Businesses and consumers alike are finding ways to adapt and stay resilient during these unprecedented times. Though recovery may take time, a new report confirms the strength of entrepreneurialism and grit of small business owners, who remain optimistic that their businesses will overcome any present and future obstacle with the right resources and preparedness.
In the inaugural American Express Entrepreneurial Spirit Trendex, which polled 1,000 small and midsized businesses, revealed notable insights about the entrepreneurial spirit in the United States. Even amidst the pandemic, the survey showed 75% of small business owners are optimistic about their business’s recovery and 82% feel that they are better prepared to handle a future crisis.
They continue to believe in their business and pursuing what they love. Of those surveyed, 81% believe the benefits of owning their own business outweigh the challenges, including financial stability, being their own boss, turning their passion project into a business and flexibility to set their own hours. The study uncovered more insights showing the current mindset of small businesses.
- Small businesses are actively seeking advice
- Cash flow is top of mind
- Pivot, then repeat
- Taking a stand
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Steve Niehaus, MBA, CBI, CM&AP