SmallBusinessNewz

Small business owners are signaling confidence in their own businesses despite their belief that the economic recession will continue into next year, according to the 2010 U.S. Bank Small Business Annual Survey.

The survey found small business owners are resilient survivors who are always on the go. They make time for friends and family, and giving back to the community is a priority.

"The results prove a truth we all embrace, that American small business owners are resilient and they are survivors," said Rick Hartnack, vice chairman at U.S. Bancorp and head of consumer banking.

"There is no question that this sector will be central to our economic recovery. Taking the time to listen to their perspective and understand what motivates them is essential to providing the financial, legislative and moral support they need to thrive."

The survey found the majority (89%) of small business owners believe the economy is still in a recession and 75 percent think it will be in 2011. Thirty-two percent feel their state has better conditions for small businesses than the rest of the country.

Despite the current economic climate, most remain confident in their own company's ability to weather the storm. Even though small business owners have faced challenging economic times, many feel their business is financially healthy and anticipate higher revenue in the year ahead.

  In general, small businesses have survived, and they are strong. At the same time, over half of small business owners feel this is not a good time to start a business. Poor sales were cited most frequently as the biggest challenge facing their business today.

Other highlights of the survey include:

*56 percent report revenue in line or higher than last year;

*63 percent say their company is financially healthy;

*47 percent expect revenue to be higher next year.