The Success Index was developed based on responses to questions regarding business growth and characteristics proven to be emblematic of high-performing entrepreneurs. Based on a 100-point scoring scale, four distinct levels emerged: “strugglers” (scoring 0-40 points), “sustainers” (scoring 41-60 points), “strivers” (scoring 61-80 points) and “high achievers,” who scored highest on the Index (81-100 points).
The Index underscores the value of attitude, identifying the ingredients for being a “high achiever” entrepreneur and indicating a formula for entrepreneurial success.
In the area of economic improvement, a full 93 percent of high achievers have a positive view of the economy, and the percentage who share that view drops in step with the level of optimism: 71 percent of strivers have a positive view of the economy, 46 percent of sustainers and 34 percent of strugglers.
Regarding revenue, 87 percent of high achievers say revenues will increase over the next six months, compared to 53 percent of strivers, 32 percent of sustainers and 32 percent of strugglers.
Among other key findings, 66 percent of high achievers say they will offer employee bonuses/raises, compared to 42 percent of strivers, 37 percent of sustainers and 24 percent of strugglers. Fifty percent of high achievers say employee morale has improved since last year, compared to 30 percent of strivers, 12 percent of sustainers and 13 percent of strugglers. Regarding social media use, the numbers don’t flow in exact accord with attitude, but high achievers still demonstrate the strongest attitude: 72 percent of high achievers use social media for business, compared to 54 percent of strivers, 42 percent of sustainers and 47 percent of strugglers
The American Express OPEN Small Business Monitor, released each spring and fall since 2002, is based on a nationally representative sample of small business owners and managers of companies with fewer than 100 employees. The “Small Business Owner Success Index,” created as part of the Monitor, takes into account tangible measures of business growth as well as the business owner’s mindset in the way they approach the success of their business.