Some industries, such as construction and services, have done
well since September 11. Others, such as travel and manufacturing,
have suffered.
"I think in the aggregate, small businesses were hurt
pretty seriously," says Damon Dovier, director of government
and public affairs for National Small Business United. "We
also found a number of indirect effects. Not only were restaurants
hurt adversely, but we also found that the people who service those
restaurants were hurt tremendously."
Despite those challenges, small companies remain a driving force
in an economy posting surprisingly high employment and a solid
gross domestic product. According to an April survey by the
National Association for the Self Employed (NASE), 49 percent of
the nation's self-employed say they're optimistic or very
optimistic about their revenue, while 41 percent said they are
cautiously upbeat. Just 10 percent said they are not
optimistic.
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That's not to say small businesses haven't struggled.
The survey also found that 48.6 percent of respondents saw sales
drop after September 11, with 46.4 percent seeing no change and
just 5 percent seeing an increase.
The NASE study also found that 87 percent of respondants expect
the state of their businesses to improve in three to six months; 51
percent expect their businesses to be strong in five years. Just 7
percent said that "World Events/Terrorism" had the most
impact on their businesses in the past year, behind
"Self" and "Consumers."
"'Rebound' is the word I would use," says NASE
president Robert Hughes in describing the state of small businesses
one year after the attacks. "There's no doubt there was an
economic downturn prior to September 11, and September 11 probably
deepened it." He adds, however, that entrepreneurs are
resilient, responding by refocusing efforts on personal service,
the effective use of technology and the like.
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