Paradox Lurks in Small-Biz Life

Patterns typify proprietorship seen by Staten Island commercial bank

 

STATEN ISLAND, N.Y. – Although the economy has improved over the past several years, owners of small businesses seem ambivalent about recommending entrepreneurship to a younger generation.

Victory State Bank, Staten Island's only community-based business bank, notes the curious paradox that owners are more satisfied being proprietors but say it's often a reach to feel successful.

Gallup reported these findings from a survey earlier this year of small-business proprietors.

The polling firm's interpretation is that proprietors like the basic lifestyle and self-sufficiency of entrepreneurship and therefore may lean toward being satisfied even when measures of success may seem iffy.

Given reasons for starting a business, owners typically cited the desire to secure their financial future (69 percent), being their own boss (66 percent), and setting their own hours (51 percent).

Other reasons seem less important to owners. These include taking advantage of new opportunities, continuing a family business, providing jobs for family members, or pursuing a hobby.

The survey was part of Wells Fargo/Gallup research, which additionally shows that most owners would do it again if given the chance, but they are divided on recommending to young people that they start their own business.

Perhaps they recognize “the significant challenges that come with the territory of being an entrepreneur in today's economy,” Gallup concluded.

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQB: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

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