Focus on Growth and Hiring Plans Remain as Optimism in the Economy Drops for Small Business Owners, According to the OPEN from American Express® Small Business Monitor

Business Wire, April 21, 2008

Entrepreneurs are Daydream Believers

Business owners are upbeat about their decision to become an entrepreneur. Nearly nine out of 10 (86%) entrepreneurs describe themselves as seeing "the glass as half-full". Just under half of business owners (49%) report that being an entrepreneur allows them to maintain the quality of life they want. Three-quarters of business owners (75%) would recommend a friend or family member become an entrepreneur. Similarly, 74% would recommend their child become an entrepreneur.

Though entrepreneurs are upbeat, when time is tight they tend to take their health for granted. Seven in 10 entrepreneurs (71%) report they are very busy and too often take their health for granted. Women business owners are most likely to express this sentiment (78% vs. 66% of men).

Entrepreneurs are focusing on developing new ideas for business growth. Just under half of entrepreneurs (47%) spend more than 10 hours per week thinking about new ideas for their business and innovation; on average they spend 13 hours per week thinking creatively. Those business owners currently recruiting for an open position spend 19 hours per week thinking about new ideas.

More than six in 10 entrepreneurs (61%) describe themselves as a morning person who gets their best work done early. In order to spark creativity, more than one-third of business owners (38%) "daydream." Business owners' best ideas come to them during downtime (34%). The ideal methods for brainstorming differ between the sexes. Male business owners' best ideas come to them during downtime (37%) whereas women come up with their best ideas on the way to work (26%).

Additional survey results are available by contacting OPEN from American Express.

Survey Methodology

The OPEN from American Express Small Business Monitor, released each spring and fall, is based on a nationally representative sample of 627 small business owners/managers of companies with fewer than 100 employees. The survey was conducted via telephone by Echo Research from March 10-March 21, 2008. The poll has a margin of error of 3.9%.

About OPEN from American Express

OPEN is the American Express team dedicated exclusively to the success of small business owners and their companies. The OPEN Team supports business owners with unparalleled service. With tailored products and services, the team delivers purchasing power, flexibility, control and rewards to help customers run their business. Specifically, business owner customers can leverage an enhanced set of products, tools, services and savings, including charge and credit cards, convenient access to working capital, robust online account management capabilities and savings on business services from an expanded lineup of partners. To obtain more information about OPEN, visit www.OPEN.com, or call 1-800-NOW-OPEN to apply for a Card or loan. Terms and conditions apply.

American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.