American Express recently surveyed 1,000 small to mid-sized business owners and 1,000 consumers.
The report found that 82% of entrepreneurs feel better prepared to handle a crisis, and feel optimistic about recovery, despite the economic downturn. 81% of small business owners believe that benefits of running a business exceed the challenges.
Of these, financial stability (89%), turning a passion into business (86%) and creating jobs (85%) were considered the top benefits of owning a small business. Also, with changes in consumer demand, 42% of consumers now prioritise the items they need.
40% are now interested in personal health and wellness products and, 40% have shifted household spend towards new or different priorities. To maintain income and meet changing demands, 79% of business owners have “pivoted” or are in the “process of pivoting” their business models.
[2 minute read]