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Report: Some 30% of N.Y. entrepreneurs head 'sinking ship'

Rochester Business Journal
April 25, 2014

Nearly 30 percent of New York entrepreneurs say their business is a sinking ship, a new report from American Express shows.

Some 55 percent of New York small-business owners surveyed for the American Express OPEN Small Business Monitor said the economy stresses them out—roughly the same as in the Northeast and nationally.

But overall, entrepreneurs in New York have a relatively optimistic outlook for business and the economy, the report shows. Some 54 percent of small-business owners statewide say they have a positive view of the economy, while 84 percent say the rewards of being an entrepreneur outweigh the demands.

While nearly two-thirds statewide say they have cash flow concerns, some 43 percent have capital investment plans and 64 percent say they are confident they can access the capital they need to grow.

One-third of New York entrepreneurs said they do not need to raise prices to achieve profitability and 56 percent say employee productivity has increased.

Some 70 percent statewide said they are very happy with their lives, the report shows.

Fifty-four percent of small-business owners in New York say they use social media, slightly less than the national average of 58 percent. Some 56 percent say they analyze customer or other data for their business, while 53 percent report they would like to further develop customer service.

The full report can be found here: American Express OPEN.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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