OPEN from American Express ® recently released the results of the "Small Business Monitor" , a semi-annual survey of small business owners.

Here are the highlights taken directly from the article, to stimulate you into action, if you're contemplating an entrepreneurial move. Things are looking pretty good for small business owners.....which of course makes me happy!

Small business optimism is growing.

Business owners are optimistic and clearly see the glass as "half-full". According to the survey, 87% of business owners identify with this positive outlook. This optimism is reflected through their view on the economy and how it relates to their business.

The percentage of small business owners planning to make capital investments over the next six months remains on par with last spring (60% vs. 64%). Business owners will likely invest most heavily in the area of technology (45%). More are planning to make their next purchase in mid-priced equipment such as desktops, laptops, printers than a year ago (57% vs. 47%). One-in-five (20%) plan on making more substantial investments in major technology infrastructure such as software, servers or telephone systems. In addition to technology, other investment areas include office equipment (22%), office furnishings (15%), manufacturing/production equipment (14%) and real estate (13%).

Hiring Plans Remain Stable

Over the next six months, one out of three (36%) businesses report plans to hire full and/or part-time staff, on par with 39% reported last spring. Among those, seven out of ten say they need to hire to handle their growing business or to help increase business volume (both 72%).

Male or Female, Entrepreneurs Manage to Make Personal Time for Themselves

Business owners recognize the importance of "down-time" in their lives and most are satisfied with the amount of leisure time they have (81%). However, carving out this time does not come without stress. Two-thirds of business owners (64%) find it stressful balancing their personal life and their business. Women business owners are more stressed by work/life balance than their male counterparts (71% vs. 62%).

Two-thirds of business owners (67%) report they find themselves making sacrifices in order to be an entrepreneur. Among those who feel they are making sacrifices, family (52%) and friends (42%) are areas where they make the most sacrifices, followed by personal finances (36%) and health (35%).

As business owners find themselves trying to achieve balance, they identify flexibility as the most essential entrepreneurial attribute. One-third of business owners (34%) identify flexibility as the most essential aspect of being an entrepreneur. Following at a distance is working well under pressure (24%) and knowing the market (18%).

Taking their own advice on the importance of flexibility, two-thirds of business owners (64%) report making personal time for themselves during the business day. Men are slightly more likely than women to make personal time for themselves (66% vs. 60%). Although entrepreneurs realize the importance of taking time for themselves during the business day, nearly half (45%) consider taking time off from work to pursue a leisure activity a ‘guilty pleasure'. Female business owners are more than four times more likely than their male counterparts (18% vs. 4%) to consider ignoring an email as a ‘guilty pleasure.'

Exercise and Business Acumen Linked; Genders Differ on Idea Generation

There may indeed be a connection between exercise and business success. Fifty-nine percent of small business owners report exercising several times a week with nearly one-quarter (24%) exercising every day. 

Female business owners are five times more likely than males to come up with their best ideas while exercising (10% vs. 2%), an indication of the gender differences in creativity and brain-storming.

Both sexes are using their personal time, when they are not thinking about business, to let creative juices flow. More than one-third of entrepreneurs (35%) report coming up with their best ideas during "down-time". Male business owners are more than twice as likely as female business owners to come up with their best ideas on the way to work (18% vs. 7%). Women are also more likely than men to wake up in the middle of the night with ideas for their business (70% vs. 56%).

Familial Support is Universal

Whether male or female, the vast majority of entrepreneurs have the support of their significant other. Most entrepreneurs (89%) report a happy marriage or relationship with their spouse or significant other. Of those who report having a happy marriage, a similar number (81%) believe being an entrepreneur contributes to their happy marriage/relationship. Again, this percentage shifts among the sexes, women are more likely than men to report that this is true (85% vs. 77%).

Passion is Nothing New to Entrepreneurs

Four-in-ten (38%) respondents said the biggest influence in becoming an entrepreneur is passion. As an influence, passion is followed distantly by natural entrepreneurial inclination (20%) and being "born into it" (18%). Business owners are most passionate about building their customer base (34%). Turning a profit (27%) and closing the deal (15%) were of less importance.

Growth Does Not Necessarily Mean More Personal Sacrifices

Growth is a priority for a large majority of business owners. Over the next six months, seven in ten (71%) small business owners report planning to grow their businesses in a variety of ways. While most in this group (50%) plan to grow by selling more of the same product or service, one in five (22%) will introduce new products or services, and 14% will branch out into new markets or increase investments in their business (11%).

In the area of work/life balance, those driven by growth are only somewhat more likely to find balancing work and life stressful (66%) compared to small business owners overall (64%). Growth-focused small business owners are also only somewhat more likely to find themselves making sacrifices in their personal life in order to be an entrepreneur (70%) when compared to businesses overall (67%).

Parents Want Kids to Join in the Business

For many, business is a family affair, and six in ten entrepreneurs (61%) who are parents would like their children to join their business. Nearly one-in-five business owners (18%) are where they are today because they themselves took over a family business.

As entrepreneurs aim to alleviate stress and maintain balance in their lives they look for ways to spend more time with family and friends. The majority of entrepreneurs (63%) believe it is true that, ‘working with friends or their spouse/significant other benefits or would benefit their life'. Six in ten (61%) also believe working with friends or their spouse/significant other benefits or would benefit their business. Nearly all (90%) report their spouse or significant other as supportive of their decision to become an entrepreneur and more than half (57%) of business owners discuss business with their spouse/significant other on a daily basis.

Business owners believe the most important commitment they make to their family is getting involved around the house, including chores, homework and grocery shopping (32%). Male business owners are more likely to believe this to be true (37% men vs. 27% women). The most important commitment women business owners make to their family is always taking their calls when they are at work (32% women vs. 23% men).

More than Half of Entrepreneurs are on Track for Retirement

In terms of life upon retirement, nearly four-in-ten entrepreneurs (39%) believe social security will fund less than 25% of their retirement. More than half of entrepreneurs (58%) believe private investment accounts are a good way to save social security. More business owners are concerned about their ability to save for retirement this spring than last year (66% vs. 62% in 2006). More than half (57%) of business owners report they are on track to save the funds they need for retirement.

For one-in-five entrepreneurs (20%) the top frustration encountered when running their business is not having enough time. Managing employees is a source of frustration for 16% of business owners. Slightly fewer business owners are frustrated by the difficulty in finding more money needed to grow their businesses or in developing all of the necessary managerial skills for running their business (both 15%).

As business owners look for ways to maximize their productivity, many rely on the Internet for assistance. Eighty-eight percent of entrepreneurs use the Internet for business activities. These activities include making travel plans (60%), purchasing goods from wholesalers (60%), and conducting market or industry research (48%). One in five male-owned businesses (19%) has established an online presence to sell products or services online compared to 16% of businesses overall and 10% of female-owned businesses. One-in-ten business owners (12%) do not use the Internet for any type of business activity.

Additional survey results are available by contacting OPEN from American Express.

Survey Methodology

The OPEN from American Express Small Business Monitor, released each spring and fall, is based on a nationally representative sample of 626 small business owners/managers of companies with fewer than 100 employees. The survey was conducted via telephone by International Communications Research from March 26-April 12, 2007. The poll has a margin of error of +3.9%.