Entrepreneurial Success: No Degree Needed for Six-Figure Microbusiness Owners
The Key Point
A four-year degree isn’t a necessity for entrepreneurial success. Data from GoDaddy’s Venture Forward initiative reveals that both college-educated and non-college-educated microbusiness owners contribute similar amounts to their household incomes.
A Closer Look
A substantial number of microbusiness owners without a college degree are earning six-figure incomes, regardless of gender. Among them, 34% of women and 47% of men without degrees report making over $100,000 in pre-tax income from their businesses.
Degrees Declining, Entrepreneurship Rising
Fewer people are earning college degrees, but entrepreneurship is on the rise. Since 2019, the number of men earning degrees has dropped by 8%, and women by 2%. Meanwhile, the self-employed population in the U.S. has increased by 0.7% between 2019 and 2022, according to data from Harvard Business Review. Additionally, The New York Times notes that college graduates may lean more toward corporate careers, while Venture Forward’s data indicates that women without degrees are often more entrepreneurial.
A four-year degree isn’t a necessity for entrepreneurial success. Data from GoDaddy’s Venture Forward initiative reveals that both college-educated and non-college-educated microbusiness owners contribute similar amounts to their household incomes.
A Closer Look
A substantial number of microbusiness owners without a college degree are earning six-figure incomes, regardless of gender. Among them, 34% of women and 47% of men without degrees report making over $100,000 in pre-tax income from their businesses.
Degrees Declining, Entrepreneurship Rising
Fewer people are earning college degrees, but entrepreneurship is on the rise. Since 2019, the number of men earning degrees has dropped by 8%, and women by 2%. Meanwhile, the self-employed population in the U.S. has increased by 0.7% between 2019 and 2022, according to data from Harvard Business Review. Additionally, The New York Times notes that college graduates may lean more toward corporate careers, while Venture Forward’s data indicates that women without degrees are often more entrepreneurial.
- Women without degrees are more likely to pursue long-term entrepreneurial dreams, with 26% starting businesses because it was their lifelong ambition, compared to 20% of degree-holding women. They are also 6% more likely to start a business for the freedom of being their own boss.
- Women with degrees tend to have a greater focus on community impact, with 24% starting businesses to give back to their community, compared to 19% of women without degrees.
The Research
GoDaddy’s Venture Forward research analyzes over 20 million digital microbusinesses—those with fewer than 10 employees and a unique domain with an active website. Despite their small size, these businesses play a significant role in the economy but are often too new or informal to appear in traditional government statistics. Since its launch in 2018, Venture Forward has surveyed more than 50,000 digital entrepreneurs, making it a leading source of insights into the microbusiness ecosystem.
Companies