Majority Of Small Biz Owners Ready For Second Dip
Three-fourths are “somewhat” or “very” prepared
The Dow is up 2.31 percent at the moment, and the Nasdaq is up an even more impressive 2.63 percent, perhaps making this bit of news irrelevant. But we’re still pleased to report that three-quarters of small business owners believe they’re ready for a return to recessionary conditions.
Citibank, which is a unit of Citi, polled 521 small business owners, meaning the survey’s results should be statistically significant. There isn’t much of a chance that one or two pessimists or optimists upset the whole dataset, in other words.
As for the exact nature of the data, Citibank stated, “75 percent of survey respondents say they are very or somewhat prepared for another downturn, signaling that many entrepreneurs have adjusted their businesses and finances to get through any additional economic stumbles.”
Also, “Eighty-one percent of small business owners say they like or love running their own business, and 75 percent say they would start their business again even if they knew then what they know now about the challenges they would face, up 4 percentage points from the previous survey, conducted in March.”
Those are some encouraging findings. Obviously, it would be better for most people and businesses if we don’t encounter the second half of a double-dip recession, but it looks like the average small business could withstand it.
Citibank’s poll was conducted between July 19th and August 18th, by the way.