CEO Insights Team
Among the total Indian small businesses surveyed, about 32 percent reports that they already have a website and around 19 percent are planning to build a website soon. Compared to them, only 16 percent of their global counterparts are planning to do the same. The survey also explored the challenges faced by Indian SMBs, which require them to adopt in order to flourish.
According to the reports, nearly 42 percent of the Indian SMBs states that insufficient investment in their business is a major growth challenge. While, 21 percent of Indian entrepreneurs cited cyber-attacks as the potential challenge for their success, but only eight percent has experienced cyber-attacks. Further, 35 percent of SMBs report societal turbulence and 23 percent states that lack of technological advancement as the other external challenges.
In spite of these challenges, about 46 percent of SMBs are expecting to grow at least by 50 percent in the next three to five years. This is 1.7 times more as compared to the global counterparts, which is only 27 percent. Technology can help in reducing barriers for small business, about 30 percent of SMBs report that they believe in technology tools to expand their reach and create a better market place. Around 26 percent felt
The survey also elaborates the behavioral aspects of Indian SMBs owners. In India, about 41 percent of entrepreneurs value the flexibility of running their own business, while 13 percent consider security and status of owing a business as the biggest benefit of owning small business. On the flipside, 22 percent says future uncertainty and finding right employees are the two key obstacles for small business owners. While, 21 percent cited that business failure as the most prominent challenge of owning a small business, but 82 percent Indian owners responded that they are happier since becoming an entrepreneur.
As these business owners embark on their journey towards digital transformation, we at GoDaddy, aim to provide them with the guidance and easy-to-use and affordable online tools and solutions to help them grow and prosper
Nikhil Arora, VP & MD of GoDaddy India states, “Owing to the massive growth of digital economy in India, entrepreneurs and small business owners are showing increased optimism towards creating an online identity that can prove critical for their long-term growth and expansion. As these business owners embark on their journey towards digital transformation, we at GoDaddy, aim to provide them with the guidance and easy-to-use and affordable online tools and solutions to help them grow and prosper.”
The survey was conducted by a research firm Savanta in April and May 2019. It surveyed about 4,505 small business owners across 10 countries including India, Australia, Canada, and The United States amongst others. The survey size in India was 500 small business owners with 25 or fewer employees.