Despite concerns about the economy, entrepreneurs are more confident than they've been since 2008.
You can say this much about entrepreneurs: Regardless of what's happening around them they believe in the power of self-confidence. Small businesses owners’ confidence levels are the highest they've been since 2008, according to a recent poll.
The Wells Fargo/Gallup Small Business Index indicates that more than half of the small business owners surveyed are extremely or very satisfied with being a business owner. The annual third-quarter poll, which surveys 600 small business owners at random, also found that 39% of respondents consider themselves very or extremely successful.
This year the poll found a significant increase in small business owners’ overall satisfaction--a net percentage of 39%. This compares to 26% in 2010 and 33% in 2009. Overall owner satisfaction has not been this high since 2008.
“Net small business owner satisfaction now matches that of July 2008--during the recession, but before the full fallout of the financial crisis on small businesses,” the report said.
However, these numbers still don’t compare to pre-recession satisfaction rates. In 2006, Gallup reported a net-satisfaction rate of 51%.
Despite the rise in satisfaction and self-proclaimed success, the poll, which was conducted from July 9-13, also found that small business owners were less optimistic about the economic climate as a whole and the implications it will have on their businesses. According to the poll, owners' future financial expectations hit their lowest point of the year in July.
Still, these entrepreneurs remain confident--if only in themselves.
“The finding that 90% of owners consider themselves at least somewhat successful says a lot about their optimism and resilience,” the report said. “While owners must be optimistic by the nature of what they do, there is no doubt they would feel even more successful in a stronger U.S. economy.”