More than half (55%) of entrepreneurs have an optimistic outlook on near-term business prospects, up from 45% in March 2009, according to the American Express OPEN Small Business Monitor, a semi-annual survey of business owners. They say that managing through the recession has made them better business owners,
One of the main differences that show up in the survey is the attitude of the small business owner, as opposed to the larger corporate animal. Their attitude is one of adjusting with the times, staying focussed and concentrating on their core business and client base. They build personal relationships with the customer.
An interesting shift in small business and entrepreneurial ventures is the philosophy: Keep employees happy. Many of these business owners are finding new resources to tap and new ways to manage costs beyond the traditional steps of laying off staff or cutting back on staff hours
The small business is more like a sports team than a company. They are treating it like a school project with school spirit and they are all connected on social media sites like Facebook and Twitter.
The younger guard of bright eyed, bushy-tailed go-getters has previously been a downside of new start-ups, while the experience of older and more seasoned entrepreneurs put them in a better position to manage through downturns. The playing field has changed radically, says the report, and it is younger business owners who are geared for growth.
Their understanding of use of social media, as well as being able to react quickly to rapid changes in the marketplace, thrusts them out ahead of the competition. They know and understand not only their business, but are connected to a wide array of knowledge and communication forums and devices. The competition is easily studied online and they respond to whatever stimulus presents itself.
The survey found that Gen Y is the most optimistic group of entrepreneurs, when compared to other age groups and the overall sample of business owners: more than three-quarters (80%) of these entrepreneurs have a significantly more positive outlook on business prospects versus Gen X and business owners overall (each 55%), and Baby Boomers (52%).
Does this mean that the Over-the-Hill Oldies are put out to pasture? Not at all.
However, it does mean that they have to get with the times if they want to not just grow, but survive and achieve success. The overall positive outlook of the younger business generation has not only set them apart from the competition, but has set the bar for the modern small business entrepreneur.
About Polaris Media Group
The Polaris Media Group mission is to help men and women achieve success and gain financial independence by providing effective educational materials and events that enhance self confidence and grow self reliance. The programs are based on the real possibility that individuals can create an improved lifestyle through an understanding of entrepreneurial skills and application of wealth creation strategies. We believe that the individual has the ability to realize their inherent potential and live a life of personal fulfillment.
Author, Shane Krider, is the CEO of Polaris Media Group. <a href="www.polarismediagroup.com">Polaris Media Group</a> help men and women achieve success and gain financial independence by providing effective educational materials and events that enhance self confidence and grow self reliance. For more information, please visit www.polarismediagroup.com.
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