Entrepreneurs face a swirl of technology disruption that is both assisting their ability to prosper and requiring them to adapt to new ways in these cross currents. Despite the challenges created by these changes, small businesses around the world remain optimistic for their growth opportunities.
GoDaddy’s Global Entrepreneurship Survey was conducted by research firm Savanta in April and May 2019 with 4,505 small business owners globally, revealing that 70 percent of small business owners expect their ventures to grow by at least a quarter in the next three years.
Entrepreneurs surveyed believe that they are insulated from the impacts of the rise of automation, artificial intelligence, and robots in business operations. Globally, 69 percent felt they are less likely to be affected, with women (71 percent) slightly more confident than men (66 percent) that their businesses would successfully cope with these disruptions.
When asked about their technology use, 53 percent of those surveyed said they either had their own website or were planning to build one soon. Meanwhile, 24 percent of respondents said they rely on social media platforms to grow their brands online.
Regarding growth prospects, small business owner respondents who already had websites said they were more optimistic about their growth prospects, as compared to those who have yet to have a website presence for their business online. Among those with websites, 66 percent expected to grow by at least 25 percent in the next three to five years, as compared to only 53 percent of small businesses that didn’t have a website.
In the Philippines, some new ventures today are choosing to forego brick-and-mortar stores in lieu of conducting business online. With nine out of 10 Filipino Internet users relying on information they find online to help make their purchase decisions, businesses with professional e-commerce websites that are easily searchable and offer greater security and reliability to customers can anticipate expecting faster growth in the future.
“Small business owners and entrepreneurs are continually adapting to change, both in their own venture and to external challenges, often on their own with limited guidance. Now is the time for Filipino entrepreneurs to consider taking their venture online and experience the benefits an online presence can have for their venture,” said Tina Shieh, Marketing Director for GoDaddy in Asia.
“At GoDaddy, we are committed to helping small business owners and entrepreneurs create secure websites to help them to reach and engage with more customers. We provide them with the guidance and tools they need to take their ventures online,” added Shieh.
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