GoDaddy Venture Forward Report | Summer 2023 | U.S. Edition: GoDaddy Special Report, The Changing American Dream
As originally published by GoDaddy’s Venture Forward research initiative
The Changing American Dream
Small Business Survey Results: Summer 2023
GoDaddy conducted a survey of online and physical-presence U.S. small business owners in June 2023 to understand their motivations behind entrepreneurship and the latest perceptions of the American Dream. The following are some highlights, and the full report is available for download here.
Defining the American Dream Today
“Which of the following indicates you have achieved the American Dream?”
Feeling happy in life, living a comfortable lifestyle, and having the freedom to pursue passions are more important than owning a home.
- 56%: Living comfortably
- 54%: Feeling happy in life
- 49%: Freedom to follow my passion
- 45%: Owning a home
- 39%: Being my own boss
56%: “Living a comfortable lifestyle”
- Gen Z: 51%
- Millennials: 55%
- Gen X: 63%
- Boomers: 59%
54%: “Feeling happy with my life”
- Gen Z: 51%
- Millennials: 55%
- Gen X: 53%
- Boomers: 58%
49%: “Freedom to pursue my own passions and interests"
- Gen Z: 54%
- Millennials: 48%
- Gen X: 43%
- Boomers: 59%
45%: “Owning my own home"
- Gen Z: 40%
- Millennials: 44%
- Gen X: 49%
- Boomers: 50%
39%: “Being my own boss"
- Gen Z: 39%
- Millennials: 37%
- Gen X: 40%
- Boomers: 41%
Source: GoDaddy American Dream Survey June 2023 (N>1,000), and Venture Forward Survey Feb 2023 (N > 3,600).
Changing Perceptions of the American Dream
A third of U.S. business owners believe the American Dream has changed significantly in their lifetime, and women’s perception has changed more than men’s.
Change
“Has your perception of the American Dream changed since you were a child?”
- No: 19%
- Yes, Somewhat: 40%
- Yes, Completely: 34%
Breakdown:
No:
- Men: 26%
- Women: 14%
Yes, somewhat:
- Men: 39%
- Women: 41%
Yes, completely:
- Men: 31%
- Women: 36%
Both women and Gen Z are less confident in achieving what they define as the American Dream.
Optimism
“How confident are you in achieving the American Dream?”
- Very Confident: 62%
- Neutral: 23%
- Least Confident: 14%
Very Confident
Age Breakdown:
- 56%: Gen Z (18-24)
- 66%: Millennials (25-39)
- 60%: Gen X (40-54)
- 62%: Boomers (55+)
Gender Breakdown:
- 71%: Men
- 55%: Women
Neutral
Age Breakdown:
- 26%: Gen Z (18-24)
- 21%: Millennials (25-39)
- 25%: Gen X (40-54)
- 25%: Boomers (55+)
Gender Breakdown:
- 18%: Men
- 27%: Women
Least Confident
Age Breakdown:
- 19%: Gen Z (18-24)
- 11%: Millennials (25-39)
- 16%: Gen X (40-54)
- 12%: Boomers (55+)
Gender Breakdown:
- 9%: Men
- 17%: Women
Source: GoDaddy American Dream Survey June 2023 (N>1,000), and Venture Forward Survey Feb 2023 (N > 3,600).
GoDaddy Venture Forward Report | Summer 2023 | U.S. Edition
This report is powered by the latest data from Venture Forward, a GoDaddy research initiative to quantify the presence and impact of over 21 million online microbusinesses on their local economies, while shining a light on the entrepreneurs behind them. Our goal is to empower anyone who advocates for entrepreneurs with robust data and insights that can’t be found elsewhere.
