The 2024 GoDaddy Venture Forward annual report, which includes microbusiness research conducted in Australia, Canada, the United Kingdom, and the United States, has found that agile entrepreneurs are seizing new technologies – like AI, capitalizing on low start-up costs and not as reliant on higher education – for themselves or their employees.
In its history, Venture Forward has analysed data from 770,000 Canadian microbusinesses (typically employing fewer than 10 employees) to quantify the impact of microbusinesses on the Canadian economy and their local communities.
More than 3,000 Canadian microbusiness owners – English and French speaking – took part in the Canadian arm or the research in July 2024.
A wide variety of product/service owners were surveyed, including those operating in art and design (11%); home care and medical (9%); entertainment and recreation (6%); retail and consumer (6%); construction/engineering/property development (5%), real estate/rental/leasing (5%); education services and training (5%), and professional and business services (5%). Other entrepreneurial ventures included accommodation services, administration, beauty, financial services, IT, marketing, media and content, and other areas.
Provinces leading microbusiness count growth include New Brunswick, Nova Scotia and Northwest Territories and Nunavut. Still, microbusiness density by province is led by British Columbia, Ontario, and Alberta, respectively.
Every year, the GoDaddy Venture Forward report also shares annual changes in e-commerce in terms of revenue, number of orders, or number of sellers by industry, as self-reported by the website owner. These insights underscore interesting trends, such as the decline of travel, but major growth in public spaces, agriculture, and wedding website purchases.
Young Lee
Microbusinesses also have the power to close economic and gender gaps. In the last four years, women have grown 6% when it comes to the proportion of new business starts, and now make up half of all surveyed entrepreneurs. Over one in four are the breadwinners contributing more than 51% of their household income, and out of all the business owners with children, over half are women.
AI
The report also states that Microbusiness owners are increasingly turning to AI, with more than half now comfortable using it in their operations. This technological shift reflects a broader trend of adaptation and innovation. For 40% of GenAI adopters for their business, the payoff is tangible: increased revenue. AI tools help small businesses work faster, be more efficient, and stay competitive. As challenges grow, tiny businesses tap into AI’s power. This shows that adapting to change brings real benefits in today’s fast-moving market.
AI integration goes beyond a growth strategy – it’s a lifeline for entrepreneurs who refuse to give up. Driven by optimism, they’re using technology to overcome obstacles and build sustainable businesses. By adopting these advancements, microbusinesses are starting a new era of entrepreneurship.
Low Start-Up Costs
Almost three in ten (27%) Canadian entrepreneurs surveyed said less than $500 was needed to start their business, including 12% who said that no start-up capital was needed at all.
Are Young People Turning to Enterprise over Higher Education?
Young Lee, Head of GoDaddy Canada, thinks so.
Young business owners in Canada are far less likely to have gone to university than their older counterparts, findings show. Just under half (47%) of Gen Z entrepreneurs surveyed indicated that they had a degree, significantly lower than the 65% of Millennials, 58% of Gen X, and 56% of Baby Boomers who reported they had graduated from university.
This trend is particularly pronounced in rural parts of Canada, where a quarter (25%) of the country’s no-degree entrepreneurs surveyed live. In contrast, just 13% of entrepreneurs surveyed who went to university live in rural areas.
Lee commented, “GoDaddy’s research indicates entrepreneurship is becoming an increasingly attractive alternative to higher education …. we appear to be seeing a generational mindset shift in the way young people look at the value of university degrees.”
GoDaddy’s research also reveals that entrepreneurs surveyed and who didn’t go to university are significantly more likely to employ other people without a degree: 61%, compared to 43% among entrepreneurs with a degree.
The research also found that on average across all ages included in the research, only 13% of entrepreneurs left education after graduating high school, and 63% are educated to degree level or higher. However, amongst Gen Z entrepreneurs surveyed, the percentage who left education after high school jumps to a quarter (25%).
Lee added, “With GoDaddy research suggesting that higher education may not always be a necessary ingredient for entrepreneurial success, entrepreneurs who opt to forego attending university have the potential to be every bit as successful in building thriving businesses.”
Entrepreneurs surveyed without a degree also reported being more positive about overall expectations for their business over the next six months (71%) compared to entrepreneurs surveyed with a degree (67%).
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