87 percent Indian entrepreneurs expect growth in next 3-5 years: Survey

GoDaddy announced its Global Entrepreneurship Survey 2024, offering a dive into the motivations, challenges, and successes that shape the entrepreneurial journey. The survey provides a comprehensive look at how entrepreneurs are navigating their paths and adapting to a rapidly changing business landscape.

Motivations and Early Challenges

The survey results showcase the diverse backgrounds of today’s entrepreneurs. The majority (48%) of entrepreneurs are Millennials, followed by GenZ (25%), GenX (24%), and Baby Boomers (5%) with 27% of all respondents having some university or less, 40% completed university, and 33% completed graduate school.

The primary catalysts for entrepreneurs to start their business were: following a passion (33%), motivated by market opportunities such as having an idea for a new product or service (21%), and needing a career change (14%).

Reflecting on their journey, 67% 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 Indian small business owners as they started their business included marketing their business online (48%), marketing using traditional methods (33%), and finding employees with the right skills (27%).

As these obstacles require strategic resource allocation to overcome, Indian entrepreneurs were thoughtful about their finances, making some of their very first investments in ways to address their early challenges such as online marketing (17%), hiring employees (16%), and developing new products and services (13%).

Present Challenges and Digital Transformation

As businesses grow, challenges evolve. Currently, 34% of business owners report customer-related issues as their primary challenge, followed by marketing (31%), and technology challenges (26%).

While recent investments continue to place importance on developing new products and services (17%), and marketing through traditional means (13%), it also reflects their shift toward a digital transformation, with most funds now directed towards enhancing digital infrastructure with online marketing (21%). For entrepreneurs, this transition to a more digital-centric approach can be the key to unlocking new growth opportunities and sustaining long-term success.

Apurva Palnitkar, Senior Director Marketing, GoDaddy India said, “GoDaddy is committed to providing the online tools and resources entrepreneurs need to thrive in the digital age. Our goal is to support and empower business owners every step of the way, helping them turn their visions into reality”.

Seeking Guidance and Measuring Success

Mentorship has been a crucial component of the entrepreneurial journey, with 76% of business owners seeking guidance. Indian 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.

94% of respondents agree that their lives have improved since they embarked on their entrepreneurial journey.

68% of respondents report up to half of their annual revenue comes from online sales and 95% 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, 87% of respondents have a positive outlook for their business over the next 3–5 years, showcasing their confidence and optimism in their ventures.