The latest Amex Trendex: Small Business Edition survey surveyed more than 1,000 small businesses, including 514 with 10 or fewer employees, 412 with 11 to 100 employees, and 201 with 100 or more employees. A survey found that 95% of all owners were satisfied. They started a small business.
The difference, according to the report, is why the founders decided to launch a small business venture. 84% cited personal passion, 65% cited meeting a need in their community, 59% wanted to start a business that could support their family, and 44% were attracted to the flexibility of being their own boss. I answered that I felt
There are also signs of a generation gap, with more young entrepreneurs starting small businesses without traditional corporate experience, and others who are not already wealthy or who rely on help from others. My confidence in my ability to succeed is diminishing.
Small business owners are also concerned about the economic situation, although they remain optimistic.
“Although small business owners are concerned about issues such as pricing and cash flow forecasting, they are overwhelmingly satisfied with their choice of an entrepreneurial career path, and most remain in small businesses for the long term. ” said EVP Gina Taylor Cotter. General Manager of Small Business Products and Business Blueprint for American Express. “We also found that growing up with technology and social media is impacting how Millennials and Gen Z operate as small business owners. They are more likely to start a company and rely on technology to run their business.”