Do you think you have what it takes to be a small business owner?
Owning a small business is not only hard work, but a very specific type of hard work that not everyone is cut out for. Those that are, however, love it and wouldn’t have it any other way. Despite all of the personal sacrifices and troubles, 84 percent of polled entrepreneurs said that they would start their own businesses again given the opportunity to do it all over again.
The U.S. economy is relieved by these results, as half of all businesses in the United States have less than 500 employees and comprise 54 percent of sales across the country. These businesses also donate 2.5 times (that’s 250 percent) more money to nonprofits and charities than their big business counterparts. Small businesses also produce 160 times more patents per employee than large companies.
The personality base of an entrepreneur is a dedicated self-starter who feels content being inseparable from their business. More than 40 percent of small business owners in the U.S. report not having vacations and approximately the same amount reported that the business ties up their money. This is very much an ends justify the means type of situation. About 65 percent of small business owners say that they expect to have a thriving business within five years.
This can be made possible by an entrepreneur who is a Jack (or Jill) of all trades. Employees at a small company are expected to wear many hats so the head of this small business is the chief of doing it all. In fact, 43 percent of small business owners find this to be the most difficult aspect of being an entrepreneur. Another 20 percent reported that riding out tough economic times is the most difficult part, while 10 percent cited hiring and managing staff members.
Becoming a Small Business Owner: Why be an entrepreneur?
Well, a whopping 62 percent of small business owners report going into business for themselves in order to pursue their passions while 59 percent cite the freedom to control their lives (not be confused with the 50 percent that referenced professional flexibility).
If you think you have what it takes to start and operate a small business, there are many resources to help you start off on the right foot and keep on your desired trajectory. When committing yourself to entrepreneurship, remember that you have to invest in other services and businesses to keep yours running. After all, you can’t do it all alone.