Why Small Companies Are Helping Our Economy Grow (click here)
January 25, 2012
...Small businesses contribute much more to the U.S. economy and society as a whole than can be calculated just from the spending and profit that they generate. These businesses tend to be more economically innovative than larger companies; more able to respond to changing consumer demand; and more receptive to creating opportunities for women and minorities; and activities in distressed areas....
Small Business are my heroes. I don't believe that will ever change.
The answers are on page 4 of the PDF. I don't find it odd small business owners are looking at the effectiveness of government leadership, but, to realize it out ranks even recover of consumer spending by a few points seems strange. These small business owners surveyed are not minor at all and below is the methodology of the polling.
Methodolgy
Braun Research conducted the Bank of America Small Business Owner Report survey by
phone between March 17 and April 9, 2012 on behalf of Bank of America. Braun contacteda nationally representative sample of 1,000 small business owners in the United States withannual revenue between $100,000 and $4,999,999 and employing between 2 and 99 employees.
In addition, 300 small business owners were also surveyed in nine target markets
including Los Angeles, Dallas, Washington, D.C., New York, Boston, Chicago, San Francisco,Atlanta and Miami. The margin of error for the national sample is +/- 3.1 percent, and +/- 5.7percent for the oversampled markets, with both reported at a 95 percent confidence level.
But, considering these owners place their local economy in priority of their concerns when it comes to a stable market for their products; their preoccupation with government leadership links government to their success. According to Republicans, government is not necessary for small businesses to succeed.
...Small business owners (click here) have more confidence in their local economy than
the national economy. When
asked about the next 12 months, 42 percent expect their own local economic
conditions to improve compared to 35 percent who expect the national economy
will improve. When
asked what national issues concern them the most, the effectiveness of US
government leaders topped the list, closely followed by commodities prices, the
recovery of consumer spending and healthcare costs. Credit availability ranked
at the bottom along with the trade deficit and the global stock market.
However, reservations about the state of the national economy did not
dampen optimism among small business owners regarding their future business
prospects. Nearly 7 of 10 (69%) small business owners view their local economy
as critical to their business’s success.
Moreover, reflective of the independent character that typifies most
small business owners, the majority of respondents (53%) stated that their own
decisions, rather than the overall health of the economy, are more likely to
influence business outcomes.
This sentiment was particularly strong among women as
well as “Necessity” and “Serial” small business owners....
Local economies. I have said it and said it and said it and now there is proof. I didn't know BOA did these surveys on a regular basis. This is the first one I have read. Local economies don't require analysts to make decisions. Most local business owners understand their market on a personal level. I remember when the 2008 global economic collapse/depression hit, small owners gave up their recreational time and laid off employees to better handle their businesses in uncertain times. Sincere local economies are far less likely to have adverse trends while national and international companies don't have the luxury of the same safety margins.
Entitlements and Small Businesses are the baseline of the USA economy. The stronger and more stable they are the less chance the USA will ever face tragic outcomes. Noted in this report is the fact over a third of small business owners still work a part time or full time job, in addition to their management of their enterprise. That may be to receive benefits including pension over the long term. But, they are very ambitious. That is a good thing.
