According to the GoDaddy 2024 Global Entrepreneurship Survey entrepreneurs in the Kingdom are well informed, have a meaningful purpose for becoming small business owners and have a positive outlook on how technology can be used in business.
The Survey results showed that entrepreneurs in Saudi Arabia are predominantly young, with 75% falling into the Generation Z bracket (between 18 and 24 years old), surpassing Millennials (70%), Generation X (46%), and Baby Boomers (0%). Despite being relatively new to owning a business, with 69% reporting five years or less in business, they demonstrate a proactive approach by seeking mentorship or guidance, as indicated by 76% of respondents.
The survey data also shows that motivations for starting a business are multifaceted, with the top three responses as needing an additional source of income (28%), a way to follow their passion (28%), having an idea for a new product or service (14%). Additionally, 80% of entrepreneurs reported they were parents (41% mothers, 57% fathers), illustrating the dedication to pursuing meaningful work while managing the demands of a family.
This inclination towards purpose-driven entrepreneurship aligns with their outlook on technology for business advancement. Eighty-seven percent of respondents acknowledged the importance of digitization for their businesses. This positive outlook on technology underscores their adaptability and readiness to leverage modern tools and innovations to propel their businesses forward.
Furthermore, the GoDaddy 2024 Global Entrepreneurship Survey reveals entrepreneurs’ confidence in technology with 93% reporting confidence in navigating the use of Artificial Intelligence tools for their business, and 56% reported wanting to use technology to expand their market reach to get new customers. These results highlight the determination and drive of entrepreneurs in the Kingdom to forge their paths in the business world by merging their passions with technology for successful digital entrepreneurship.
“At GoDaddy, we’re inspired to see Saudi entrepreneurs and small business owners feel confident in embracing technology and in their approach to entrepreneurship,” says Selina Bieber, Vice President for International Markets at GoDaddy. “GoDaddy’s integrated suite of online tools are designed to be easy to use, and our resources are designed to help them be successful in their digital business journey,” she added.
The findings from GoDaddy’s 2024 Global Entrepreneurship Survey shed light on the dynamic landscape of entrepreneurship in Saudi Arabia, where innovation, purpose, and technology converge. Not only is the entrepreneurial spirit in the Kingdom alive but it is thriving as well. As entrepreneurs and small business owners navigate their business journey, GoDaddy is ready to support them with the necessary online tools, services, and guidance as they start and grow their business.
About GoDaddy:
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy’s easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com
