Most Small Business Owners Say They Would Do It All Over Again
Despite the struggles that accompany opening and running a small business, entrepreneurs say they would do it all over again, a new report has found. According to a Gallup survey of small business owners across the U.S., more than 80 percent of entrepreneurs questioned said they would still go into small business if they had to start all over again. Surprisingly, this data has changed little in the past 11 years, even over the course of the Great Recession. In fact, the survey found, the recession did not spark regret among business owners despite the financial turbulence many found themselves facing during this time.
According to the survey, 84 percent of small business owners said they would still become a small business owner today, compared to 81 percent who said the same in 2003 and 78 percent who responded in kind in 2007. Thirteen percent of respondents said they would do something other than open a business, down from 17 percent who responded similarly in 2003 and a drop from 19 percent who said the same in 2007.
Survey finds benefits, challenges of owning a business
Gallup went on to ask participants about the greatest benefits of owning their own businesses. The greatest number of respondents – 42 percent – said “being my own boss/independence/being the decision maker” was the most rewarding part about starting and running their own company, while 17 percent listed “job satisfaction/sense of accomplishment/pride” as their top reward for heading up their own operations. Twelve percent said creating their own schedule and having more flexible time for family was one of the greatest benefits of entrepreneurship, while 11 percent cited interacting with customers as particularly rewarding.
Owning a small business is not always easy, though. Survey participants were asked to describe their biggest challenges when starting out in business. Nearly a quarter of respondents – 23 percent – said generating revenue and securing accounts and a steady customer base was their greatest challenge, while 15 percent said the same of cash flow and 10 percent said credit financing and gaining access to working capital had been a struggle at one point during their tenure as business owners.
Those looking to secure financing for the coming years as business owners in an increasingly competitive environment should consider speaking to professionals at National Funding to find out more about the financial options available to them.