A recent survey from the
Entrepreneurs Organization of Minnesota found that entrepreneurs are in a good position to hire more workers. More and more, entrepreneurs are also feeling confident about where the economy is headed--and it's up.
The organization, a chapter of a larger
network of entrepreneurs around the globe, collected feedback from 72 Minnesota companies that achieve $1 million or more in revenue each year.
Kevin Burkart, president of the local chapter, says the bottom line is that, “It’s a good time to be an entrepreneur.”
The annual study is a strong economic indicator. “Small business owners are significant drivers of many economies,” he says.
As much as 71 percent of entrepreneurs across the state are poised to hire more full-time workers, the study found. Likewise, 62 percent plan to bring on more part-time workers in the next six months. The consensus among survey participants is that the economy is steadily improving.
Also, the vast majority of survey participants were optimistic about the prospect of starting a new venture in the next six months.
That jibes with the national organization’s
findings. The trend has been positive over the past few years, with a consistent increase in hiring, particularly in the U.S., according to Burkart. The findings relate to the potential evident in the “domestic rebirth in manufacturing in the U.S., with companies insourcing instead of outsourcing,” as costs overseas go up, he explains.
From 2006 to 2010, survey responses went in the opposite direction. But entrepreneurialism tends to thrive in challenging economic times. “More people get laid off and they pursue those entrepreneurial ideas,” Burkart says.
The next 5 to 10 years “are rich for the U.S. economy,” he says. “I think the future is bright for entrepreneurs and our annual indicator survey supports that conclusion.”
Source: Kevin Burkart, president, StepStoneGroup and Entrepreneurs Organization of Minnesota
Writer: Anna Pratt