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Wave Accounting CEO Kirk Simpson reveals the findings of their latest small-business report.
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-- -- find out what's going not -- accounting provides online applications that help small businesses.
And they just released its small business report.
Joining us now -- -- first on Fox Business look at the result -- -- CEO and co-founder Kirk Simpson.
Kirk really interesting 48%.
Of small business owners said they did not earn enough to meet their needs what -- that.
You know it's interesting you know on the flip side over 80% of them said that they wouldn't change a thing -- that they.
They'll never go back to two being employed by somebody else again so.
You know it's interesting during the downturn.
Almost 15% of the people who started.
Businesses did so because they lost their jobs.
So they're they're reacting to a lot of what's happening in the global economy they're losing their job they're starting up their own small business they're finding they love it.
But they're having a hard time making ends meet through this this process.
Interestingly.
About 70% of them thought that they that they were optimistic about what the twelve the next twelve months looks like for them.
So they're in a downturn for sure they're having a hard time right now with with the economic downturn but there they're positive about what's gonna happen over the next twelve months.
That's -- beauty of being an entrepreneur -- that you consistently see the glass as half all right but it does seem time.
According to your study 30% suffered from increase costs of doing business and 30% say they were hurt by changes in consumer spending.
Which is really interesting to me that they still see a bright future.
-- well I think -- -- point you have to do as an idea -- I mean you know you love what you're doing you love being your own -- And you've got to find ways to to get past the hardships and I think that's what we're seeing is there.
There optimistic.
Americans more than Canadians are optimistic about what's gonna happen over the next twelve months.
And yet Americans felt the pain of the of the downturn even more than Canadian so.
It's just an interesting study to show the dynamics that's at play within entrepreneurs right as you mentioned there have been a hard time but they're optimistic about the future.
Yeah I would love talking to them because they are they've just bleeding optimism and that's a plan to hire a little bit -- that.
Yes votes at 25% of them are talking about increasing the number of people that work for them.
Over the next twelve months and when you look at the overall economy.
I think one of the things that's really important to -- as a company in terms of -- is really helping small business owners because.
These guys are the driver of the economic engine that you know they employ about 25%.
Of the the employment.
In the country.
What wait another interesting statistic.
An employee of a small business owner is is -- holds about sixteen times more patents than -- similar employee at a big business these guys innovate.
They are the driver of that the engine moving forward we need to give them support and we need to make sure that they they can be successful over the long term.
And -- it most interesting parts of your study I thought was 50% said that dean of the boss was harder than they thought it was going to be.
Is that just because of their responsibility or because of all the rules and regulations they have to deal -- Well I think.
Think that's a good point -- -- you know let's look at it another way.
About 66% of them are so.
Believe that's.
V you know being their own boss comes with their own set of challenges they've got their alone on an island they've got -- making decisions.
You're right they're facing hurdles in terms of regulatory hurdles except -- Some of them have talked about you know government red tape getting in their way yes not so.
He added they want to be their own boss but they're definitely finding the challenges that are inherent in that.
-- is a great survey and see your point the economy.
Runs and is fuelled by our entrepreneur hours Kirk Simpson thanks for bringing this say -- us first.
Thanks.
