A GoDaddy survey revealed that 92% of Brazilian entrepreneurs report that they are confident (42%) or very confident (50%) in their income growth in 2023; It is a much higher rate compared to the more developed countries. In the UK, for example, only 74% of entrepreneurs expressed confidence in their growth during the year.
The Global Entrepreneurship Survey analyzes the recent state of the sector, the level of digitization of small businesses and the plans that entrepreneurs have for the near future of their businesses.
When it comes to business digitization, the results of the global survey show that compared to other countries surveyed, Brazil has the highest percentage of business owners (40%) who have taken courses to become entrepreneurs, and 99% of respondents agree that creating and managing a website For the company is important to increase business visibility. Furthermore, 44% of Brazilians report that they are already using a website and 44% plan to implement a website in the future. When it comes to an online store, 46% said they are already using it, while 36% expected such an investment.
The survey was conducted among small businesses with fewer than 50 employees and covered eight countries – Australia, Brazil, Canada, Germany, India, Mexico, the United Kingdom and the United States. The findings highlight the importance of digitization for small businesses, the tools entrepreneurs rely on as part of their digital ecosystem, and the importance of having a website to help elevate businesses online.
Brazil ranks third in terms of belief in the importance of an online presence for business growth (76%), after Mexico (77%) and India (82%). “I see in our entrepreneurs an ability to innovate and adapt that helps them advance their projects,” said Luiz D’Elboux, Regional Director at GoDaddy in Brazil.
“Our goal is to help Brazilian entrepreneurs create and manage their digital presence with easy-to-use online tools and expert guidance that helps every step of the journey. That is why the GoDaddy Brazil YouTube channel offers free educational materials for those who want to enter this digital universe.”
The survey results also revealed other information behind the routine of small business owners. Most of the interviewed entrepreneurs are in the initial stage of their business, having been in business for 1-2 years, and half of them have been in business for less than a year.
In Brazil, the pace of entrepreneurship is being driven by the younger generations, with 33% of respondents under 30 years of age. Similarly, female entrepreneurship is becoming more important in Brazil. The country has a high proportion of female entrepreneurs (53%) among respondents, behind the United States (62%), Australia (60%), the United Kingdom (59%) and Mexico (59%).
When revealing motivational factors to do, following passion was the main reason shared by respondents in the United States (53%), United Kingdom (49%), Canada (48%), and Australia (49%). However, in Brazil (40%) and Mexico (47%), the main reason cited for starting a business is the need or desire for an additional source of income.
The presence of security on the website where the business is located has been a point that has been identified as increasingly relevant for small businesses, noting that entrepreneurs in Latin America are more interested in this aspect. Of the respondents, 86% in Brazil and 83% in Mexico believe that small businesses are threatened by cyberattacks. Finally, entrepreneurs in Mexico and Brazil both reported exposure to their customers’ data and loss of customer trust as the most likely impacts to their business in the event of a security breach.
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