Skip to main content
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
Hiscox Insurance
Menu Toggle
  • Home
  • Small Business Insurance Toggle Menu Toggle Menu
  • Why Hiscox Toggle Menu Toggle Menu
  • Resources Toggle Menu Toggle Menu
  • Policy Management Toggle Menu Toggle Menu
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
  • About
  • Get a Quote Get a Quote
  • About
  • Get a Quote Get a Quote
  • Blog Home
    Start Your Business
    Grow Your Business
    Protect Your Business
    Celebrate Courage
    Search

    Small Business Insights

    Sign up to get the latest small business news delivered right to your inbox.
    Protect Your Business
    September 8, 2015
    an entrepreneur reading the 2015 DNA of an Entrepreneur Report

    The 2015 Hiscox DNA of an Entrepreneur Report

    Thought-leadership | Insurance 101
    By: Hiscox Blog

    Share Image

    Embed Image

    Copy

    Share Article:

    A new air of confidence pervades Hiscox's seventh annual DNA of an Entrepreneur Report. While last year’s small business owners (SBOs) showed encouraging signs that they had weathered the storm and were seeing signs of recovery, this year’s respondents demonstrate a genuine sense of confidence and buoyancy.  Small businesses still have their share of challenges to contend with, of course, but this year’s results suggest that better times are here and lay ahead, including a focus on innovation as well as growth in revenue, profits and customers. Read our excerpts and check out the 2015 DNA of an American Entrepreneur infographic below.

    View the entire 2015 DNA of an American Entrepreneur study here.

    Small businesses are riding the wave of the economic recovery

    Small firms across America are now participating fully in an economic recovery that is six years old. US respondents top the survey for growth in revenue, profits and customers in the past year, with a stand-out 72% having lifted their sales in that period. More than a quarter (26%) have increased staffing levels. Some 45% of respondents say they are feeling better off than a year ago, which compares with an average of 36% across all six countries.

    But... debt is an issue

    Not surprisingly perhaps with the US Federal Reserve poised to lift interest rates, there is more concern about a rise in the cost of debt (7% of US respondents cite this as a fear for the year ahead compared with 5% of respondents globally).

    Small businesses are leading the growth league

    While there are question-marks over the pace of growth after Department of Commerce figures showed second-quarter GDP growth coming in below estimates at 2.3% annualized, three out of five firms (60%) say their order book is continuing to grow and 69% are optimistic about the year ahead. Nearly a quarter of firms (23%) say they are likely to increase investment in the business in the coming 12 months.

    Where are small businesses hiring?

    Small businesses are hiring at different rates in different regions of the country. Check out our Small Business Hiring Heat Map to see if you're in a region where small businesses are bringing on new employees.

    Role models matter

    US entrepreneurs are more likely to have been influenced to start their business by a role model – 41% of them compared with 31% globally. They are ore likely to believe that a university education is useful for running a business (70% compares with 59% globally) and nearly half (46%) have attended a formal business course (compared with 35% globally). American small business owners and managers are also more likely to cite ‘the opportunity to make money’ as the number one benefit of setting up their own business.

    All work and no play

    American small business owners may work hard, but they certainly don't play hard. US respondents are more likely to cite hard work as one of the key attributes of managing a small business and they appear to put that belief into practice. They take barely half the average number of days’ holiday each year – just over ten compared with 20 globally – and one-in-five takes no holiday at all. However, that is balanced by an average working week three hours shorter than the global average (39 hours compared with 42). US respondents are no more likely to say they missed an important social occasion in the past year than other groups.

    Credit card funding

    American small business owners pay with plastic. One-in-five US respondents (21%) has sought to borrow on their credit card to fund the business in the past year. That compares with an average of 15% globally. In addition, 11% are thinking of doing so in the coming year.

     

    Check out our past DNA of an American Entrepreneur reports

     

    2014 DNA of an American Entrepreneur

    2013 DNA of an American Entrepreneur

    2012 DNA of an American Entrepreneur  


    Protect Your Business

    Protect the business you’ve worked so hard to build. Get a fast, free quote and your business could be covered today.

    Get a Quote
    Get a Quote
    Subscribe to our newsletter

    Related Articles

    4 Min Read
    Yorkie being groomed by professional at a salon

    Everything you need to know about additional and named insureds

    Insurance 101

    Have you heard the terms 'named insured’ and ‘additional insured,’ and ever wondered if there's a difference? We break it all down for you in this post. 

    Read More

    5 Min Read
    Small business owners in capes, protecting what they've built from impacts of recession

    Ideas on how to make your business recession-proof

    Management | Entrepreneur

    Here’s what you need to know about the recession and some things you can do to reduce its impact on your small business.

    Read More

    4 Min Read
    sole proprietor learning what insurance policies are best for her business.

    Useful information on the best insurance for sole proprietors

    Insurance 101 | Entrepreneur

    As a sole proprietor, were you aware that you should have business insurance? Get the details on what type of policies are best for your small business needs.

    Read More


    We’re here to help.
    We provide tailored insurance for the specific risks you face, so you can take the right risks to grow your business.
    Get a Quote
    Get a Quote

    Footer menu 1

    • What We Cover
      • Business Insurance
      • General Liability Insurance
      • Professional Liability Insurance
      • Errors and Omissions
      • Cyber Security Insurance
      • Workers Compensation
      • Other Coverage
    • Who We Cover
      • Small Business Owners
      • LLC
      • Sole Proprietors
      • Entrepreneurs
      • Side Hustle
      • Contractors
      • Home Businesses
    • For Our Customers
      • Refer a Friend Program
      • Covid-19 Response
      • Claims Center
    • For Business Owners
      • Save with our Partners
    • About Hiscox
      • About Us
      • Careers
      • Contact Us
      • Hiscox Corporate
      • Investors
      • Foundation
      • Newsroom
      • We Stand Together
      • Affiliate Partner Program

    Footer menu 2

    • Accessibility
    • Site Map
    • Privacy Policy
    • Terms of Use
    • Legal Notices
    • Español

    Do Not Sell or Share My Personal Information

    Feefo Reviews: Hiscox rated 4.7/5 with 1,067 reviews between January 1, 2022 - January 1, 2023

    © 2023 Hiscox Inc. All rights reserved. Underwritten by Hiscox Insurance Company Inc., 30 N. LaSalle St., Suite 1760, Chicago, IL 60602. As of December 31, 2022, HICI had admitted assets of $1,458,861,470 and policyholders surplus of $380,056,863. Total liabilities were $1,078,804,607 (inclusive of $529,538,410 of loss reserves) and paid-up capital stock was $4,242,000.

    icon-facebook
    icon-youtube
    icon-twitter
    icon-linkedin