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Monday AM March 8th, 2010

A survey indicates small business owners believe stockpiling cash is the best strategy for surviving the current economic climate. Ed Mayberry reports.


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pile of moneyThe survey released by office supplier Brother International Corporation shows that small business owners remain passionate about being their own boss, in spite of higher stress levels.  Business columnist and author Bruce Freeman says the survey of 500 small business owners shows 53 percent believe stockpiling cash will help them survive the economic downturn.

“It’s an excellent strategy because people are very nervous about spending money right now.  People are watching every expense.  They’re being extraordinarily careful.  And they’re trying to keep cash on the side.”

Ed: “Also the survey looked at the stress level of small business owners.”

“Absolutely.  I’m an entrepreneur, and I’m not saying that that’s any more stressful than today’s job market.  I think the stress level is throughout the economy and throughout the general population.”

But Freeman says small business owners put in more hours than if they worked for someone else.

“I wouldn’t give it up to go work for somebody.  While business may be tight, I’m passionate about what I do.  I have the flexibility to do what I want.  I think one of the thing I’m luckiest in, in life, Ed, is that I love what I do.  I love the writing, the consulting.  I teach at two universities.  I’m passionate about small business.  I love new ideas, and that’s what entrepreneurism is about, and that’s what keeps me going and motivated.”  

Freeman says small business owners are more interested in making their company—including employees, marketing budgets and workspace—more efficient.

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