Financial stability is considered a top benefit by 89% small business owners in the US

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 11, 2020, 1:40 AM UTC

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.

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