Intuit: Small business owners remain resilient in face of rocky economy

2/28/2011

Small business owners are thriving despite what many of them perceive as a challenging economic climate, a new survey conducted by Intuit indicates.

More than half of small business owners (54 percent) said their companies exhibited growth during the past 12 months, despite the fact that 80 percent of them rated the economic climate as being either "just fair" or "poor" during this time frame. Moreover, they expect this success to continue, with 87 percent indicating that they see opportunities for growth in the near future.

"Small business owners are extremely adaptable and flexible individuals," said Shawn McMorrough, lead research manager of Intuit's accounting professionals division. "Despite feeling the pinch in this challenging economic environment, they are optimistic and continue to weather the rapidly shifting business environment. Their unrelenting passion for serving their customers helps ... small businesses succeed in the face of any challenge the market presents them."

Similar optimism was observed among Chicago entrepreneurs. A recent poll from Citibank found 86 percent of the city's small business owners are anticipating better business prospects in 2011 compared to last year.