NORTHAMPTON, MA / ACCESSWIRE / May 21, 2024 / Go Daddy
Originally published by GoDaddy’s Venture Forward Research Initiative.
Important Facts
More than half of small business owners in the US and UK agree that life is better as an entrepreneur, according to research from GoDaddy Venture Forward. Studies from academic institutions such as Baylor University and Louisiana State University have revealed similar trends.
Life is better as an entrepreneur
Small business owners in the US and UK generally agree that life is better as an entrepreneur.
- 63% Better
- 31% There is no difference
- 6% bad
Top 3: What do you enjoy most about running your business?
- I work full time at my own company
- connect with customers
- impact the local community
Source: GoDaddy Venture Forward US and UK national surveys. August 2023 (NU.S. = 3,525 // NU.K. = 2,651)
Tanika “Nika” Nelson, owner and head designer of Nika’s Cupcake Bar, is a perfect example of someone whose microbusiness has helped improve her life. She started baking during difficult times and saw it as an opportunity to focus on something that creates beauty and happiness. She joined GoDaddy’s global social impact program, Empower by GoDaddy, to learn new digital skills, network, and gain other tools to accelerate her marketing efforts. For Nika, as an entrepreneur, it’s especially rewarding to take an idea, put it on paper, and do the work to make that idea a reality.
“When you’re a kid, everyone teaches you that you can be anything you want to be and do anything you want to do,” Nika said. “That’s true and I’ll prove it.”
Generational and regional differences
Both US and UK respondents agree that life is better as an entrepreneur, but that sentiment varies by location and age, with the US skewing older and more positive. .
- 68% of Gen Z respondents in the US agree that life is better as an entrepreneur compared to 50% of respondents in the UK.
- U.S. baby boomers (75%) are more satisfied with their entrepreneurial lives than Generation Z. By contrast, the figure for UK baby boomers is 69%.
- In the US, baby boomers tend to earn more than Gen Z, but in the UK, Gen Z and baby boomers reportedly have the same annual income.
For more information on these trends, here.
Company size doesn’t matter
The gender gap is narrowing because women have smaller businesses and less capital.
- In the United States, women’s most popular aspiration (40%) is to be a solopreneur and stay small.
- In both the US and UK, women needed less capital to start a business than men. In the US, 74% of women needed their girlfriends to spend $5,000 or less compared to 60% of men. In the UK, 80% of women wanted their girlfriend less than £5,000 compared to 69% of men.
something that brings joy
One thing that small business owners in the US and UK agree on is what aspects of their business bring them joy, and the top three are:
- Create your own source of income and support your family.
- Connect with your customers.
- impact the community;
In addition to improving her own quality of life, Nika is proud that her small business is helping others. For these reasons, Nika is very encouraging for entrepreneurs who want to start a microbusiness.
“Try, try, and even if you fail, live your life,” Nika said.
research
go daddies venture forward The research initiative analyzes more than 20 million online businesses with a digital presence (measured by unique domains and active websites). Most of these businesses have fewer than 10 employees and each is classified as a microenterprise. These micro-enterprises may be small in size, but their impact on the economy is outsized, even though they are often too informal or new to appear in traditional government statistics.
Since 2018, Venture Forward has surveyed more than 30,000 small business owners with a digital presence, making it a source of data and insights for small businesses.
Check out more multimedia and other ESG storytelling from GoDaddy at 3blmedia.com.
Contact Information:
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Website: https://www.3blmedia.com/profiles/godaddy
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