Entrepreneurs Optimistic About Their Business Concepts, Survey Finds
Written by Ken Gaebler
Entrepreneurs believe in the value of their business concepts.
Small business owners are feeling confident in the ideas driving their enterprises, according to a new survey by small business insurer Hiscox. Of the 24 percent of entrepreneur respondents who said they launched their business based on what they thought at the time was a "million dollar" idea, 69 percent still believe their concept is worth that much.
This expression of entrepreneur confidence comes as good small business news on the heels of a National Federation of Independent Business report showing small business confidence has been ebbing since the start of the year. A negative 5 percent of respondents to the NFIB survey said they thought the economy would improve during the next six months.
While a significant subset of the entrepreneurs surveyed by Hiscox said they founded a business on a million dollar idea, 80 percent said their business is not based on a new idea at all. Rather, they aim to make money by outperforming the competition, providing higher-quality products and better customer service.
Bloomberg recently reported on good news for small business owners working hard to make their million dollar ideas pay off. Formation of Wall Street business development corporations, which provide substantial capital to small businesses, is at its highest level since 2004.
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