Resilience Pays Off: 75% of Microbusiness Owners Relaunch After Setbacks, GoDaddy Reports
Friday, November 29, 2024
TEMPE, Ariz., Nov. 21, 2024 /PRNewswire/ -- For many microbusiness owners, closing one venture is not the end--it's the beginning of something new.
According to GoDaddy's 2024 Annual Venture Forward report, 75% of microbusiness owners who close a business don't give up, even if their efforts didn't yield a profit. Instead, they persist, launching new ventures. Of these, 39% become the main income for their households.
Resilience Powers Microbusinesses
Microbusiness owners are placing greater confidence in themselves. They are less swayed by uncertainty in the economy. Only 39% say they are confident in the national economy. But 74% are optimistic about their business prospects in the next six months. Even among those pessimistic about the economy, one in four plans to hire within a year. Entrepreneurs are making decisions based on business needs rather than on the economy.
Microbusinesses, Macro Impact
Microbusinesses are a cornerstone of the U.S. economy. Many start small, with 34% beginning as side hustles, and over 70% leveraging an online presence to fuel growth.
GoDaddy's Venture Forward research highlights that, at the county level, each entrepreneur creates an average of seven jobs - up from just two in 2020. Also, 58% of say their work helps their local community.
Progress in Equity and Representation
The face of microbusiness ownership is evolving. Women now own 51% of microbusinesses, up from 41% in 2019. Today, nearly a third of women owners serve as household breadwinners. Black-owned businesses are also on the rise, with women driving much of the growth. Older entrepreneurs are joining the wave as well, with 19% of owners now aged 55 and older. This diversity of age, gender, and race reflects a vibrant and evolving entrepreneurial landscape.
"Setbacks often lead to fresh starts and new opportunities," said Alexandra Rosen, Global Head of GoDaddy Venture Forward. "These entrepreneurs are showing how perseverance can translate into profit and impact, not just for their households but for their communities.
"Microbusinesses remain essential to local economies and are the heartbeat of neighbourhoods," Rosen added. "At GoDaddy, we're proud to share these data-driven insights and to provide the tools and support that help these businesses succeed. Microbusinesses might be small, but they're mighty."
About GoDaddy Venture Forward
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. Since 2018, Venture Forward has surveyed more than 50,000 entrepreneurs with a digital presence, making it the source for microbusiness data and insights. To find out more about GoDaddy's Venture Forward research, visit www.godaddy.com/ventureforward.
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start and scale their businesses. People come to GoDaddy to name their idea, build a website and logo, sell their products and services, and accept payments. GoDaddy Airo(TM), the company's AI-powered experience, makes growing a small business faster and easier by helping them to get their idea online in minutes, drive traffic and boost sales. GoDaddy's expert guides are available 24/7 to provide assistance. To learn more about the company, visit www.GoDaddy.com.
*66% of microbusiness owners agree with the statement "life is better as an entrepreneur."
Source: GoDaddy Inc.
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SOURCE GoDaddy Inc.
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