Many small business owners still feel successful, despite worries about the economy, according to a recent study.
“While they are concerned about the economy and pace of improvement, they viewed their business as being successful,” said Ray Sprague, a senior executive of The Hartford, which recently released a study about small business.
Even though only a third of 2,000 small business leaders said they are optimistic that the national economy will strengthen this year, 68 percent said they continue to feel relatively prosperous, according to the study.
The ability to adapt is part of the reason small business leaders are feeling successful, he said.
“We did see some areas of concern because of times of uncertainty,” he said. “They cite concerns about economic growth, future taxation and increased federal regulations. They are being conservative about capital investments and making cautious decisions about hiring new employees.”
Bloomberg Businessweek reported Friday that surveys are showing that Americans are feeling more confident about the economy, but small business owners aren’t.
According to a Friday Gallup poll from Wells Fargo, business owners reported declining revenues, capital investment and payrolls in the past 12 months. And they expect more of that in the next year, Bloomberg Businessweek reported.
But small business owners are a strong bunch, Sprague said.
“What we love about small businesses is their resiliency,” he said. “They are looking for ways to … refresh business plans. They are very much focused on how they define success, making a good living for themselves and taking care of their employees.”