In a recent survey published by Amex, small business owners have cited cash flow and pricing as their concerns for the year. The third edition of the decision-makers, including 514 businesses with 10 employees or less, 412 businesses with 11 to 100 employees and 201 businesses with 101 to 500 employees. and 35 percent citing cash-flow forecasting.
“Small business owners are concerned about issues like pricing and cash-flow forecasting, but they are overwhelmingly happy that they chose their career path as an entrepreneur, and most intend to be small business owners for the long run,” said Gina Taylor Cotter, executive vice president and general manager of small business products and business blueprint at American Express.
Regarding these long-term ambitions, SMBs reported that they anticipate their businesses to last longer than five years and see the venture continuing down the road. Long-term business goals include longevity , becoming an established industry leader and growing employee base . The decisions behind wanting to start SMBs come from personal passion , seeing a need in their community , supporting their family and future generations and the need for flexible work . demographic reported that they learned entrepreneurship online or on social media versus Gen X and Boomers who knew an entrepreneur personally .
Notably, 74 percent of Gen X and Boomer SMB owners surveyed said they first had a traditional job in the private sector, government or another role in their current business before their company. Meanwhile,and Gen Z are more likely to start their business out of school — 20 percent said they were students or unemployed before starting their business.
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