The purpose of the final paper titled The Influence of Internal and External Factors on the Decision to Start Youth Business Venture was to provide answers to the questions about most influential factors affecting young Z Generation members when considering or starting their own business venture, and how strong the influence of a particular factor is. The aim of the paper was to gain an understanding about the Z Generation characteristics in relation to other generations, and about the entrepreneurial process with the emphasis on the initial phase of this process. The research was conducted in two phases, with thirty-five and twenty-five respondents, respectively, who provided answers to open-ended questions and assessed the influence of a particular factor on a scale from one to ten. The most important finding of the research is that to the Z Generation members the internal motive and internal factors are much more important and more influential than the external ones. Of the internal factors, the Z Generation members are mostly affected by the desire for success and the desire for self-realization and achieving of the sense of pride. Of the external factors, the Z Generation members are mostly concerned about the financial resources and family support. Given the above findings, it may be concluded that the Z Generation members have sufficient internal motives to start their own business venture, and that this decision should be facilitated by the external factors. Establishing of institutions and societies for counselling and mentoring of young entrepreneurs would solve the problem of the lack of and difficult access to the necessary information. The school system should encourage creative thinking and educate young people about the entrepreneurship, and the young should learn how to access and analyze the most important information.