Despite a weakened economic market, a new study from Hiscox shows that 46 percent of American small business owners still feel that they can make more as entrepreneurs than the traditional corporate world.
The Hiscox study, “DNA of an Entrepreneur,” surveyed small business owners on entrepreneurship and risk.
“Today’s landscape is ever changing, entrepreneurs are often exposed to higher and more complex levels of risk,” said Ed Donnelly, Hiscox USA president. “But it doesn’t require a maverick, risk-seeking personality to be a successful business owner; it needs dedication, perseverance and ambition.”
The trans-Atlantic study, which included 200 U.S.-based entrepreneurs, shows attitudes to risk run the gamut. But in all cases, today’s small business owner is adept at managing risk and understands that it is part of today’s global economy.
U.S. small business owners have strong views on what defines their success as entrepreneurs. Nearly half give themselves fixed financial targets and measure success according to their ability to meet these targets. Similarly, expansion was seen as another sign of success by 44 percent of the U.S. entrepreneurs who responded to the survey.
However, when compared with their counterparts in the United Kingdom, U.S. small business owners place more value on how they are perceived, with nearly one third (29 percent) admitting that public and peer validation was a sign of success.
More than half of respondents surveyed said that they decided to take the plunge into entrepreneurship within the last year, even in current economic conditions. “This further underscores their attitude towards risk,” emphasized Donnelly.
Only 1 percent of small business owners cited cash flow and the downward economy as their biggest fears when deciding to start a business, while 33 percent accept that in general, running a business is a gamble.
Almost seven out of 10 entrepreneurs said they would consider expanding or taking on new staff in the current economic climate. Even with banking woes, 32 percent of respondents said that financial funding for a new business is easy to find in the U.S. while less than one quarter said that they would consider seeking new ways to fund their business in the current business environment.
“Overall, their outlook is very optimistic,” added Donnelly.
Topics USA
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