The latest Amex Trendex: Small Business Edition survey found after polling more than 1000 small businesses, including 514 with 10 or fewer employees, 412 with between 11 and 100 employees, and 201 businesses with more than 100, that 95 percent of all owners are glad that they started a small business.
What differs, according to the report, is why the founders decided to launch a small business venture. 84 percent cited personal passion, 65 percent said they were filling a need in their community, 59 percent wanted to launch a business that can support their family, and 44 percent were attracted to the flexibility of being their own boss.
There were also signs of generational gaps, with more young entrepreneurs starting a small business without prior experience with a traditional company, while also having less confidence that they can succeed without already being wealthy or while relying on support from others.
Across the spectrum small business owners were also worried about economic conditions, while maintaining a level of optimism.
“Small business owners are concerned about issues like pricing and cash flow forecasting, but they are overwhelmingly happy that they chose their career path as an entrepreneur, and most intend to be small business owners for the long run,” said Gina Taylor Cotter, EVP & GM, Small Business Products & Business Blueprint at American Express. “We also found that growing up with technology and social media has influenced how Millennials and Gen-Zers operate as small business owners: they are more likely to start a company right out of school and rely on technology to run their business.”
