Mexico has a base of young entrepreneurs between the ages of 26 and 35 at 41.4%, as reported in Radiografía del Emprendimiento en México published by the Association of Entrepreneurs of Mexico (Asem). Why do Mexicans undertake out of necessity or to pursue their dreams?
The GoDaddy Global Entrepreneurship Survey 2022 reveals that in Mexico, 47% of entrepreneurs start their businesses out of necessity or desire for additional income, while in other countries such as the United States, Canada or Australia, they start their companies in pursuit of their passion and not need .
Combining a passion with a project can be very complicated, especially when the fields of business are complex when coming up with an idea, or having the right budget when investing, and therefore the need to have additional income on Mexican entrepreneurs to venture into markets that although they are not passionate about, However, they have a higher rate of success and their budget is more accessible.
The National Institute of Statistics and Geography (Inegi) indicates that Mexicans’ favorite sectors when starting a business are food, technology and beauty. In technology, Mexicans choose software, gadgets, video games, and digital and cellular services
While the Mexican Association of Direct Sales indicates that in 2021 sales of cosmetics and personal care products grew by 8 percent.
Meanwhile, gastronomy accounts for 12.2% of all businesses in the country and provides just over 2 million jobs, according to Iniji, so everything related to this topic is a great opportunity to do so.
Youth, technology and digitization
The GoDaddy Global Entrepreneurship Survey 2022 indicates that the younger generations in Mexico are setting the pace for entrepreneurial spirit, since more than a quarter of those surveyed (27%) are young and 97% of these entrepreneurs agreed that every Company have a website.
The survey was conducted among small businesses with fewer than 50 employees and covered eight countries: Australia, Brazil, Canada, Germany, India, Mexico and the United Kingdom. The findings highlight that entrepreneurs know the importance of being part of a digital ecosystem and believe it is something that will help their online business.
Globally, the report showed that India is the country in which the majority of respondents said they feel confident about increasing their income in 2023 (97%), followed by Brazil (92%) and Mexico (82%).
More than three-quarters of respondents in Mexico stated that an online presence helped their business grow, and 86% of those who maintain a business website stated that they created it themselves; However, security is one area of concern for entrepreneurs, with 83% believing that small businesses are at risk from cyberattacks.
Women, master piece
Among the countries surveyed, Mexico has one of the highest percentages of women entrepreneurs (59%), after Australia (60%) and the United States (62%). Likewise, technology is their ally, as the x-ray of entrepreneurship in Mexico shows that 90% of companies founded by women have a digital presence and 54% have digital sales.
However, women are part of the statistic that in Mexico entrepreneurship is more of a necessity than a pursuit of passion, with 24% of entrepreneurs starting their business because they needed to increase their income level and 22% were looking for greater flexibility. To be able to continue their unpaid work activities.
