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™, 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/resilience-pays-off-75-of-microbusiness-owners-relaunch-after-setbacks-godaddy-reports-302312890.html
SOURCE GoDaddy Inc.