From obtaining a small business loan to hiring on new staff, there’s no doubt running a business can be hard work. However, a recent study showed that the majority of U.S. small business owners are satisfied with their professional endeavors.
A recent Wells Fargo/Gallup survey discovered 56 percent of small business owners described themselves as either extremely or very satisfied with being an owner, up from 45 percent in 2010.
At the same time, the number of small business owners who said they feel extremely or very successful fell to 37 percent – the lowest figure in a decade.
“One explanation for this paradox may lie in the fact that small business owners tend to like the basic lifestyle and self-sufficiency that come with being an entrepreneur, and therefore may tend to be satisfied even when they don’t perceive themselves as particularly successful,” stated a release from Gallup regarding the survey. “Over 4 in 10 say that the most rewarding thing about starting and running their business is being their own boss and being independent – by far the most frequently mentioned response to this open-ended question.”
The third most popular response, given by 12 percent of those surveyed, was having flexible schedules and being able to spend more time with family.
With the impact of recession on business, it’s understandable that the number of U.S. small business owners may feel they’re not reaching their full potential of success. However, another recent report, this one released by Bank of the West, shows the number of small business owners who feel their career has resulted in greater financial security is growing.
This survey discovered 73 percent of small business owners believe running their own business has improved their financial well-being. This would explain why 92 percent of respondents said they have no regrets, while 88 percent said they would do it all over again if given the chance.
The right funding for success
As every small business owner knows, working capital is key to business success. For owners who feel like they are not as successful as they could be, now might be the time to explore different options for pumping needed cash into an operation.
Whether it’s a business merchant cash advance or a working capital loan, business owners can accomplish more with higher cash reserves, including enhancing marketing efforts, obtaining required equipment, hiring on new employees and more.