An interesting, recent survey on about 1,000 small business owners commissioned by Deluxe Corp reveals that despite the terrifyingly high small business failure rate, the majority of small business owners are willing to take the risks in exchange for potential success.
As reported by Pamela Engel on Business Insider, Deluxe’s online survey on non-Deluxe clients show this common characteristic of today’s small business owners: Just do it.
Against all odds – the average small business failure rate today is said to be to longer 80 percent, but 90 percent – small biz owners are focused to make things for the better.
Here are some trends to watch from the survey results:
Small business owners are determined and focused in achieving their goals
86 percent of the respondents believe they can do anything they set their mind to. This portrays optimism, and in the midst of tough small business sector, it breathes fresh air.
Scott Shane says, “Given the numbers, I am surprised at how positive the small business confidence measures are. It’s testimony to the optimistic nature of small business owners that their views are this upbeat.”
Small business owners embrace failures better than before
If that stat is not encouraging enough, try this: 77 percent of respondents say they would rather learning from their failure than never try at all. Again, I respect this “do or die” ego and mentality, and I think resilience and perseverance will eventually shift things to the correct path.
Small business owners don’t regard themselves as “bosses” – they are now “leaders”
A boss tells you where to go and what to do. A leader shows you where to go and what to do.
Many of small business owners today are visionary leaders – the survey reveals that 89 percent of respondents consider themselves as business leaders.
With constant pressure on small business sector – force majeure or not – seeing things in the eyes of faith is what turning a small business into a success or not.
Monica Patrick described this phenomenon well – she wrote in Chron: “Managers guide small businesses in an orderly direction but visionary leaders steer companies into new, exciting territories.”
Takeaway
It seems that small business owners’ optimism is rising – about half the gain was because businesses expect better business conditions over the next six months. This is great for economic growth, as sentiment will drive trend.
Whether you like it or not, small businesses remain the cornerstone of local communities. Just like the butterfly effect, a small movement locally will spark something bigger nationally – even globally.
So, let’s support our neighborhood’s small businesses and shop local, will ya?
Photo credit: Robert Scoble
