RSS Feed Link

Small Businesses Keeping Positive

Mark Marich on June 11, 2012 Source: Policy Dialogue on Entrepreneurship

Confidence is on the rise among small business owners. A new survey from Citibank shows a sizable jump in the number of those who said their own business is better than it was a year ago—from 24 percent in August 2010 to 43 percent in June 2011. The sentiment seems consistent with others targeted toward entrepreneurs—including the Startup Confidence Index from the Kauffman Foundation.

So how did they stay competitive during tough times? A majority said that they had to ‘reinvent their business’—mostly by overhauling the products or services they offered (43%) or adjusting technology and/or staffing infrastructure (24%). Other findings include:

  • 70% increased face time with customers
  • 67% updated/upgraded computer systems
  • 52% increased their use of the internet and social media
  • 51% built a network of suppliers and partner companies

Half of the respondents anticipate launching new products or services in the second half of 2012.

Category:  General  Tags:  Citibank

comments powered by Disqus

Search PDE

Policy Dialogue on Entrepreneurship Get Your Weekly Digest

Register today to receive news and updates from Entrepreneurship.org.

Email Newsletter Signup

Past eNewsletters

View All

Email Newsletters

Want to be up-to-date with the latest news and updates from Entrepreneurship.org? To subscribe, just give us your email address below; you'll choose which e-newsletters you'd like to receive on the next screen.