But nearly all are glad they started their businesses A new survey from American Express found that small-business owners are concerned about rising prices and cash-flow forecasting, but nearly all of them are still pleased they started their small business. The third Amex Trendex: Small Business Edition found that pricing/price hikes (44 percent) and cash-flow forecasting […]
But nearly all are glad they started their businesses
A new survey from American Express found that small-business owners are concerned about rising prices and cash-flow forecasting, but nearly all of them are still pleased they started their small business.
The third Amex Trendex: Small Business Edition found that pricing/price hikes (44 percent) and cash-flow forecasting (35 percent) are small-business owner respondents’ top concerns, which is consistent with Amex Trendex findings over the past year, the company said in a May 8 news release. Nearly 7-in-10 (68 percent) wish that they had more time to focus on their product/service versus managing their businesses’ finances. But small-business owners have a positive mindset despite these challenges: 95 percent of those surveyed are happy with their decision to start their company.
The Amex Trendex report found that small-business owners are motivated by their long-term ambitions. Six-in-10 respondents (60 percent) expect their business to be a long-term venture and run for more than five years. When asked about their long-term business goals, longevity rose to the top (49 percent), followed by becoming an established leader in their industry (32 percent) and growing their employee base (24 percent), per the survey.
As for why owners chose to start their small businesses: more than eight-in-10 respondents (84 percent) were inspired by a personal passion; nearly two-thirds (65 percent) saw a need in their community; about six-in-10 (59 percent) want to support their family and future generations; and over four-in-10 (44 percent) needed more flexible work, according to the Amex Trendex report.
The survey of 1,127 U.S. small business financial decisionmakers was conducted by Morning Consult LLC on behalf of American Express from March 15 to March 28, 2024. Participating respondents included 514 businesses with 10 employees or less; 412 businesses with 11-100 employees; and 201 businesses with 101-500 employees. The margin of error for the full survey sample is plus or minus 3 percentage points, American Express said.
