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NY Entrepreneurs Upbeat About Economy

[ 0 ] Oct. 27, 2011 | SBO Editor

A majority of New York business owners (75%) see “the glass” as half-full and consider themselves to be optimistic, according to the just-released American Express OPEN® Small Business Monitor, a semi-annual survey now in its tenth year.

According to the Monitor, (35%) of New York entrepreneurs say the economy has not adversely affected their companies or they have grown their firms in the rough economy.

More than half of New York business owners (53%), are more likely to have a positive outlook for their business prospects over the next six months, when compared with their counterparts in the Northeast (47%) and compared to last fall (up significantly from 39%).

The American Express OPEN Small Business Monitor covers a very broad range of topics. Other noteworthy New York highlights include:

  • Thirty percent are planning to hire within the next six months, up significantly from last fall (19%)
  • Among the nearly half of New York business owners (47%) who use social media to attract new customers, the greatest number are using Facebook (26%)
    • Followed by LinkedIn (10%), Twitter (4%), YouTube (3%), Four Square (2%), blogs and MySpace (each 1%).
  • Fifty-one percent report having cash flow issues, down significantly from last fall (61%)
  • Thirty-eight percent pay themselves an annual salary
    • Those that do pay themselves earn an average annual salary of $57,200 per year, the lowest average salary of any entrepreneur regionally or overall

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Category: Features