What drives someone to leave a stable job and plunge into the uncertain waters of entrepreneurship? In a rapidly evolving business landscape,entrepreneurship is a journey filled with both challenges and rewards. The 2024 GoDaddy Global Entrepreneurship Survey uncovers the insights into the motivations, obstacles, and successes along entrepreneurs’ journeys.
Motivations and Early Challenges
The primary catalysts for entrepreneurs to start their business were: aiming for financial independence (28%), following a passion (22%), and motivated by market opportunities such as having an idea for a new product or service (20%).
Reflecting on their journey, 60% of respondents’ businesses have been operational for five years or less, indicating a vibrant and dynamic entrepreneurial landscape. Regardless of starting up recently or having more tenure, the early stages of entrepreneurship can pose multiple challenges. The top hurdles for Emiratis small business owners as they started their business included marketing their business online (59%), marketing using traditional methods (30%), and lacking expertise on website building or technology management (24%).
As these obstacles require strategic resource allocation to overcome, Emiratisentrepreneurs were thoughtful about their finances, making some of their very first investments in ways to address their early challenges such as marketing their business online (29%), marketing using traditional methods (14%), and developing new products and services (14%).
Present Challenges and Digital Transformation
As businesses grow, challenges evolve. Currently, 34% of business owners report marketing-related issues as their primary challenge, followed by financial challenges (32%), and customers (30%).
While recent investments continue to place importance on marketing through traditional means (12%) and developing new products and services (16%), it also reflects their shift toward a digital transformation, with most funds now directed towards enhancing digital infrastructure with online marketing (33%). For entrepreneurs, this transition to a more digital-centric approach can be the key to unlocking new growth opportunities and sustaining long-term success.
Seeking Guidance and Measuring Success
Mentorship has been a crucial component of the entrepreneurial journey, with 73% of business owners seeking guidance. Emirati entrepreneurs recognize that this type of support is helpful for them to navigate the complexities of running a business and has potentially contributed to their overall success and satisfaction.
The positive impact of entrepreneurship is clear. A remarkable 98% of respondents agree that their lives have improved since they embarked on their entrepreneurial journey.
This sense of fulfillment and progress drives many to aim higher; 76% of respondents report up to half of their annual revenue comes from online sales and 100% of those whose business is currently a supplemental income hope to make it their primary source of income. Such aspirations highlight the growing reliance on digital platforms and the determination to achieve greater financial independence.
Measuring their future success, 90% of respondents have a positive outlook for their business over the next 3–5 years, showcasing their confidence and optimism in their ventures.
Conclusion
The 2024 GoDaddy Global Entrepreneurship Survey highlights the resilience and innovation of small business owners in UAE. From initial motivations and early challenges to embracing digitization and seeking mentorship, the entrepreneurial journey is marked by growth and adaptation.
“GoDaddy is committed to providing the online tools and resources entrepreneurs need to thrive in the digital age,” said Selina Bieber, Vice President for International Markets at GoDaddy. “Our goal is to support and empower business owners every step of the way, helping them turn their visions into reality.”
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