SBU Center for Survey Research Conducts Innovative Small Business Survey
Finds Long Island entrepreneurs are satisfied with decision to own a business
STONY BROOK, NY, April 26, 2012 – The Center for Survey Research at Stony Brook University polled Long Island small businesses on behalf of Bethpage Federal Credit Union and found small business owners believe that the benefits of business ownership continue to be strong, despite difficult times for national and local economies. Of the business owners who participated in the survey, fifty-eight percent reported that “being one’s own boss” left them satisfied with their ownership decisions. Women business owners were far more likely than male owners to say that owning a business had a positive effect on their marriage and family life with 54% citing “flexible working hours” as the best thing personally about owning a business.
612 Long Island small businesses with annual sales volume of up to $10 million participated in the survey, including small (annual revenues under $500,000) and medium-sized businesses (annual revenues between $500,000 and $10 million).
38% of small business executives cited the economy as an ongoing and significant challenge to business growth. Among the other biggest obstacles cited were sales/new businesses/clients/customers (14%) and lack of consumer confidence (10%). Other obstacles mentioned by at least some businesses included the high cost of doing business and living on Long Island, health care costs, taxes and competition.
The research was conducted under the direction of Leonie Huddy, PhD, Director of the Center for Survey Research and a Professor in the Department of Political Science at Stony Brook University. “A significant feature of the study was a dedicated set of questions for small business owners. We believe that this is the first time a rigorous study was conducted which concentrated on this critical business segment,” said Dr. Huddy. “We hope that the survey’s findings will contribute to positive changes supporting small …