Seventy percent of small business respondents in a survey* issued by Endurance International Group believe owning a small business is the best job they have ever had, despite the significant financial and personal costs. This majority finding underscores the value small business owners place on the independence entrepreneurship affords them.
Owning a small business is often thought of as the ultimate realization of the American Dream. Nearly seven in 10 (68 percent) small business owners in the survey stated that they chose to own a small business because it gives them the independence to pursue their passion. Additionally, almost half (43 percent) said that the best part of small business ownership is the freedom and flexibility it gives them, while another 22 percent said it allows them to live their dream.
These results are encouraging for the 28 million small businesses in America, which account for 54 percent of all U.S. sales, according to the U.S. Small Business Administration.
Independence, however, comes with costs. Thirty-five percent of survey respondents said their business is more than a full-time job, and, of that, 14 percent said they work 24 hours a day, seven days a week. In fact, small business owners often live their business, putting it ahead of their personal lives. The top sacrifices small business owners make are:
- 37% – Being completely financially invested in their business
- 36% – Having no differentiation between their work and personal lives
- 35% – Not having very much personal time
The survey also found financial concerns still come into play, as one in three respondents (32 percent) ranked surviving tough financial times as the most difficult part of business ownership. Building on financial concerns, nearly two out of three (64 percent) said that if offered a million dollars for their business, they would take it. Yet, surprisingly, tech-savviness is not a barrier to small business growth, as only 5 percent of respondents said that not understanding the rapidly evolving technology landscape was a difficult challenge for them.
“Small businesses are the backbone of the American economy and it’s encouraging to see that so many small business owners are pursuing their passion in a way that provides them the most independence,” says Endurance CEO and Founder Hari Ravichandran.
Despite all the inherent benefits and sacrifices that come with small business ownership, survey respondents were almost equally split on whether they thought owning a small business was the hardest job they’ve ever had (44 percent said yes, 45 percent said no).
Regardless of the challenges entrepreneurship may bring, small business owners have the freedom of knowing their fate is in their own hands.
*The online survey was conducted from June 20, 2016 to June 22, 2016 and surveyed 2,851 small business owners, all of whom use Endurance’s web presence solutions. For purposes of this survey, small businesses are defined as employing 25 people or less on either a full-time or part-time basis. Endurance International Group is a leading technology provider of cloud-based platform solutions to help small- and medium-sized businesses succeed online.
Source: Endurance International Group