A revealing survey of small business owners was released yesterday by U.S. Bank. The survey was conducted in only 36 states with the over 3200 sample including sole proprietors through businesses with fewer than 100 employees. Unfortunately the survey also included 3% of businesses with over 100 employees, not my definition of a small business.
While the survey’s accuracy in reflecting the true composition of all small business owners can be questioned (93% of respondents were white), here are some interesting findings:
It is this last question that I find interesting. When these same small business owners were then asked what would be the one thing they would do if they were President of the U.S. for one day, here were the top three responses:
Lowering taxes and giving tax breaks would seem to be a problem if your major concern was cutting the federal deficit and debt. While these business owners have been seriously and needlessly frightened at the aspect of Obamacare (60% believed it would have a negative impact on their businesses), they have no clear ideas to offer for doing something about different.