrepreneurs integrate social impact, innovation, and personal fulfilment into their business models. Existing literature largely focuses on generational comparisons without deeply exploring how this cohort reconciles financial and non-financial objectives. Research Design & Methods: Using a phenomenological approach, we conducted in-depth interviews to capture their lived experiences. The interpretivist paradigm enables a nuanced understanding of profit as both a motivational driver and a business goal. Findings: The results revealed that profit for Generation Z is not merely materialistic but is intertwined with meaning, value creation, and social impact. Respondents expressed that profit must align with personal satisfaction, authenticity, and the desire to contribute positively to society. This indicates a shift from traditional economic views to a more holistic and value-driven understanding of entrepreneurial success. Implications & Recommendations: The results indicate that entrepreneurial education, policy, and support programs must adapt to these changing perceptions by fostering business models that combine economic engines with social value creation. Identity, creativity, and meaning construction are important factors governing the entrepreneurial imagination of younger cohorts, and stakeholders need to appreciate this. Contribution & Value Added: The present research is novel in its theoretical approach by integrating McClelland’s achievement motivation theory with shared value theory and sustainable innovation theory to expand on entrepreneurial motivation theories by examining how Generation Z constructs profit as a multidimensional concept involving financial, psychological, and social facets. It also attempts to extend the profit function theory by positing profit as a form of purposive identity construction and social capital. As for practical implications, the study makes recommendations for educators, policymakers, and business practitioners who seek to advance entrepreneurial education and business models that resonate with the values of Generation Z, especially in the context of ethics, imagination, the creative economy, and the digital world.