Earlier, back in March, we covered the rising new trend of small business optimism as reported by the National Federation of Independent Business’s annual survey. Today, entrepreneurship takes a stand as – per the overall reflected health of the economy – the number of startups and self-made businesses are verging on record breaking numbers since the 2009 recession.
In a report that reached D.C.’s “Small Businesses, Big Ideas: Entrepreneurship in Action,” this surge of optimistic new entrepreneurs was documented by Paychex in a study involving the payroll data of startups with 1-49 employees, combined with the responses of 500 surveyed small business owners of 1-500 employees. This data was then divided by industry, gender, age, and geography.
According to the results:
- 64% of business owners thought that they would make a profit, while 58% were optimistic over their prospects for business growth;
- 71% claimed that the economy is either the same, or better than, when they first began their business, while an overwhelming 79% held that now was the time to begin one; and
- Business owners who started their company after the recession were 57% more likely to find the business environment improved, versus those who began their companies 20 or more years prior (32%).
In addition to measuring entrepreneurial optimism, Paychex’s study also asked owners about some of the obstacles to starting and maintaining a successful business.
The response was that:
- 90% felt concern over rising prices;
- 67% were worried about finding quality employees;
- 34% believed that the government should try to prevent these problems with more support, mentoring, training, and coaching programs; while
- 33% thought that the solution would be found in removing regulations.
On the whole, as Paychex’s president and CEO, Martin Mucci, says best: “our data affirms that entrepreneurship played an important role in the growth of the economy coming out of the recession. Coupled with the positive feedback we received from business owners about their attitudes and perspectives, the clear message from this report is that the state of entrepreneurship is strong. We’re proud to salute and support the vital role of entrepreneurs in creating jobs and driving the economy.”
So, from all of us at AB&P, well done, entrepreneurs!
