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Dell-Intel Survey of Miami Entrepreneurs and Small Business

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  • 1. Dell-Intel Survey of Miami Entrepreneurs and Small Business Dell-Intel Survey of Miami Entrepreneurs and Small BusinessNew survey research released by Dell and Intel in June 2012 reveals a bright local outlook for Miami startups and smallbusinesses. Sources of optimism include a favorable view of the local economy and local support organizations andhealthy expectations for growth.Access to Capital and Markets 86% regard access to capital as key to their businesses’ successful growth Personal savings is the top source of funding for Miami small businesses (33%) followed closely by bank and credit union loans (32%) No Miami respondents reported venture capital as a top source of funding, but 3% said angel investors were a primary means of funding Miami businesses are somewhat split on the importance of access to global markets to successful growth: 49% say it’s important, and 46% say it’s not Respondents are also split on where they see the greatest barriers to growth: 42% say domestic markets and 40% say global markets entail more barriers Only 9% see their greatest growth opportunities outside the United StatesAccess to Networks, Talent and Expertise Just fewer than one in four small businesses are looking to hire (22%) Most are neither hiring nor firing (73%) and have stayed the same size or grown over the past three years (82%) Nearly all (90%) said access to talent is key to successful growth Only access to information is seen as more important than talent (93%) Access to expertise (83%) and access to networks (81%) also rank among the top factors seen as most important for successful growthAccess to Technology 84% consider access to effective technology key to successful growth Most say technology supports day-to-day operations (71%), but a significant percentage view technology as a strategic asset (26%) 30% say their technology needs are becoming increasingly complex Less than half (44%) consider dedicated IT staff key to success, and relatively few have dedicated IT staff (21%) with most owners handling IT (40%) Half expect an increase in the number of small businesses investing in technology, rather than hiring, will fuel growth over the next yearMiami Highlights Most Miami small businesses say growth is “very important” (71%), and more than half expect to grow in the near future (53%) Half as many Miami small businesses are “very worried” about sustaining their success (6%) as their Atlanta counterparts (12%) Most expect finances to improve next year (63%), and respondents in Miami were 3 times more likely to say “much better” (15%) than in Atlanta (5%) Most also expect better sales outlooks (74%) and growth opportunities (66%) in the next year Respondents were less optimistic about the national or global economy – few expect improvements to inflation (31%) or the global economy (44%) Few are looking to hire abroad (12%) More added staff in the last three years in Miami (38%) than in Atlanta (25%)Findings draw from a representative sample of 100 randomly selected small business decision makers from firms withone to 99 employees in the Miami metro area. Penn Schoen Berland (PSB) conducted the anonymous online survey duringthe period April 27-May 7, 2012. The survey margin of error is +/-9.8%. ###

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