It takes endurance, steadiness, and all-around resilience to be one of the 22 million Americans who own a small business and contribute in excess of $1 trillion in receipts each year to the U.S. economy (U.S. Census Bureau statistics). This is a small price to pay for the freedom and personal satisfaction of owning your own business according to Discover Small Business Watch survey data from the last year.
In Discover's research, today's small business owners also exhibit their commitment to their entrepreneurial path and demonstrate their underlying steadfast character by answering "yes" to the following:
- Can you or your employees afford to go without health care coverage?
- Will you work six or seven days a week and give up your holidays?
- Will you consistently work more than 8 hours a day?
- Can you do what it takes to keep a customer happy?
- Are your business and your mind wired for a new digital age?
The same independent data from Discover also revealed these top four common characteristics to small business owners: (1) Independence is their prime motivation; (2)improving customer service keeps them up at night; (3)wider economic forces can make or break them; and (4)if they're not using the Internet, they're falling behind.
Small business owners' drive for independence definitely far outshadows their desire for more money. In fact, 61% of them said they would not sacrifice any of their freedom that's part and parcel of owning a small business to work for someone else, even if they were to increase the amount of money they make. Almost half (46%) started their businesses because of their desire for more independence or time flexibility, with only 19% starting their business to make more money.
Additionally, the majority of entrepreneurs and small business owners, 69%, don't want to grow larger. Most also have no plans to leave or sell their business, with 38% having no plans to retire.
All in all, it strongly appears that small business owners place a high value on their freedom and the ability to control their business themselves - both in service to their sense of independence.
Shivonne Byrne, Innuity CMO
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