In order to sell to small businesses, you first must understand them. MasterCard Worldwide recently released its Annual Small Business Survey. It's a poll of 4,000 small business around the world who manage businesses with 1-99 employees.
Optimistic For 2007: Looking ahead to 2007, more small business owners are optimistic (28%) than not (21%) and see the future to be promising. Entrepreneurs from the United States and Australia, 66% and 65% respectively feel that 2007 will be a promising year for them.
Working In And On The Business: The average entrepreneur works more than 50 hours a week and spend 18 of those hours on administrative tasks. The more employees an entrepreneur has, the more time is spent on administrative tasks. Solopreneurs spend 7 hours on admin tasks per week while those with 2-9 employees spend 18 hours per week on administration. Owners with 10 or more employees spend 31 hours per week on average on admin responsibilities.
Competitive Challenge: The number one challenge small businesses feel they will face with their business in 2007 is competition. Other top challenges are cost increases and sales / business development.
Motivation To Work: The top two motivating factors for small business owners are making enough money to cover living expenses (70%) and having more control over the future (64%). Other important considerations are providing employment, contributing to society / the community, building something that can be passed on to their family, and being their own boss.
The survey also discusses trends in year-end bonuses, job fulfillment, and business control. You can read the entire article here.
Optimistic For 2007: Looking ahead to 2007, more small business owners are optimistic (28%) than not (21%) and see the future to be promising. Entrepreneurs from the United States and Australia, 66% and 65% respectively feel that 2007 will be a promising year for them.
Working In And On The Business: The average entrepreneur works more than 50 hours a week and spend 18 of those hours on administrative tasks. The more employees an entrepreneur has, the more time is spent on administrative tasks. Solopreneurs spend 7 hours on admin tasks per week while those with 2-9 employees spend 18 hours per week on administration. Owners with 10 or more employees spend 31 hours per week on average on admin responsibilities.
Competitive Challenge: The number one challenge small businesses feel they will face with their business in 2007 is competition. Other top challenges are cost increases and sales / business development.
Motivation To Work: The top two motivating factors for small business owners are making enough money to cover living expenses (70%) and having more control over the future (64%). Other important considerations are providing employment, contributing to society / the community, building something that can be passed on to their family, and being their own boss.
The survey also discusses trends in year-end bonuses, job fulfillment, and business control. You can read the entire article here.
Labels: average work week, competition, MasterCard worldwide, motivation to work, small business, small business survey
