Two different polls capture entrepreneurs’ views of the economy as a glass less than half full, but brimming over with personal satisfaction running their own companies.
The Optimism of Small Business Owners Despite Economic Uncertainty
What kind of person worries about the economy but remains hopeful about their business? That’s the typical American entrepreneur. Recent surveys show that while small business owners are concerned about a potential recession, they are still deeply satisfied with running their own companies.
This mix of concern and optimism was evident in two surveys conducted in April by Vistaprint, a printing and design company, and LegalShield, a law services provider. Entrepreneurs are clearly uneasy about the overall state of the economy, but when it comes to their own businesses, they remain upbeat. For example, 94% of the small business owners surveyed by LegalShield expressed concern about the impacts of a recession, while 81% of Vistaprint respondents said they were happy or very happy as business owners.
Emily Whittaker, executive vice president of global marketing at Vistaprint, explained that this sense of satisfaction is part of the entrepreneurial spirit. “Small business owners are naturally optimistic and find fulfillment in carving their own path,” she said.
Economic Worries Amid Uncertainty
Despite this optimism, the economic uncertainty, especially surrounding President Donald Trump’s broad tariffs, is causing concern. The tariffs are expected to raise costs and make business planning more challenging. A survey of 255 small business owners by LegalShield found that 85% were worried about the impact of these import duties, while 65% anticipated disruptions in their supply chains.
Additionally, nearly 55% of those surveyed feared that legal complications arising from tariff policies might create problems. These concerns were mainly about renegotiating contracts with suppliers, adjusting staffing levels due to reduced demand, and navigating the complex legal aspects of tariff compliance.
Matt Layton, senior vice president of consumer analytics at LegalShield, highlighted that small business owners are bracing for both legal and operational challenges as the economic landscape remains uncertain. “Billing disputes and collection issues are often the first signs of financial trouble, leading to bankruptcies for small businesses,” he said. “When consumers cut back on spending, businesses feel the impact immediately.”
Entrepreneurial Happiness Surpasses Challenges
Despite these concerns, small business owners are not letting the economic instability get them down. In fact, more than half of the 450 small business owners surveyed by Vistaprint said they were either “much happier” or “somewhat happier” now compared to when they first started their businesses. Around 76% reported being happier as business owners than when they were employed by others.
The most satisfaction was found among those who had owned their businesses for six to ten years, with 92% of them reporting satisfaction. However, even business owners who had been in the game for fewer than three years expressed a high level of happiness, with 84% stating they were satisfied. The biggest factors contributing to their happiness included creating their own schedules, working on something they’re passionate about, engaging with customers and the community, and having control over their finances.
What Makes Entrepreneurs Happy?
So, what exactly makes these entrepreneurs happy? A third of them cited the day-to-day improvement within their companies as the key source of happiness. Another big factor was the internal development and growth of their businesses. When it comes to age groups, Gen Z entrepreneurs reported the highest level of happiness, with 54% saying they were “very happy.” Millennials, Gen Xers, and Boomers followed closely behind, each with 47% reporting the same level of satisfaction.
Firm size also played a role in happiness. Vistaprint’s survey found that happiness levels tended to increase as the number of employees grew. Geographically, the Midwest had the highest percentage of “very happy” business owners, followed by the South, West, and Northeast.
The Joy of Being Your Own Boss
Even with the looming economic challenges, it’s clear that for most small business owners, the freedom, fulfillment, and control they experience from being their own boss outweigh the hassles. While external economic factors, like tariffs and supply chain issues, may create hurdles, the sense of independence and the ability to shape their own future remains a major source of satisfaction for entrepreneurs.
