Entrepreneurship Doesn’t Require Four-Year Degree, Says GoDaddy

Rhea-AI Summary

GoDaddy's Venture Forward research reveals that entrepreneurship doesn't require a four-year degree. Data shows that microbusiness owners with and without college degrees contribute similarly to household income. Notably, 34% of women and 47% of men without degrees earn over $100k pre-tax from their microbusinesses.

While degree attainment is declining, entrepreneurship is on the rise. Since 2019, there's been an 8% decrease in men and 2% decrease in women earning degrees, while self-employment has increased by 0.7%. Women without degrees appear more entrepreneurial, with 26% starting businesses due to long-term dreams compared to 20% of degree holders. They're also 6% more likely to start businesses to be their own boss.

GoDaddy's Venture Forward initiative analyzes over 20 million online businesses, mostly microbusinesses with fewer than ten employees. Since 2018, it has surveyed more than 50,000 entrepreneurs with a digital presence.

Positive

• 34% of women and 47% of men without college degrees earn over $100k pre-tax from their microbusinesses
• Self-employment in the US increased by 0.7% from 2019 to 2022
• Women without college degrees show higher entrepreneurial tendencies
• GoDaddy's Venture Forward initiative provides extensive data on microbusinesses

Negative

• None.

NORTHAMPTON, MA / ACCESSWIRE / October 14, 2024 / GoDaddy

Originally published on GoDaddy Resource Library

The big fact

A four-year degree isn't required for successful entrepreneurship. GoDaddy Venture Forward data shows that microbusiness owners with a college degree and those without contribute similar amounts of income to their household.

Digging deeper

A significant portion of microbusiness owners without a college degree make a six-figure income, regardless of gender. Over one-third (34%) of women without a college degree and almost half of men (47%) without one make over $100k pre-tax from their microbusiness.

Degrees are down, entrepreneurship is up

Fewer people are earning degrees these days, but entrepreneurship is increasing. Since 2019, 8% less men and 2% less women are earning degrees. At the same time, the number of self-employed Americans rose .7% from 2019 to 2022, according to Harvard Business Review.

Moreover, those with college degrees may be more corporate-minded and less entrepreneurial according to The New York Times. This is also reflected in Venture Forward data, which suggests that women without a college degree may be more entrepreneurial.

• Women without college degrees have more long-term dreams. They are more likely to have started their business because they always dreamed of doing so (26%), compared to women with college degrees (20%). Women without college degrees are also 6% more likely to have started because they wanted to be their own boss.

• Women with college degrees are more community-oriented. They are more likely to have started their business to contribute to their community (24%), compared to women without a college degree (19%).

The research

GoDaddy's Venture Forward research initiative analyzes more than 20 million online businesses with a digital presence (measured by a unique domain and an active website). Most of these businesses employ fewer than ten people, categorizing each as a microbusiness. While these microbusinesses may be small, their impact on economies is outsized even though they are often too informal or too new to show up in traditional government statistics.

Since 2018, Venture Forward surveyed more than 50,000 entrepreneurs with a digital presence, making it the source for microbusiness data and insights.

View additional multimedia and more ESG storytelling from GoDaddy on 3blmedia.com.

Contact Info:
Spokesperson: GoDaddy
Website: https://www.3blmedia.com/profiles/godaddy
Email: info@3blmedia.com

SOURCE: GoDaddy

View the original press release on accesswire.com

FAQ

What percentage of microbusiness owners without a college degree earn over $100k according to GoDaddy's GDDY research?

According to GoDaddy's Venture Forward data, 34% of women and 47% of men without a college degree earn over $100k pre-tax from their microbusinesses.

How has the trend in degree attainment changed since 2019 according to GoDaddy GDDY?

Since 2019, there has been an 8% decrease in men and a 2% decrease in women earning degrees, according to GoDaddy's Venture Forward research.

What percentage of women without college degrees started their business because of long-term dreams, as per GoDaddy GDDY data?

According to GoDaddy's Venture Forward data, 26% of women without college degrees started their business because they always dreamed of doing so, compared to 20% of women with college degrees.

How many online businesses does GoDaddy's GDDY Venture Forward initiative analyze?

GoDaddy's Venture Forward research initiative analyzes more than 20 million online businesses with a digital presence.