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Small business owner salaries are down. According to the Fall 2013 American Express OPEN Small Business Monitor, the average entrepreneur's salary is about $68,300, a 5 percent drop from $72,000 the year before.
But despite the slight decrease, entrepreneurs and small business owners are still adamantly making strides in the race to success.
How so? Here's what the new survey reveals:
Salaries are down, but that's not the only downside to running a small business. The American Express OPEN survey also found that only half of small business owners pay themselves a salary; 14 percent say they need to work a second job in order to make ends meet.
Other findings from the survey include:
What can these numbers tell us? In order for small business owners and entrepreneurs to be able to thrive in these times, taking a pay cut may be necessary. However, strategy still goes a long way and can lead to benefits over time.
These are a few of the key themes that the research seems to support:
Remember: Even though the economy may not seem like it's in the best shape right now, there is always a way to push through.
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