Imposed lockdowns because of the COVID-19 pandemic forced businesses to close down and many workers lost their jobs. However, 1 in 3 Filipinos found a way to either augment their income or earn a living after losing their jobs. This is one of the findings of GoDaddy, an internet domain registrar and web hosting company.
GoDaddy’s “2020 Global Entrepreneurship Survey” studied 5,265 entrepreneurs and micro business owners across 10 countries including the Philippines, Australia, Canada, Germany, India, Mexico, Spain, Turkey, the United Kingdom, and the United States. It looked at the effects of the COVID-19 pandemic across the globe on the world’s smallest businesses, with over 90% of those surveyed having 10 or fewer employees, half of whom are solo business operators.
A micro business is a subcategory of small business with fewer than five employees including the owner.
“This is a way for us to really understand the entrepreneurs and how they are doing during the time of COVID-19 and how they are moving forward,” said Tina Shieh, marketing director for GoDaddy Asia.
While 81% of Filipinos surveyed admitted to having experienced revenue loss, 72% chose to jumpstart a business not only to earn but also to provide hope and make a positive impact in the community. About 30% said they donated a portion of their profit to those who needed it the most.
Digital acceleration was not limited to medium or large enterprises. The survey found 23% have started using different digital platforms to promote their products and reach out to customers. The survey found that 43% of the respondents said they are interested in websites; 69% are interested in social media; and, 39% are interested in mobile apps.
Among the countries surveyed, Filipinos showed the most optimism with 76% of them said that they expect to recover within a year, which is slightly higher than the global average of 71%.