GoDaddy (NYSE: GDDY), the
company that empowers everyday entrepreneurs, today released the 2020 Global
Entrepreneurship Survey which finds micro-businesses in India are
optimistic about the future of their very small business, amidst the COVID-19
pandemic. With more than 60 percent of the Indian very small business
owners responding that despite the slowdown and negative impact brought on
by the pandemic, they are confident that their business will continue (as
compared to 52 percent globally). The survey further reveals strong values of
resilience, self-reliance and zeal for digital skilling amongst Indian
entrepreneurs – indicating a strong commitment to fight back in a post COVID-19
new normal environment.
Micro-businesses continue
to remain positive despite setbacks. The overwhelming
majority of Indian
very small business owners surveyed (88 percent) believe that their
business will grow in the next three to five years, with 43 percent responding
they expect growth of at least 50 percent, and another 45 percent expecting to
growth of at least 25 percent. Additionally, 57 percent of the
respondents said they expect to be able to recover from the aftermath of COVID
within the next three to 12 months. This clearly states how determined SMBs in
The survey also studies the
challenges micro-businesses are facing during the current pandemic.
Eighty-three percent of the Indian entrepreneurs surveyed reported a reduction
in revenue and nearly half of them had to shut their business (45 percent)
temporarily. Additionally, 45 percent had to make changes in the way they
operated. Many small businesses in India are being impacted by
low financial investment due to the COVID-19 environment, with more than 70
percent of respondents reported experiencing an overall decrease in investment.
Forty-eight percent of these small businesses said that maintaining cash flow
was the most pressing need to keep their business running during this crisis
period. But even with these challenges, the survey observed that very
small Indian businesses are stepping up, with 56 percent of them believing it
is more important now to positively impact their community, as compared to 41
percent globally. Additionally, 37 percent say they started donating to
charitable causes as compared to 17 percent globally.
The survey also highlights
how digital technology has proven to be a key growth enabler during these tough
times. As a result of the national lockdown due to COVID-19, 53 percent said
they will focus on accelerating online/social selling capabilities. Moreover,
about one third of the respondents from
"It is encouraging to
see the resilience and optimism of Indian micro-business owners during these
challenging times. While it is always good to maintain a positive outlook to
help overcome present challenges, entrepreneurs in
The survey was conducted by
the Savanta Group, a global research firm, during the month of June 2020 and
surveyed 5,265 small business owners across 10 countries including
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about how GoDaddy can help your venture online, visit https://in.godaddy.com/