TEMPE, Ariz., June 29, 2023 /PRNewswire/ — New survey results from GoDaddy (NYSE: GDDY), the company that helps entrepreneurs thrive, show that nearly three-quarters (74%) of U.S. small business owners say their perception of the American dream has changed. Small business owners today define achieving the American dream as living a comfortable life (56%), feeling happy with their life (54%), and having the freedom to pursue their passions and interest (49%).
|
In your opinion, which of the following statements indicate that you have reached the American dream? |
% |
|
Living a comfortable lifestyle |
56.4% |
|
Feel happy with your life |
54% |
|
Freedom to pursue your own passions and interests |
49.2% |
|
Own your own home |
45.2% |
|
Be your own boss |
38.7% |
|
Have money/possessions to leave to your children |
33.7% |
|
Be able to repay your debts |
27.2% |
|
Have equal rights and access opportunities |
26.1% |
|
Own a car |
18.1% |
|
Earn enough to advance to a higher level income bracket |
17.5% |
|
Get a better education than the previous one generations in your family |
14.9% |
|
Send your kids to college |
14.3% |
|
Feeling like you belong to the United States |
14.3% |
|
Become or be a US citizen |
9.1% |
|
Improve your social status |
8.8% |
|
Go to college |
8.6% |
However, 39% of small business owners believe that being their own boss represents a realization of the American dream. This link is more pronounced among men (43%) than women (36%) small business owners. It also particularly affects business owners who identify as black (46%) and of Hispanic, Latino or Spanish origin (43%). Despite this, only 6% of respondents cited this as one of the “top three” reasons they started their own business, with women slightly outnumbering men (7% versus 5.5%).
While the majority of U.S. small business owners believe that being a successful entrepreneur is an essential way to create wealth for a new generation (78%), many have modest business aspirations, wanting to either stay a “solo entrepreneur” (28%), or continue to be one. a small business with a few employees and perhaps a physical location (35%). Only 12% of them aspire to one day become a company with a large number of employees and a large headquarters. Although revenue growth (63%) is unsurprisingly one of the top indicators of small business success, according to those surveyed, other indicators highlight the importance of emotional contentment over material achievements. For example, achieving happiness (60%) and a healthy work-life balance (60%) round out the top three indicators of success.
Just under two-thirds (62%) of U.S. small business owners are confident they will achieve what they perceive as the American dream, with male business owners more confident than women (71% vs. 55%). %) and Millennials declaring themselves the most confident. most confident generation (66%).
Small business owners, however, face daunting economic concerns. For example, 80% of small business owners agree that inflation is currently holding back entrepreneurs trying to achieve the American dream. When thinking about their biggest financial challenges:
- 42% noted some level of difficulty accessing financial capital when starting their business.
- 23% highlighted rising costs of wages and materials
- 23% cited lack of personal wealth, which is notable when 55% used personal savings to get started
Other major obstacles to the American dream for small business owners include:
- Lack of access to technology (33%)
- Lack of access to free/affordable healthcare (32%)
- Lack of education (28%)
- Discrimination (28%)
- Insufficient language/communication skills (24%)
“Data from this survey shows that America’s small business owners think beyond revenue and sales growth when they think about what the American dream means to them. Today, it’s more about feeling a sense of belonging, freedom, happiness and work-life balance,” said GoDaddy CMO Fara Howard. “Whatever their interpretation of the American dream, GoDaddy is committed to helping these entrepreneurs succeed on their terms.”
To learn more about GoDaddy’s American Dream survey, visit http://godaddy.com/ventureforward/summer-2023-american-dream-survey-results/.
To learn more about GoDaddy products, visit www.GoDaddy.com.
About Godaddy
GoDaddy helps millions of entrepreneurs around the world start, grow and grow 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 support 24/7. To learn more about the company, visit www.GoDaddy.com.
Source: GoDaddy Inc.
SOURCE GoDaddy Inc.
