Vol. 14 No. 1 (2026)
March 2026

Articles

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

Published 2026-03-23

  • Irwan Adimas Ganda Saputra
    • ,
  • Siti Sri Wulandari
    • ,
  • Dewie Tri Wijayati Wardoyo
    • ,
  • Yoyok Soeatyo
    • ,
  • Agung Listiadi

Irwan Adimas Ganda Saputra
Universitas Negeri Surabaya

Siti Sri Wulandari
Universitas Negeri Surabaya

Dewie Tri Wijayati Wardoyo
Universitas Negeri Surabaya

Yoyok Soeatyo
Universitas Negeri Surabaya

Agung Listiadi
Universitas Negeri Surabaya

Abstract

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.

Keywords

Generation Z, entrepreneurship, intangible benefits, profit perception, phenomenology

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Author Biography

Irwan Adimas Ganda Saputra

Assistant Professor of Accounting Education and Lecturer of the Faculty of Economics and Business, Universitas Negeri Surabaya, Indonesia. His research interests include: auditing, financial accounting, financial behaviour, and accounting education.

Siti Sri Wulandari

Doctoral of economic education, Lecturer of the Faculty of Economics and Business, Universitas Negeri Surabaya, Indonesia. Her research interests include: development of teaching materials, development of learning models, and office administration science.

Dewie Tri Wijayati Wardoyo

Professor of human resource management, strategic management, and leadership, Lecturer of the Faculty of Economics and Business, Universitas Negeri Surabaya, Indonesia. Her research interests include: human resource management, strategic management, and leadership.

Yoyok Soeatyo

Professor of business and economics education, Lecturer of the Faculty of Economics and Business, Universitas Negeri Surabaya, Indonesia. His research interests include: business and economics education.

Agung Listiadi

Professor of financial accounting learning media, Lecturer of the Faculty of Economics and Business, Universitas Negeri Surabaya, Indonesia. His research interests include: financial accounting learning media.

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