A recent survey conducted by BMO Harris Bank of 601 business owners found these traits most desirable for small business owners to succeed—–
*Thinking outside the box 26%
*Calm under pressure 14%
*Able to bounce back 12%
*Obsessed with details 11%
Showrooming, a behavior where consumers check online prices when in a retail store, is not a threat to stone and mortar retailers as once believed. Although one-third of shoppers with mobile devices have checked prices and read reviews online, 25% have purchased the item in the store anyway. Who are these showroomers? The typical showroomer is a young, affluent, urban male who will check reviews using his IPhone and then proceed to purchase the item in the store. The least affluent shoppers are the MOST likely to to purchase from an online retailer.
Source: SeeWhy Conversion survey of 60,000 U.S. consumers
*What types of financing has your business used in the past 12 months to meet your company’s needs?
*Earnings of the business 32%
*Credit Cards 30%
*Used No Financing 28%
*Large bank loan 19%
*Community bank loan 19%
*Private loan(family/friends) 17%
*Vendor credit 15%
*SBA loan 4%
*Credit Union loan 2%
Source: Online survey by the National Small Business Association conducted in August 2014 of 1,252 small business owners.
More Americans are starting businesses later in life. Almost one-quarter (23.6%) of new businesses were started by entrepreneurs ages 55-64 in 2013, an increase from 14% in 1996. This is the latest data from the Kauffman Index of Entrepreneurial Activity. For many of these older Americans, it is a way to strengthen their financial security and a way to stay active and employed. A survey conducted by the Employee Benefit Research Institute finds 65% of boomer plan to work in retirement. Reason cited for continuation in the workplace include: need/want income (62%), stay involved (18%) , and really like what they do (16%).