Small businesses: economy's bread and butter.

Small private companies are the bread and butter of the U.S. economy, according to data collected from chief executive officers between April 19 and May 31 by management professors at Southern Methodist University's Cox School of Business in Dallas. Professor Miguel Quinones says 90 percent

An optimistic bunch, most--70 percent--said they expect their companies' financial fortunes to head upward. And while they suspect that the overall U.S. economy will improve as well, they are far more confident about the economy of their own areas. Quinones says more than half of the respondents, 69 percent, work for companies with annual revenues of $10 million to $50 million and fewer than 100 employees. Small companies such as these represent the bulk of the American economy, he notes, while large public corporations represent a scant 1 percent to 3 percent.

The majority of respondents identified domestic competition as the top challenge their organizations face. While large companies may compete in the global marketplace, "CEOs at small private companies worry more about the competition down the street than they do about foreign competitors," Quinones found. He adds that the Dallas-Fort Worth area, the fourth largest metropolitan area in the country, "reflects the landscape of business in America."

Overall, life is good for these CEOs. More than 60 percent said they were very satisfied with their jobs; nearly 70 percent reported that they were also secure in those jobs.

Large global organizations tend to receive the most public attention, but Quinones cautions against "overlooking" small companies. "We need to really stay on top of what is affecting small businesses and what their [leaders are] thinking in order to get a true picture of the American economy."