Only 19% of Entrepreneurs Want to Make More Money!
I’m a bit shocked and somewhat enlightened with the results of a new survey conducted by Discover Small Business Watch, a monthly index measuring the relative economic confidence of U.S. small business owners who employ less than five employees.
Independence not money is the primary motivator among entrepreneurs. Even if the majority (64%) believes that it is riskier and harder to run a small business compared to working as an employee in an established company, our latent need for power and control emerges. Besides, who doesn’t want to be the Man or the Boss?
Survey Highlights:
- 46% of owners started a small business to have more flexibility with their time or to be more independent. Only 19% cite making more money as the primary reason.
- 61% would still choose independence over working for someone else – even if offered more money than they currently make.
- When asked about the biggest challenge facing their business, 28% cite finding new business and 21% cite managing cash flows.
This survey will be more interesting if they can capture how many among these 22 million small businesses today started as hobbies. Maybe there is also a way to verify and quantify the role of passion as key driver for the growth of small business.
Expect to see more posts on business development and cash flow management so we can help you face these major challenges.
Via Small Business Connection
