Attitude check: Small business owners say it’s all worth it
Small business owners know that uncertainty, long hours, and near-constant pressure may come with the job, but those realities don’t compare to the benefits, said most of the respondents in our annual survey.
In fact, an overwhelming majority (86%) say everything they’ve sacrificed for their business has been worth it. Among the upsides they cited were the freedom of being your own boss and the sense of community that can flourish through interacting with customers.
We all know running a business is not for the faint of heart. Most owners (82%) say they’ve put everything they have into their businesses. But this year’s Small Business Growth Survey suggests that the sacrifices and hard work they put in are worth it.Personal perks and freedom
Some of the benefits that emerged in our research, conducted online by Harris Polls in spring of 2016 with 505 small business owners, related to personal independence:
- 94% of owners said their business puts them in charge of their own destiny.
- 91% love the freedom that comes with being a business owner.
- 83% said running their own company makes them feel empowered.
- 67% feel they are providing a legacy for their families through the business.
Small business ownership isn’t always a financial decision. Perks like the flexibility to chart your own path and create a legacy for the family are a big factor, too. These are benefits that many other career paths do not offer.Living with challenges, but steady
Our survey respondents also acknowledge significant challenges that may lie in their paths. The hurdles include living with uncertainty (52%), always being on the job (43%), and avoiding burnout (40%).
Financial worries also crop up for many small business owners, including saving enough to retire (41%) and managing cash flow (31%).
Regarding their outlook on the U.S. economy, small business owners appear more pessimistic (40%) about the year ahead compared to last year’s cohort (35%). But that hasn’t shaken positive expectations for their business’ performance in the coming year (81% vs. 80% in 2015).
The part of our survey that tracks business financials shows a trend toward expecting growth. The Bank of the West Small Business Growth Index score for 2016 is 55, which is up slightly from 54 in 2015. (On a scale of 1-100, a composite score higher than 50 indicates growth.)
In general, small business owners appear confident in their near-term business success, and they continue to invest the time and resources to get there.
To learn more about the findings, I invite you to explore the full summary and this infographic that highlights data on women small business owners. I will also post further insights from the survey here in the coming months.