Go Daddy, a leading domain registrar and web hosting company, has released its 2024 Global Entrepreneurship Survey, providing an in-depth look at the experiences, challenges, and motivations of entrepreneurs worldwide.
The survey offers valuable insights into the evolving entrepreneurial landscape, particularly in India, where small business owners are demonstrating remarkable resilience and adaptability in the face of a rapidly changing business environment.
According to the survey, the majority of entrepreneurs in India belong to the millennial generation, making up 48 percent of respondents, followed by GenZ 25 percent, GenX 24 percent, and ‘Baby Boomers’ 5 percent.
This diverse mix reflects the broad appeal of entrepreneurship across different age groups. Education levels among entrepreneurs vary as well, with 27 percent having completed university, and 33 percent holding graduate degrees.
The survey reveals that the primary catalysts revealing entrepreneurs to start their businesses include following a passion (33 percent), seizing market opportunities (21 percent), and seeking a career change (14 percent). Despite their diverse backgrounds and motivations, many entrepreneurs face common challenges in the early stages of their ventures. Marketing emerged as a significant hurdle, with 48 percent of respondents struggling with online marketing and 33 percent with traditional marketing. Additionally, 27 of entrepreneurs identified finding employees with the right skills as a critical challenge.
In response to these challenges, Indian entrepreneurs have strategically allocated their resources to overcome obstacles and drive growth.
The survey revealed that early investments by entrepreneurs primarily targeted online marketing (17percent), hiring skilled employees (16percent), and developing new products and services (13percent). As their businesses have grown, there has been a significant shift towards a more digital-centric strategy, with 21percent of recent investments now focused on enhancing digital infrastructure and online marketing.
Mentorship has also played a vital role in the success of Indian entrepreneurs, with 76 percent seeking guidance to navigate the complexities of running a business. This support had contributed to the overall satisfaction and success of entrepreneurs, with 94 percent reporting and improved quality of life since starting their business.
The survey highlights a strong sense of optimism among Indian entrepreneurs, with 87 percent expressing a positive outlook for their businesses over the next three-five years. As digital platforms become increasingly crucial for revenue generation, with 68 percent of respondents attributing up to half of their annual income to online sale, the future looks bright for online sales; the future looks bright for small business owners in India.