New survey sheds light on how small business owners are staying resilient amid uncertainty
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A new survey of small business owners conducted by Capital One looked at how small businesses are dealing with adversity and remaining resilient amid uncertainty about the economic outlook.
Capital One surveyed over 1,000 small business owners with less than $20 million in total annual revenue and at least one employee and found that the need for small businesses to be nimble to keep pace with the competition and not fall behind in the use of new, emerging technologies can take a toll on the owners who run them.
«Stress, anxiety and burnout are very real issues for small businesses,» David Rabkin, executive VP and head of Business Cards and Payments at Capital One, told FOX Business. «Owning a business can take a toll on small business owners, employees, and the business itself, with economic hardships and uncertainty being the most commonly mentioned stressors.»
«Many respondents cited needing to meaningfully pivot business practices to stay afloat. Examples include changing products or services offered, adapting their business models, changing (or adding) technology platforms, and redefining their target markets,» he explained. «Frequent changes driven by the broader economic environment are at the core of why 52% of small business owners expressed feeling stressed in the past year and 35% reported feeling mental exhaustion.»
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Over half of small business owners surveyed said they felt stressed in the last year, with over a third feeling mentally exhausted. (iStock / iStock)
The survey also found that when small businesses are confronted with
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