Seven-in-ten women business owners expect their revenue to increase over the next year compared to 65 percent of men.
Optimism among small business owners is up from last year, according to Bank of America’s semi-annual Small Business Owner report.
Revenue expectations are up 17 percent from the spring of 2013, while more than half of small business owners are planning to hire more employees in the coming year (up 21 percent from spring of last year). Respondents also expressed more confidence in their local economy than they have been since Bank of America launched this report in 2012.
Small business in America is critical to economic growth. Over the past two decades, companies with 500 or fewer employees created roughly two-thirds of net new employment, CNBC reports. But by last year, that share had fallen to about half of all new jobs.
More than economic concerns, Millionaire business owners are more focused on whether the nation’s lawmakers have their back. More than nine-in-ten Millionaire business owners (95 percent) are most concerned about the partisan political environment, according to a 2014 wealth level study conducted by Spectrem’s Millionaire Corner. Eighty-three percent are most concerned about government gridlock, the perception that the White House and Congress cannot or will not work together to fix the economy.
Nearly eight-in-ten express concern about stock market performance, (79 percent), the prolonged economic downturn and the national debt (both 78 percent).
But the latest Bank of America Small Business Owner report finds renewed optimism, particularly among women small business owners. Almost six-in-ten (56 percent) are planning to hire more employees I the next year, compared to 50 percent of men). Nearly seven-in-ten (68 percent) forecast business growth over the next five years vs. 63 percent of men.
The report noted gender differences in preferences and priorities of women and men business owners. Women are more likely to put a higher premium on an employees’ multi-tasking, creativity and empathy skills and temperament, while men are more likely to deem their key strengths as being confident, strategic and tech-savvy.
More than one-third of women business owners (38 percent) are concerned that they should be spending more time on household responsibilities (compared to 29 percent of men) while 41 percent of men think they should be making more money (vs. 35 percent of women).
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Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.