Survey: For Most Americans, Small Business is Personal
May 02 2016 - 5:00AM
Business Wire
More than one-third of voting Americans say
they have increased the amount they buy local in the past year, and
more than half say someone in their inner circle owns a
business
It is Small Business Week, and for most Americans, small
business is personal. More than half (56 percent) of American
voters have a parent, immediate family member or close friend who
have either previously owned or currently own a small business,
according to a Morning Consult survey conducted by University of
Phoenix® School of Business in April 2016. For many, it is even
closer to home: Fourteen percent of American voters from the same
survey say they currently own their own businesses.
Small businesses have provided two-thirds of all net new jobs
since the 1970s1, and currently employ 56.1 million of the nation’s
private workforce. This is greater than the enterprise sector
(companies with more than 500 employees), which employs 51.6
million.2
“Small business not only plays a critical role in the economy,
but it is often where the innovation happens,” said Ruth Veloria,
executive dean of University of Phoenix School of Business. “Many
big businesses today are trying to capture that spirit in their own
organizations and are looking to small businesses for inspiration
to be more nimble and customer-centric.”
Local Matters
For most Americans, the value of small business extends beyond
their own interests. The School of Business survey also found that
nine-in-ten American voters believe small businesses are important
to their communities and to the health of the U.S. economy.
Sixty-two percent say they buy locally most or all of the time to
support small businesses in their communities, and more than a
third (35 percent) have increased the amount they buy locally in
the past year.
As the country celebrates small businesses, Veloria offers tips
for those who aspire to be business owners:
- Start with a business idea that not
only fulfills specific customer needs, but has enough market
demand. Support your idea through market research, competitive
intelligence and target audience assessment.
- Create a business plan and use it to
set priorities, address gaps and lay out your growth strategy.
- Do not operate in a vacuum – network
and learn from other successful entrepreneurs.
- Consider identifying a mentor or peer
advisor – no matter how successful your business is, having someone
to bounce ideas off of and who has navigated the waters can give
you an edge.
- Don’t be afraid to fail forward. Create
an environment from the beginning that allows individuals to test,
take risks and grow.
- Be reflective and honest. As your
organization grows, do an honest skills assessment, so you know
areas in which you need to grow or hire to fill the gaps. People
management/human resources, marketing, technology and finance are
some common areas in which entrepreneurs who have specific industry
knowledge may need to grow their knowledge.
Methodology:
A national sample of 2,003 registered U.S. voters completed this
online survey, conducted by Morning Consult on behalf of University
of Phoenix School of Business, from April 20-22, 2016. The margin
of error for the full sample was +/- 2 percent. For complete survey
methodology, please contact Tanya.Burden@apollo.edu.
About University of Phoenix
University of Phoenix is constantly innovating
to help working adults move efficiently from education to careers
in a rapidly changing world. Flexible schedules, relevant and
engaging courses, and interactive learning can help students more
effectively pursue career and personal aspirations while balancing
their busy lives. As a subsidiary of Apollo Education Group,
Inc. (Nasdaq: APOL), University of Phoenix serves a diverse student
population, offering associate, bachelor’s, master’s and doctoral
degree programs from campuses and learning centers across the U.S.
as well as online throughout the world. For more information, visit
www.phoenix.edu.
1
https://www.sba.gov/managing-business/running-business/energy-efficiency/sustainable-business-practices/small-business-trends2
http://www.census.gov/content/dam/Census/library/publications/2015/econ/g12-susb.pdf
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version on businesswire.com: http://www.businesswire.com/news/home/20160502005467/en/
University of PhoenixTanya Burden,
303-570-0617tanya.burden@apollo.edu
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