There’s one constant for small business owners and entrepreneurs: the continuing need to adapt in the face of changing technological and societal landscapes. This need to evolve and move quickly can be challenging, but positively, we’ve found that entrepreneurs are optimistic about these new opportunities and confident in their ability to grow their businesses. It’s a great time to be an entrepreneur, and the data shows it.
GoDaddy recently surveyed over 4,000 small businesses in 10 regions around the world to capture their sentiment toward these new waves of innovation, as well as their general feelings about being an entrepreneur today and insights into the challenges they face.
Positively, U.S. entrepreneurs are optimistic about business growth, feel empowered to handle their own technology needs, and believe flexibility is the most important benefit to running their own business.
Entrepreneurs are increasingly confident about business growth
Our survey found that 70 percent of U.S. entrepreneurs expect to grow at least 25 percent in the next three to five years.
This point falls in line with a recent NFIB Small Business Optimism Index report, revealing small business optimism is experiencing historic highs. Additionally, millennials in particular feel even more confident about business growth. They’re nearly twice as likely as baby boomers to expect 50 percent growth over the next three to five years due to an increasing dependence on technology, the changing relationships between brands and customers, and the increasing resources available for small business owners.
Entrepreneurs with a digital presence were significantly more confident, as well. Seventy-nine percent of entrepreneurs with a website for their business expect to grow at least 25 percent in the next three to five years, compared to 64 percent of those without.
Entrepreneurs with a website are likely more optimistic about business growth because having a strong digital presence gives them the confidence they can be visible online and attract new customers in today’s competitive market.
Managing an online presence has never been easier
Seventy-five percent of respondents shared that they handle technology needs themselves, even more specifically, 80 percent of U.S. female entrepreneurs handle their own tech needs, compared to 63 percent of U.S. male entrepreneurs.
However, for those non tech-savvy business owners looking for an easy way to get started to integrate an online presence for their business, tap into GoDaddy’s tools to find the perfect domain name, build your website and add options that align with your business goals, such as an e-commerce store.
Ultimately, as the world migrates to becoming more digital, you do not have to be a professional graphic designer or a coder in order to expand your online presence, and that’s great news for entrepreneurs.
Location is irrelevant with the rise of the digital nomad
Our research found that across all 10 regions surveyed, flexibility is the most compelling benefit to being an entrepreneur, ranking five times higher than the potential to earn more money.
Mobile technology, website building, online marketing tools, and social media continue to shape the future of work by empowering entrepreneurs to work from anywhere. From bustling coffee shops to sleek co-working spaces, U.S. workers are defining what the traditional office could look like.
As the digital nomad becomes more mainstream, many believe younger generations may be more inclined to work remotely. Surprisingly, our research shows it is actually the baby boomers (49 percent) and GenX-ers (42 percent) who are nearly twice as likely than millennials (26 percent) to believe remote work will be commonplace in the future.
What will entrepreneurship look like in 10 years?
While results varied across generations, genders and locations, technology was consistently the underlying factor helping, not hindering, these entrepreneurs.
With increased confidence in business growth, the ability to build a thriving online presence with a broad customer base, and the power to enable a more flexible work environment, the opportunity to use technology can help to transform the way entrepreneurs do business in the future.
While the only constant is change, entrepreneurs can be optimistic about this change and the inevitable opportunities that come along with it.