Half of Gen Z Canadians see themselves as better suited to be their own bosses than earlier generations: GoDaddy Survey

New survey from GoDaddy shows three-quarters of post-secondary aged Canadians have or plan to start
their own business

TORONTO, Aug. 23, 2023 /CNW/ - As Canadians get ready for another back-to-school season, a new survey from GoDaddy highlights attitudes towards career trajectory and the future of work among post-secondary aged Canadians (ages 18-26, or "Gen Z"). The survey finds that one-in-two Gen Z Canadians (53%) feel that their generation is better equipped to start a business than previous generations, with 63% stating they believe technology makes it easier for them to start a business. Among this tech-savvy entrepreneurial demographic, three-in-four (77%) respondents either have their own business, or plan to start one.

Myriam Provost, owner of Atelier Renouveau by Myriam (CNW Group/GoDaddy)

"Canada's youth are tomorrow's innovators and entrepreneurs, and we're inspired by their continued drive and optimism for entrepreneurship," said Young Lee, Canada Market Lead at GoDaddy. "GoDaddy is committed to providing the tools and resources to help make entrepreneurship more accessible than ever, so Canadians can feel confident turning their business ideas into reality."  

For Myriam Provost, owner of Atelier Renouveau by Myriam and GoDaddy customer based in Varennes, Quebec, technology made it possible to bring her dream of an upcycled furniture design business to life. She started painting and restoring furniture in November 2021 and in less than two years, has built her hobby into a thriving small business that applies her passions for design and sustainability.

"Launching my website was a key turning point in my business journey, and as a designer I needed it to reflect my artistic style – GoDaddy made it easy," said Myriam. "Today I use my website to showcase my latest work, and I plan on adding e-commerce to my website in the future so customers can easily purchase or request custom pieces."

Other key findings from the GoDaddy survey include:

• When thinking about future career options, young Canadians say a secure income and work/life balance is significantly more important than autonomy or job security: The top three factors to consider when evaluating future career choices were secure income (49%), work/life balance (38%) and passion (32%). Younger respondents (18-21) were more likely to report that passion is more important than financial security (38%) while older respondents (22-26) saw financial security as more important (67%).
• Money doesn't talk - In total, three-in-four (76%) were willing to take up to a 26% salary cut to do work they were passionate about.
• On the future of tech, Canadians are more concerned than any other market about artificial intelligence (AI), even though they are using it at far higher rates: Almost 2 in 3 Canadians are already using AI tools, making their adoption significantly ahead of other English-speaking markets (63% versus 50%; other markets surveyed include Australia, United Kingdom and United States), but over half (56%) are worried about AI's impact on their future.
• When building a career or business, Gen Z Canadians are committed to long-term growth: 68% of Gen Z understand building a business takes time, and that it may take over a year to see success. Almost six-in-10 (58%) are willing to fail and try again, and 50% state they are willing to take short-term financial losses to achieve long-term success.
• On barriers to entrepreneurship, lack of financial resources (61%) was reported as the biggest barrier to starting their own business: Lack of confidence or fear of failure was second highest, with young women more likely to report confidence as a barrier than young men (50% of women versus 38% of men). Other factors included lack of skills or expertise (37%), not enough time (26%) and lack of support (22%).
• Mental health continues to be top of mind for young Canadians: In all regions surveyed (Canada, Australia, United Kingdom, and United States), while there has been some improvement in mental health in 2023, it appears to have only been experienced by men. Women are almost as likely to say their mental health has declined as improved.

To explore how GoDaddy supports everyday entrepreneurs, visit godaddy.ca.

About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy's easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.

About the GoDaddy Survey
Research methodology: Antenna, an independent consumer research agency on behalf of GoDaddy, conducted an online survey of n=4,232 people aged 18-26 across Australia, the UK, Canada and the US. The survey was conducted in July 2023 of 1,069 Canadian Gen Zs (18–26-year-olds) conducted via external research agency Antenna Insights. The Canadian survey data collection was national and respondents were sourced using an accredited online research access panel. Data was weighted for representation against country census data. 

SOURCE GoDaddy

Meg Sharpley, [email protected], 905-517-9390