More entrepreneurs doubt the U.S. economy will return to former glory

4/27/2011

Three years ago, during the throes of the recession, nearly two-thirds of small business owners believed that the United States economy would eventually return to its former glory. Now, fewer entrepreneurs subscribe to that theory, according to a new report from The Business Journals.

Less than half of respondents (43 percent) said they believe the U.S. will reclaim prominence on the world stage. Meanwhile, only 32 percent believe the country will recover stronger than it was previously.

"The paradigm has changed. The place of America in the world has changed," Godfrey Phillips, The Business Journals vice president for research, told Portfolio.com. "We have no idea what normal is anymore."

The survey was conducted among 2,223 business owners who run companies with staff between 1 and 499 employees.

Still, while some entrepreneurs are doubtful that the economy will recover to its previous strength, many are taking advantage of the situation to bolster growth. Leveraging commercial loans, more than 80 percent are expecting growth in 2011, according to an American Express Open survey.