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Entrepreneurs Showcase Confidence in Their Firms

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One of the biggest roadblocks aspiring small business owners have when thinking about starting their own firm is the state of the economy, which hasn't been in an ideal condition in a number of years.

However, many entrepreneurs are forging on with optimism that their business will be able to succeed. The recent fourth-quarter Kauffman / LegalZoom Startup Confidence Index found that 83 percent of startup business owners believe their profits will grow in the next year.

Kauffman Foundation’s research and policy director Dane Stangler stated that the firm believes the findings are notable because as newer businesses get ready to take charge of the next wave of economic growth, overall confidence of entrepreneurs can be seen as a leading indicator of potential success.

Entrepreneurs Confident Their Businesses Will Prosper

Feeling good about a business is the first step in ensuring it will be able to have a chance to succeed. According to the survey, 41 percent of respondents said they were very confident in the profitability of their business, while 42 percent are somewhat confident their business will be prosperous.

LegalZoom CEO John Suh noted that over the course of the last fiscal year firms have been tracking the confidence of entrepreneurs, one of the top areas that has seen steady growth is hiring plans. This is a reason for optimism that intent to hire is currently at this year’s high.

Don't Get in Trouble with Borrowing Opportunities

Another indicator of confidence is seeking funds to help get the business off the ground, such as loans and lines of credit, that can be paid off later when the company is bringing in more money. The survey found only 16 percent applied for financing opportunities, and of that number, 14 percent were approved to receive the capital for their business.

While borrowing money can certainly serve as a spark to a business, there are several instances where things haven't worked out and the entrepreneur was stuck having to go out of their own pocket to repay the funds with interest. By purchasing small business insurance policies that protect a firm from bad investments and the like, entrepreneurs can afford to be a bit more risky when seeking out lending opportunities.

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