Small Businesses Respond to the Recession

According to a study done recently by Citibank, many Small businesses have found ways to work around the recession, and still love doing what they’re doing. Citibank’s survey indicates that 68% of small business owners have made changes in the way their businesses are run to adapt to the recession. And despite the fact that the vast majority of business owners think that the current business environment is “fair” or “poor,” they also say they love running their own businesses.  Almost more surprising given the current business conditions, 75% of those surveyed said that if they were to go back in time, knowing what they do now about the economic downturn, they would still start their business all over again.

These findings are interesting, considering they are more positive than they were last year. Could it be because the businesses that have lasted through these tough times are the ones with the clear staying-power? Or could it be the small business owners acclimating to a poor economic environment, and learning to make their lemonade out of lemon tree seeds? Either way, the positive outlook of many business owners is encouraging in a time when most of the business or economic news is bleak.


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