Digitalization as a growth driver for small businesses in DACH
What motivates people to give up their secure jobs and take the plunge into entrepreneurship? In a world that is constantly changing, the path to self-employment is a journey full of challenges and success stories.
GoDaddy, a provider of websites and domains, has published the results of its Global Entrepreneurship Survey 2024. They shed light on the motivations, obstacles and successes of entrepreneurs in the DACH region.
Motivations and initial hurdles
The survey shows the diverse backgrounds of today's entrepreneurs. The majority of respondents are Millennials (36 %) and Generation X (34 %), followed by Baby Boomers (22 %) and Generation Z (8 %). In terms of education, 61 % of respondents have a school or vocational qualification, 24 % have a university degree and 15 % have a higher academic degree.
The main motives for becoming self-employed were pursuing a passion (31 %), the desire for more flexibility (18 %) and the need for a fresh start in their career (16 %).
It is striking that 40 % of the entrepreneurs have been running their companies for less than five years, which indicates a dynamic and lively start-up scene in the DACH region. Regardless of whether they have just started out or have been active on the market for some time, the early stages of entrepreneurship are often characterized by major challenges. The biggest hurdles when starting a business included online marketing (31 %), tax issues (25 %) and a lack of expertise in business planning and management (24 %).
To overcome these obstacles, entrepreneurs used their financial resources strategically: The first investments were made primarily in equipment (20 %), inventory (13 %) and online marketing (13 %).
Current challenges and digital transformation
As a company grows, the challenges also change. Currently, 48 % of respondents see customer issues as their biggest challenge, followed by financial difficulties (26 %) and problems in dealing with employees (23 %).
The increased focus on equipment (27 %) illustrates the relevance of a digital transformation. Entrepreneurs are increasingly investing in the expansion of their digital infrastructure, particularly in online marketing (16 %) and the development of new products (13 %). For many, this digital transformation could be the key to new growth opportunities and long-term success.
Seeking advice and measuring success
Mentoring plays a central role in the entrepreneurial career: 46 % of business owners have sought advice from experienced mentors. Entrepreneurs agree that this support helps them to master the complexity of everyday business life and makes a decisive contribution to their success.
The positive effects of entrepreneurship are clearly noticeable: 85 % of respondents report that their lives have improved since starting their entrepreneurial activity. This satisfaction motivates many to aim higher: 63 % of businesses already generate up to half of their revenue online, and 98 % of those currently earning additional income are aiming to make this their main income. This underlines the growing importance of digital platforms and the strong desire for financial independence.
Looking to the future, 52 % of respondents expect positive business development in the next three to five years - an expression of their optimism and confidence in their entrepreneurial abilities.
"GoDaddy is committed to empowering entrepreneurs with the online tools and resources they need to succeed in the digital age," says Alexandra Anderson, Marketing Director DACH at GoDaddy. "Our goal is to support business owners at every stage of their development and turn their visions into reality."
Source: www.godaddy.com
