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Small Businesses are Optimistic Despite the Economy

April 4th, 2008


I just got my hands on the results of a new survey from Quickbooks that shows small businesses owners remain optimistic and driven despite the shaky economy.

The survey asked small business owners about their thoughts on surviving and thriving in a recession (thanks to Kira Wampler from Intuit for sharing the hot-off-the-presses results with me and the other attendees of the fabulous BlogHer Business Conference in New York this week).

What Recession?

The results of the survey are encouraging:

  • 91% of U.S. small business owners see opportunities for their businesses in the current market.
  • Close to 80% expect their businesses to grow despite the stagnant economy.
  • 50% think that the playing field can be leveled for small businesses as big businesses make budget cuts.
  • 65% have owned a small business that has weathered a recession.
  • To recession-proof their businesses, 63% are making customer retention their top priority and 52% are focusing on reducing costs.

The survey also found that the passion that drove small business owners to start their own companies will also help to get them through the downturn: 70% said that personal passion motivated them to become entrepreneurs and 86% said they are still as passionate today as they were the day they started. 

About the survey: The Get Back to Business Survey was conducted from March 7-11 and sampled 751 small business owners with fewer than than 100 employees.  A summary of the survey findings is available at www.quickbooksgroup.com/getbacktobusiness.

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