The new Amex Trendex: Small Business Edition has shed light on the economic uncertainty that small business owners face, but their personal drive and long-term aspirations are what keep them optimistic. According to Gina Taylor Cotter from American Express, Millennials and Gen-Zers are more inclined to start businesses straight out of school and rely on technology to operate them.
Despite concerns about pricing and cash flow forecasting, small business owners remain motivated by their drive and long-term goals. The top concerns among respondents are pricing and cash flow forecasting, with many wishing for more time to focus on their products or services rather than managing finances. However, the majority of surveyed owners are happy with their decision to start their businesses.
The report shows that small business owners are driven by their long-term ambitions, with the majority expecting their businesses to last more than five years. Their top long-term goals include longevity, becoming industry leaders, and growing their employee base. The survey also reveals that most owners were inspired by personal passion, community needs, family support, and the desire for flexible work when starting their businesses.
It is evident that the influence of technology and social media plays a significant role in how Millennials and Gen-Zers approach small business ownership, according to the survey findings. Despite this, many small business owners remain optimistic about the future of their businesses and continue to pursue their long-term goals with determination.
