Life Is Better as an Entrepreneur and Survey Respondents Agree, According to GoDaddy Research

May 21, 2024 10:00 AM ET

Originally published by GoDaddy's Venture Forward Research Initiative

The big fact

Over half of microbusiness owners from the U.S. and U.K. agree that life is better as an entrepreneur, according to GoDaddy Venture Forward research. Research from academic institutions, including Baylor University and Louisiana State University highlight similar trends.

Life is Better as an Entrepreneur

In general, microbusiness owners from the U.S. and U.K. agree: Life is better as an entrepreneur

  • 63% Better
  • 31% No Different
  • 6% Worse

Top 3: What brings you the most joy when operating your business?

  1. Creating my own source of income/supporting my family
  • 33% U.S.
  • 31% U.K
  1. Connecting to customers
  • 20% U.S.
  • 18% U.K
  1. Making an impact in my community
  • 16% U.S.
  • 14% U.K

Source: GoDaddy Venture Forward U.S. & U.K. National Surveys. August 2023 (N-U.S. = 3,525 // N-U.K. = 2,651

Tanika “Nika” Nelson, Owner and Head Designer of Nika’s Cupcake Bar is the perfect example of someone whose microbusiness helped improve her life. She started baking during a difficult time and viewed it as an opportunity to focus on something that creates beauty and happiness. She came to Empower by GoDaddy, GoDaddy’s global social impact program to learn new digital skills, network and gain other tools to accelerate her business marketing efforts. For Nika, it is especially rewarding as an entrepreneur to take an idea, put it on paper, and do the work to make that idea come to life.

“Everyone tells you as a child that you can be whatever it is that you want to be, and you can do whatever you want to do,” said Nika. “It’s true and I am proof.”

Generational and geographical differences

Though both U.S. and U.K. respondents agree that life is better as an entrepreneur, that sentiment differs by location and by age, skewing older and more positive in the U.S.

  • 68% of Generation Z respondents in the U.S. agree that life is better as an entrepreneur, compared to 50% of their counterparts in the U.K.  
  • Baby boomers in the U.S. (75%) are even more satisfied with their entrepreneurial life than Gen Z, compared to 69% of baby boomers in the U.K. 
  • Baby boomers in the U.S. tend to earn more than Gen Z, while in the U.K., Gen Z and baby boomers report making the same annual revenue.

Learn more about these trends, here.

Business size doesn’t matter

Women are narrowing the gender gap with smaller businesses and less funds.

  • In the U.S., the most popular aspiration for women (40%) is to be a solopreneur and stay small.
  • For both the U.S. and U.K., women needed less capital to get started than men. In the U.S., 74% of women needed $5K or less, compared to 60% of men. In the U.K., 80% of women needed £5K or less, compared to 69% of men.

What brings joy

One thing U.S. and U.K. microbusiness owners agree on is what aspects of their businesses bring them joy, with the top three including: 

  1. Creating their own source of income/supporting family. 
  2. Connecting to customers. 
  3. Making an impact in their community. 

In addition to improving the quality of her own life, Nika is proud that her microbusiness is helping others. For those reasons, Nika is very encouraging to entrepreneurs eager to start a microbusiness.  

“Do it, try it, even if you fail, live your life,” Nika said.

The research

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. While these microbusinesses may be small, their impact on economies is outsized even though they are often too informal or too new to show up in traditional government statistics. 

Since 2018, Venture Forward surveyed more than 30,000 small business owners with a digital presence, making it the source for microbusiness data and insights.