As originally published by GoDaddy’s Venture Forward research initiative

The Changing American Dream

Small Business Survey Results: Summer 2023

GoDaddy conducted a survey of online and physical-presence U.S. small business owners in June 2023 to understand their motivations behind entrepreneurship and the latest perceptions of the American Dream. The following are some highlights, and the full report is available for download here.

Defining the American Dream Today

“Which of the following indicates you have achieved the American Dream?”

Feeling happy in life, living a comfortable lifestyle, and having the freedom to pursue passions are more important than owning a home.

• 56%: Living comfortably
• 54%: Feeling happy in life
• 49%: Freedom to follow my passion
• 45%: Owning a home
• 39%: Being my own boss

56%: “Living a comfortable lifestyle”

• Gen Z: 51%
• Millennials: 55%
• Gen X: 63%
• Boomers: 59%

54%: “Feeling happy with my life”

• Gen Z: 51%
• Millennials: 55%
• Gen X: 53%
• Boomers: 58%

49%: “Freedom to pursue my own passions and interests"

• Gen Z: 54%
• Millennials: 48%
• Gen X: 43%
• Boomers: 59%

45%: “Owning my own home"

• Gen Z: 40%
• Millennials: 44%
• Gen X: 49%
• Boomers: 50%

39%: “Being my own boss"

• Gen Z: 39%
• Millennials: 37%
• Gen X: 40%
• Boomers: 41%

Source: GoDaddy American Dream Survey June 2023 (N>1,000), and Venture Forward Survey Feb 2023 (N > 3,600).

Changing Perceptions of the American Dream

A third of U.S. business owners believe the American Dream has changed significantly in their lifetime, and women’s perception has changed more than men’s.

Change

“Has your perception of the American Dream changed since you were a child?”

• No: 19%
• Yes, Somewhat: 40%
• Yes, Completely: 34%

Breakdown:

No:

• Men: 26% 
• Women: 14%

Yes, somewhat:

• Men: 39% 
• Women: 41%

Yes, completely:

• Men: 31% 
• Women: 36%

Both women and Gen Z are less confident in achieving what they define as the American Dream.

Optimism

“How confident are you in achieving the American Dream?”

• Very Confident: 62%
• Neutral: 23%
• Least Confident: 14%

Very Confident

Age Breakdown:

• 56%: Gen Z (18-24)
• 66%: Millennials (25-39)
• 60%: Gen X (40-54)
• 62%: Boomers (55+)

Gender Breakdown:

• 71%: Men
• 55%: Women

Neutral 

Age Breakdown:

• 26%: Gen Z (18-24)
• 21%: Millennials (25-39)
• 25%: Gen X (40-54)
• 25%: Boomers (55+)

Gender Breakdown:

• 18%: Men
• 27%: Women

Least Confident 

Age Breakdown:

• 19%: Gen Z (18-24)
• 11%: Millennials (25-39)
• 16%: Gen X (40-54)
• 12%: Boomers (55+)

Gender Breakdown:

• 9%: Men
• 17%: Women

Source: GoDaddy American Dream Survey June 2023 (N>1,000), and Venture Forward Survey Feb 2023 (N > 3,600).

GoDaddy Venture Forward Report | Summer 2023 | U.S. Edition

This report is powered by the latest data from Venture Forward, a GoDaddy research initiative to quantify the presence and impact of over 21 million online microbusinesses on their local economies, while shining a light on the entrepreneurs behind them. Our goal is to empower anyone who advocates for entrepreneurs with robust data and insights that can’t be found elsewhere.

GoDaddy

GoDaddy

GoDaddy is empowering everyday entrepreneurs around the world by providing all of the help and tools to succeed online. GoDaddy is the place people come to name their idea, build a professional website, attract customers, sell their products and services, and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success. To learn more about the company, visit www.GoDaddy.com.

About GoDaddy for Good

GoDaddy focuses on making opportunity more inclusive for all in the communities where we work, live and play across the globe. We rally behind inclusive entrepreneurship and other critical local needs that empower people to succeed through philanthropic and in-kind donations, volunteerism, strategic partnerships and advocacy.

Empower by GoDaddy 

Empower by GoDaddy is GoDaddy's global community and philanthropic program equipping entrepreneurs in underserved communities with training, tools and peer networks to accelerate their journeys. GoDaddy rallies behind entrepreneurs in underserved communities by building their confidence and skills to strengthen their small business’ digital presence.  Entrepreneurs engage in customized learning experiences, work 1-1 with GoDaddy volunteer coaches and local mentors, and gain access to wrap-around services, in-kind products and networks boosting their small businesses success.

More from GoDaddy