SCORE Small Business Blog

Are You Feeling the Startup Confidence?
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When you’re considering starting your own business, a big part of actually taking the leap is not financing, staffing or marketing, but simply finding the confidence to do so. If the latest Kauffman/LegalZoom Startup Confidence Index survey is any indication, entrepreneurial confidence is on the rise.

Some 83 percent of startup business owners surveyed are confident their profits will increase over the next 12 months. Among entrepreneurs aged 18 to 30 years old, the optimism is even greater, with 93 percent feeling confident or very confident their businesses will become more profitable in the next 12 months.

Entrepreneurs are also feeling more optimistic about consumer demand, with 45 percent saying they expect a moderate to significant increase in consumer demand in the next 12 months—up 10 percent from the third-quarter survey.

Those feelings are translating into action, with 40 percent of startup owners saying they plan to hire additional employees in the next 12 months, a 10 percent increase from the third-quarter survey. In addition, 16 percent of small business owners applied for loans or lines of credit in the past year. While that’s pretty similar to the prior quarter’s figure, the number whose loans were approved increased by 14 percent compared to the previous quarter.

Of course, this survey polled startup entrepreneurs who have already gotten their ideas off the ground. But if you’re still on the fence about starting your own business, consider this rising optimism a sign of the times—and a sign that you need to take action. As more startup business owners gain confidence, invest more in their businesses and take steps toward growth, don’t you want to be part of that mix? Why sit on the sidelines where someone else could start your big idea before you ever get it off the ground?

Improve your startup confidence even more by getting advice from the experts at SCORE to make sure you’re taking the right steps toward achieving your business goals. Visit the SCORE website to get matched with a mentor and get free business counseling 24/7. With help from SCORE’s experienced mentors, you’re sure to feel your confidence soar.

Rieva LesonskyCEO, GrowBiz Media
Rieva is CEO of GrowBiz Media, a content and consulting company specializing in covering small businesses and entrepreneurship. She was formerly Editorial Director of Entrepreneur Magazine and has written several books about small business and entrepreneurship.
www.growbizmedia.com | @rieva | More from Rieva

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Discussion (1) Comment

  1. It’s interesting, in my area, how the success of small businesses are intimately tied to the success of the one big employer. If the big business does well and hires more people, the smaller businesses flourish as more money is spent in the local economy. Unfortunately, we’ve seen a disturbing trend in our one big business over the last several months: rolling furloughs, layoffs, decreasing full-time payroll in favor of part-time payroll employees. Our local economy usually relies on the big business to help provide the rising tide that helps all ships, so it will be interesting to see if indeed our small businesses grow and hire and become more profitable in the next twelve months as new regulations and taxes take effect.

 

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