American Express released the new Trendex: Small Business Edition and found that despite facing economic uncertainty, small business owners remain optimistic. Gina Taylor Cotter, executive vice president and general manager at American Express, notes that Millennials and Gen-Zers are more likely to start a business right out of school and rely on technology to run their businesses.
Small business owners have concerns about pricing and cash flow forecasting, with many wishing they had more time to focus on their product or service rather than managing finances. Despite these challenges, most small business owners are happy with their decision to start their company, and many expect them to run for more than five years with the aim of becoming established leaders in their industry.
The survey reveals that many small business owners were inspired to start their businesses by personal passions, community needs, family support, and a desire for more flexible work. The influence of technology and social media on Millennials and Gen-Zers as small business owners is apparent in their approach to entrepreneurship.