New Global Survey From GoDaddy Finds Millennials Igniting Entrepreneurial Growth
"Entrepreneur Era" Emerging as 1-in-3 Professionals Intend to Pursue Their Own Ventures During Next 10 Years
SCOTTSDALE, Ariz., Sept. 20, 2016 /PRNewswire/ -- Fueled by technology that has made entrepreneurship easier than ever, a strong desire for autonomy, and start-up role models such as Facebook's Mark Zuckerberg, the two book-end generations of global workers – Millennials and Baby Boomers – are driving a surge in the number of professionals looking to create their own business or be self-employed, according to a new global survey commissioned by GoDaddy.
The research found that 36 percent of people plan to either start a small business or be self-employed within the next 10 years. This is especially true of Millennials, with 50 percent saying they plan to be entrepreneurial during the same time period. In fact, 24 percent of Millennials started their current business while they were still in school. That makes them six times more likely to pursue entrepreneurship as a career than their Baby Boomer counterparts were in the 1960s and 1970s.
"We're entering a Golden Age for entrepreneurs across the world. The combination of accessible technology, cultural acceptance of startups, and the desire for more flexibility in our lives, is causing people to pursue their true career passions at a rate never seen before in history," said GoDaddy CEO Blake Irving. "The sheer volume of emerging entrepreneurs speaks to a fundamental shift in our society toward ownership and controlling one's fate."
Conducted by Morar Consulting and Vrge Analytics, the research surveyed 7,291 professionals, including 2,707 current small business owners or self-employed individuals, in Australia, Brazil, Canada, China, Hong Kong, India, Mexico, Singapore, Turkey, the United Kingdom, and the United States.
Avoiding the Corporate 9-to-5
The survey found that autonomy is the #1 driver in becoming an entrepreneur. People want the ability to work when they want, where they want, and how they want. Flexibility (41 percent) trumped money (17 percent) and not worrying about corporate layoffs (17 percent) by a wide margin.
In the United States, 70 percent of those who have participated in the Gig/Sharing economy (e.g., a driver for Uber or Lyft) say the main reason they do so is because of the flexibility, followed by money (30 percent).
Technology Eliminates Jobs, Creates Growth
As more people have become comfortable using new technology (cloud-based tools, social media, mobile apps) this decade, they are applying it to their entrepreneurial ambitions. 81 percent of those surveyed said that technology made starting a business easier, and more than half (56 percent) prefer the "do it yourself" model for handling their tech needs. 58 percent said websites and social media are the most attractive channels to customers.
Respondents are also aware that technology can put pressure on their jobs, leading to a potential reduction of hours and layoffs. 30 percent of respondents said the introduction of new technologies over the last 3-5 years has negatively reduced their work hours. 10 percent of respondents said new technologies helped lead to layoffs.
The loss of jobs is a contributing factor leading many workers to take the small business plunge: 18 percent of small business owners said they started their venture after losing their job.
Overall, the global research painted a picture of our oldest and youngest generations of workers looking to seize the initiative and control their destiny:
- 36 percent of professionals plan to either start a small business or be self-employed over the next 10 years. Including those who plan to moonlight with full-time jobs, that number jumps to an eye-opening 45 percent.
- Millennials are taking the plunge and starting new ventures at a pace never seen before, with 50 percent indicating they intend to start a new business or become self-employed in the coming decade. In the United States alone, that means 37.7 million new entrepreneurs in the workforce.
- Baby Boomers intend to pursue their passions during their Golden Years — 21 percent plan to start their own venture or moonlight within the next 10 years. In the United States, that equates to more than 15.7 million new entrepreneurs.
- 13 percent of Millennials said they were laid off because of new technologies. 36 percent of Millennials said the introduction of new technologies reduced their work hours.
- 7 percent of Baby Boomers said they were laid off because of new technologies. 25 percent of Baby Boomers said the introduction of new technologies reduced their work hours.
- Many would-be entrepreneurs in the United States point to their parents (39 percent) and Mark Zuckerberg (27 percent) as role models. But Zuckerberg (40 percent) clearly tops parents (30 percent) among Millennials. Just over one percent looked up to socialite Kim Kardashian's method of building a brand.
- Entrepreneurs demonstrate a no-fear attitude. 59 percent of entrepreneurs would try again if their current venture failed. They say grit and determination (76 percent) are more important than having a great idea (53 percent).
- Presidential candidates take note: In the U.S., 60 percent want government to do more to promote small business and entrepreneurs vs. 24 percent who say government should stay out of business all together
The global survey of 7,291 respondents was conducted from August 11-August 21, 2016 in eleven countries.
The full Global Entrepreneur Survey 2016 can be downloaded at GoDaddy.com.
About GoDaddy
GoDaddy powers the world's largest cloud platform dedicated to small, independent ventures. With more than 14 million customers worldwide and more than 63 million domain names under management, 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.
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SOURCE GoDaddy Inc.
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