GoDaddy, the company that empowers everyday entrepreneurs, 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.
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“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.
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