SCOTTSDALE, Ariz., Aug. 19, 2020 /PRNewswire/ -- GoDaddy, the
company that empowers everyday entrepreneurs, today released the
GoDaddy Global Entrepreneurship Survey which looks at how the
COVID-19 pandemic has impacted the world's smallest businesses. The
research shows the pandemic has severely affected their businesses,
with 75 percent reporting a fall-off in revenues. Yet, the findings
also reveal a steely resolve by these entrepreneurs to not only
survive the economic crisis but thrive.
The GoDaddy Global Entrepreneurship Survey takes a deep look
into the pandemic's effect on the world's microbusinesses. Of the
5,265 businesses surveyed throughout ten countries, over 90 percent
have ten employees or less, and half are solo-preneurs.
Globally, two in five businesses had to close at least
temporarily, either for safety reasons or because they were unable
to get the products and materials needed to stay open. But within
that economic hardship, there is a clear message: very small
business owners are determined to survive. Seven in 10
entrepreneurs said they expect to recover within a year and 63
percent reported they expect to grow at least 25 percent in the
next three to five years, a figure similar to pre-crisis
expectations. Many are adapting by deploying technology and
creating new ventures and side hustles.
"As difficult as the last six months have been, it's inspiring
to see global entrepreneurs determined to work their way back to
recovery and success," said Melissa
Schneider, Vice President of Global Marketing Operations at
GoDaddy. "At the heart of entrepreneurism is the ability to adapt
and move forward. GoDaddy's research shows that the owners of the
world's smallest businesses are demonstrating perseverance and
resiliency as they plan for today and for their future."
As in previous downturns, the current crisis is sparking
entrepreneurial spirit: 30 percent of those surveyed said they
either had or intended to start a business, non-profit, or side
hustle as a result of losing their job because of the pandemic. Age
also played a big role in those willing to take that leap:
millennials were three times more likely (40 percent) than baby
boomers (12 percent) to pursue a side hustle.
The United States (U.S.) has
been among the most affected by the pandemic, yet U.S. very small
business owners surveyed were among the most likely to exhibit
optimism about recovery with 36 percent expecting recovery in three
months or less (compared to 26 percent globally). For example, U.S.
entrepreneurs were among the least likely to report a decline in
revenues (66 percent to 75 percent globally) and were the most
confident their businesses would thrive in the future. They were
also among the least likely to report receiving COVID-related
governmental assistance (76 percent to 68 percent globally).
The GoDaddy Global Entrepreneurship Survey was conducted in June
as some countries started to emerge from lockdown, and some
countries such as the U.S. braced for a renewed surge in the virus'
impact. The ten countries surveyed were Australia, Canada, Germany, India, Mexico, Philippines, Spain, Turkey, United
Kingdom, and the United
States.
The global results paint a picture of very small businesses
grappling with a chaotic economic environment. Yet, in spite of the
crisis, most very small business owners remain determined. Only six
percent of those surveyed said that it was no longer sustainable to
operate a business. Over half (52 percent) expressed confidence
that although COVID-19 had a negative impact on their business,
they could continue to operate. And one in three (35 percent)
reported that their business is in a position to thrive.
Having a website affected both entrepreneurs' prospects and
expectations for the future. Those who had a website, versus those
who did not have a website, were less likely to have shut down
their businesses, even temporarily (41 percent to 36 percent). In
addition, those with a website were more bullish about their future
growth expectations, with 31 percent reporting projected growth of
at least 50 percent growth versus only 23 percent of those without
a website. More than half of the businesses with a website reacted
by bolstering their online presence, either by adding more content,
increasing their digital marketing, or adding an online store.
"As history has shown us, and this survey tells us, the downturn
is likely to lead to a new wave of entrepreneurs and small
businesses. It's that spirit of rebirth and innovation that can
help lead the global economy to recovery," added Schneider.
The GoDaddy Global Entrepreneurship Survey was conducted in
conjunction with Savanta, a leading global data, research, and
advisory firm. The research was conducted from June 1-29, 2020. For more information, go
to https://www.openwestand.org/2020-godaddy-entrepreneurship-survey/.
About GoDaddy
GoDaddy is empowering everyday
entrepreneurs around the world by providing all of the help and
tools to succeed online. With 20 million customers worldwide,
GoDaddy is the place people come to name their idea, build a
professional website, attract customers 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.
© 2020 GoDaddy Inc. All Rights Reserved.
Source: GoDaddy Inc.
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