Published 05-22-24
Submitted by GoDaddy
Originally published by GoDaddy's Venture Forward Research Initiative
The big fact
Over half of microbusiness owners from the U.S. and U.K. agree that life is better as an entrepreneur, according to GoDaddy Venture Forward research. Research from academic institutions, including Baylor University and Louisiana State University highlight similar trends.
Life is Better as an Entrepreneur
In general, microbusiness owners from the U.S. and U.K. agree: Life is better as an entrepreneur
Top 3: What brings you the most joy when operating your business?
Source: GoDaddy Venture Forward U.S. & U.K. National Surveys. August 2023 (N-U.S. = 3,525 // N-U.K. = 2,651
Tanika “Nika” Nelson, Owner and Head Designer of Nika’s Cupcake Bar is the perfect example of someone whose microbusiness helped improve her life. She started baking during a difficult time and viewed it as an opportunity to focus on something that creates beauty and happiness. She came to Empower by GoDaddy, GoDaddy’s global social impact program to learn new digital skills, network and gain other tools to accelerate her business marketing efforts. For Nika, it is especially rewarding as an entrepreneur to take an idea, put it on paper, and do the work to make that idea come to life.
“Everyone tells you as a child that you can be whatever it is that you want to be, and you can do whatever you want to do,” said Nika. “It’s true and I am proof.”
Generational and geographical differences
Though both U.S. and U.K. respondents agree that life is better as an entrepreneur, that sentiment differs by location and by age, skewing older and more positive in the U.S.
Learn more about these trends, here.
Business size doesn’t matter
Women are narrowing the gender gap with smaller businesses and less funds.
What brings joy
One thing U.S. and U.K. microbusiness owners agree on is what aspects of their businesses bring them joy, with the top three including:
In addition to improving the quality of her own life, Nika is proud that her microbusiness is helping others. For those reasons, Nika is very encouraging to entrepreneurs eager to start a microbusiness.
“Do it, try it, even if you fail, live your life,” Nika said.
The research
GoDaddy’s Venture Forward research initiative analyzes more than 20 million online businesses with a digital presence (measured by a unique domain and an active website). Most of these businesses employ fewer than ten people, categorizing each as a microbusiness. While these microbusinesses may be small, their impact on economies is outsized even though they are often too informal or too new to show up in traditional government statistics.
Since 2018, Venture Forward surveyed more than 30,000 small business owners with a digital presence, making it the source for microbusiness data and insights.
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.
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 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