Compared with peers nationally, more Hartford area small business owners
are likely to have hired in the past 12 months, even though they are
less optimistic about their local economy1, according to The
Hartford’s 2013 Small Business Success Study. Forty-four percent of
Hartford owners have hired in the past 12 months compared with 36
percent of owners nationally.
“To their credit, small business owners in Greater Hartford have
adjusted to the slow-growth economy, focused on what they can control,
and remained committed to pursuing the American Dream,” said Liam E.
McGee, chairman, president and CEO of The Hartford. “Together with their
peers across the country, they create two out of every three new jobs
and represent the full diversity of America at work. We must do
everything in our power to help them succeed, because they are the path
out of the slow economy and toward renewal.”
The Hartford asked small business owners which of the following best
describes their hiring habits in the past 12 months:
|
|
|
|
Hartford
|
|
|
|
U.S.
|
|
Have not hired anyone in the past 12 months
|
|
|
56 percent
|
|
|
|
64 percent
|
|
Have hired (either have hired but not as much as would have liked
or have made all of the hires you wanted to)
|
|
|
44 percent
|
|
|
|
36 percent
|
Thinking about both the national economy and their local economy, The
Hartford asked small business owners which they feel more optimistic
about over the next six months:
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|
|
|
Hartford
|
|
|
U.S.*
|
|
Local economy
|
|
|
35 percent
|
|
|
48 percent
|
|
National economy
|
|
|
30 percent
|
|
|
22 percent
|
|
Neither
|
|
|
35 percent
|
|
|
31 percent
|
*Note: Numbers do not add to 100 due to rounding
Growth-Focused, But Still Conservative
More than a third of Hartford small business owners want to grow, but
the majority are conservative in overall risk-taking. The
Hartford study found that 40 percent of Hartford area owners say their
primary goal is to grow their business. However, 74 percent of owners
characterize themselves as conservative in the overall level of risk
they are taking. Their reasons include: they are highly risk-averse,
they just want to maintain their business and they are careful with
investing.2
Passion For Business
The Hartford’s study found that seven in 10 Hartford small business
owners viewed their business as successful with 78 percent defining
success as doing something they “feel passionate about or enjoy.”
Sixty-five percent said they would not trade owning a business for
working for someone else, even if it meant they would be just as
successful.
Business owners think about “success” in many different ways. The
Hartford asked small business owners in their opinion, what does
“success” mean to you? For each statement, owners told us how
unimportant or important it is to them as a business owner. Below are
the factors rated most important among Hartford small business owners:
|
|
|
|
Hartford
|
|
|
U.S.
|
|
Do something I feel passionate about or enjoy
|
|
|
78 percent
|
|
|
73 percent
|
|
Make enough money to live comfortably
|
|
|
71 percent
|
|
|
77 percent
|
|
Increase profitability of business
|
|
|
67 percent
|
|
|
68 percent
|
|
Pay my employees enough money for them to have a comfortable
lifestyle
|
|
|
62 percent
|
|
|
56 percent
|
The Hartford Assembles Panel Today To Discuss Small Business Landscape
McGee will host a panel discussion today at the MetroHartford Alliance
Rising Star Breakfast to discuss The Hartford’s survey findings.
Governor Dannel P. Malloy will also make remarks about what state
government is doing to assist Connecticut's small businesses. The panel
will explore the small business landscape and economic trends, as well
as what it takes to maintain or grow a business in today’s economy.
The event begins at 8 a.m. at the Hartford Hilton:
Opening Remarks:
-
Liam E. McGee, chairman, president and CEO, The Hartford
-
Governor Dannel P. Malloy - State of Connecticut
Panelists:
-
Gene Marks, Columnist, Author and Small Business Owner
-
Ray Sprague: Senior Vice President of Small Commercial Insurance, The
Hartford
-
Paul Quintero: CEO, Accion East and Online
-
Stacey DiPiazza: Owner, Infoshred LLC (East Windsor, Conn.)
-
Gordon Scott: Owner, Scotts’ Bakery (Hartford, Conn.)
Follow @TheHartford
on Twitter for tweets from the event and join the conversation by using
hashtag #AllianceEvent.
For more information on these survey results, visit www.thehartford.com/SuccessStudy.
For more news about The Hartford, visit: http://newsroom.thehartford.com/.
The Hartford 2013 Small Business Success Study Methodology
The Hartford Small Business Success Study was developed by The Hartford
and fielded via telephone by Braun Research from July 26 - August 12,
2013. The nationally representative sample consisted of 2,000 small
business owners of companies with fewer than 100 full-time employees and
annual revenue of $100,000 or more that have been in business for at
least one year. There is a margin of error of +/-2.19 percentage points
for the national sample and +/- 5.66 percentage points for the Hartford,
Conn. designated market area (DMA) sample. The Hartford DMA oversample
consisted of 300 small business owners.
About The Hartford
With more than 200 years of expertise, The Hartford (NYSE: HIG) is a
leader in property and casualty insurance, group benefits and mutual
funds. The company is widely recognized for its service excellence,
sustainability practices, trust and integrity. More information on the
company and its financial performance is available at www.thehartford.com.
Join us on Facebook at www.facebook.com/TheHartford.
Follow us on Twitter at www.twitter.com/TheHartford.
HIG-C
Some of the statements in this release may be considered forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. We caution investors that these forward-looking statements are not
guarantees of future performance, and actual results may differ
materially. Investors should consider the important risks and
uncertainties that may cause actual results to differ. These important
risks and uncertainties include those discussed in our Quarterly Reports
on Form 10-Q, our 2012 Annual Report on Form 10-K and the other filings
we make with the Securities and Exchange Commission. We assume no
obligation to update this release, which speaks as of the date issued.
From time to time, The Hartford may use its website to disseminate
material company information. Financial and other important information
regarding The Hartford is routinely accessible through and posted on our
website at http://ir.thehartford.com.
In addition, you may automatically receive email alerts and other
information about The Hartford when you enroll your email address by
visiting the “Email Alerts” section at http://ir.thehartford.com.
1Thinking about both the national economy and their local
economy, The Hartford asked small business owners which they feel more
optimistic about over the next six months.
2Data cited in this paragraph show the coded responses
from an unaided open-end question.
Copyright Business Wire 2013