American Express recently kicked off The inaugural American Express Entrepreneurial Spirit Trendex the pandemic’s impact on the country’s entrepreneurial spirit among US small and mid-sized business owners and their optimism about recovery.
1,000 small and mid-sized business owners and 1,000 consumers were surveyed. The results show that despite the economic downturn and the ways in which the pandemic has changed many aspects of life and business, 81% of business owners polled still believe the benefits of owning their own business outweigh the challenges. When asked about the top benefits of running their own business, respondents cited financial stability (89%), being their own boss (88%), turning a passion into a business (86%), creating jobs (85%) and the flexibility to set their own hours (85%).
American Express found the following about business owners:
“To meet the changes in demand in the market, about three-quarters (76%) of business owners said they have pivoted or are in the process of pivoting their business model to maintain revenue. Among those that already pivoted, (73%) expect to pivot again in the next year. Pivots are any changes to an existing business model regardless of industry. Common examples include establishing or doubling down on online sales offerings, manufacturing Personal Protective Equipment (PPE) for the first time, or creating a new product or service to cater to a new demand. In fact, the survey found 77% of business owners plan to prioritize offering products/services online over the next year. Olga Sagan is one entrepreneur who successfully pivoted her business with online tools. After COVID-19 began to devastate her Seattle bakery’s retail sales in early March, she pivoted her business model and started Catch22Delivery.com, an online platform for local restaurants to connect with and offer delivery to customers. In April, Olga’s brick-and-mortar retail sales were down 90%, but her online sales went from $200 a month to $5,000 a day.”