The Modern Small Business Owner
It's no surprise that small business owners always have a lot on their minds - but what are they thinking about? Concerns about the future of their business and their country add stress, but for the most part, entrepreneurs
remain confident about the present and optimistic about the future.
Being a small business owner isn't an easy job. It's a lot of after-hours work and moments of being overwhelmed. But more than a third of them wouldn't consider working for anyone but themselves.
- Running a small business brings on: 1) Two times as much stress as maintaining a stable relationship; 2) Three times as much stress as raising children; 3) Four times as much stress as managing personal finances; 4) 57%
percent of small business owners give up their free time on a regular basis; 5) 37 percent of small business owners consistently abandon their exercise time in order to work; 6) 77 percent of small business owners are "very"
or "extremely" happy with what they do for a living.
Small business owners may not have the most capital or financial experience, but they have the dedication.
- 71 percent of small business owners believe they have enough capital to run their business efficiently.
- Only 1 in 4 small business owners think they have the know-how to manage their company's finances on their own.
- 82 percent of small business owners expect better overall cash in 2012 than 2011.
- Entrepreneurs often seek out financial guidance to help with growing problems, such as late payment from customers.
- 8 out of 10 small business owners say they're having trouble with late payments.
- 4 out of 10 claim to have trouble with late payments every month.
- 71 percent of small businesses follow up on late payments by email.
- 63 percent of small businesses follow up on late payments by phone.
- Less than 25 percent of small businesses have late-payment penalties in place.
- 12 percent of small businesses in the U.S. accept mobile payments, but the number is growing.
The majority of small business owners believe that the decisions they make affect their company's health more than the stability of the overall economy. This view responsibility is especially popular with entrepreneurs ages
18 to 34, but national concerns and expectations are common amongst entrepreneurs of all ages.
- Biggest national concerns of small business owners: Effectiveness of U.S. government leaders - 75%; Oil and gas prices - 73%; Health care costs - 70%; Recovery of consumer spending - 71%.
- 42 percent of small business owners believe that their local economic conditions will improve.
- 35 percent expect the American economy to get better within the next year.
- According to the index of Small Business Optimism from the National Federation of Independent Business, the index rose two points recently to hit the highest rating since December 2007.
Sources: paysimple.com | vistaprint.com | nfib.com | washingtonpost.com | mediaroom.bankofamerica.com.