"Entrepreneur Era" Emerging as 1-in-3 Professionals Intend to Pursue Their Own
Ventures During Next 10 Years
TORONTO, Sept. 20, 2016 /CNW/ - 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."
"Right here in Canada, not only are we entering an entrepreneurial era, but we're seeing an emergence of micro businesses and a trend toward favouring local, small businesses," said GoDaddy Canada Vice President Jill Schoolenberg. "79 percent of Canadians surveyed value micro businesses with 25 or less employees, which is much higher than the rest of the world, where only 57 percent think a business with 25 or less employees is ideal."
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.
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. 68 percent of Canadians surveyed said technology made starting a business easier, more than half (65 percent) prefer the "do it yourself" model for handling their tech needs. 56 percent of Canadians surveyed 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. The loss of jobs is a contributing factor leading many workers to take the small business plunge: 21 percent of small business owners in Canada said they started their venture after losing their job. 30 percent of respondents said the introduction of new technologies over the last 3-5 years has negatively reduced their work hours.
Avoiding the Corporate 9-to-5
The survey found that autonomy is the #1 driver to become an entrepreneur. People want the ability to work when they want, where they want, and how they want. Flexibility (54 percent) trumped money (13 percent) and not worrying about corporate layoffs (18 percent) by a wide margin for Canadians.
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 aren't planning to stop working in their Golden Years — 21 percent plan to start their own venture 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 Canada point to their parents (30 percent) and a local business person in the town that they grew up in (22 percent) for inspiration.
- Entrepreneurs demonstrate a no-fear attitude. Over 50 percent of Canadian entrepreneurs would try again if their current venture failed. They say grit and determination (74 percent) are more important than having a great idea (44 percent).
The global survey of 7,291 respondents was conducted from August 11-August 21, 2016 in eleven countries.
The full Entrepreneur Global Survey can be downloaded at GoDaddy.com.
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.
For further information: Meghan Edwards, North Strategic, On behalf of GoDaddy Canada, [email protected]