70 percent of small business respondents in a survey issued by Endurance International Group (NASDAQ: EIGI) 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.
"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," said Endurance CEO and Founder.
Owning a small business is often thought of as the ultimate realization of the American dream. Nearly seven in ten (68%) small business owners stated that they chose to own a small business because it gives them the independence to pursue their passion. Additionally, almost half (43%) said that the best part of small business ownership is the freedom and flexibility it gives them, while another 22 percent said that it allows them to live their dream.
As Americans celebrate Independence Day on July 4, 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. According to survey respondents, 35 percent said that 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 that financial concerns still come into play as one in three respondents (32%) ranked surviving tough financial times as the most difficult part of business ownership. Building on financial concerns, nearly two out of three (64%) 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.
The Rules of Thumb blog and MoneyThumb hope you have a fun and safe Independence Day!
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