The ‘American Dream’ isn’t dead according to small business owners—65% of whom believe they currently are living it.
A new survey of 1,000 small business owners in the United States showed that respondents are focused on helping their businesses thrive—and 71% say that the “new” American dream can be achieved through sacrifice, risk-taking and hard work.
83 percent of the entrepreneurs said being “financially comfortable” aligns most with their definition of the ‘American Dream’.
32% of those polled agree that being self-made and providing for their families are rewards enough in themselves, but they know it takes time.
The survey, conducted by OnePoll and commissioned by Xero, a global small business platform, found that nearly half of business owners said they have a four-to-five-year plan to reach their personal goals.
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Three in five hope to expand their stores into a chain, but only 25% have a physical store without an online e-store.
More than a third (36%) said they currently own both a physical and online store and 20% strictly do business online.
Respondents also shared the financial goals they have set for themselves and their businesses. 40% are working toward giving their employees health and retirement benefits, and 34% are focused on the goal of paying their employees more.
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“Small businesses are the engine of the U.S. economy,” said Xero U.S. manager Ben Richmond.
“Connecting the different elements of business management by using technology can help owners be in control of their goals and focus on the passion that got them into business in the first place.”
TOP 5 FINANCIAL GOALS SMALL BUSINESS OWNERS HAVE
Giving their employees health/retirement benefits – 40%
Having enough money to play with – 36%
Paying their employees more – 34%
Paying off their mortgage – 34%
Negotiating their business’ lease – 34%