Being your own boss is the key to happiness
Being your own boss is the key to happiness – even if it means working longer hours and taking fewer vacations, according to a major study.
Small business owners work an average of 51 hours a week, compared to 36 hours for an employee, while half of them take only 10 days of vacation a year, compared to a national average of 28 days, according to a study conducted by the leading small business support network. Enterprise Nation.
But more than 80% are happier being their own boss than they were before, with half enjoying a better work-life balance and one in three saying they can spend more time with their family.
Enterprise Nation’s 2022 Startup Barometer of Britain’s small businesses found 85 per cent were optimistic about business prospects over the next 12 months, with just under three-quarters (73 per cent) saying they are expected their business to grow. Businesses based in the South West were the most positive about growth (75%) with ambition in the East of England and Yorkshire and Humber the lowest, but still at a respectable 55%.
Enterprise Nation Founder Emma Jones said, “Our fascinating research shows just how positive starting and running your own small business can be. But it also highlights the sacrifices that need to be made and how important it is to have both expert and emotional support.
The survey of 1,000 UK businesses found that 60% of small business owners say they enjoy being their own boss, and a similar percentage say any personal sacrifice is worth it.
But 65% admit to being lonely and more than 90% would like to see more emotional and practical help available for small business owners.
While three-quarters (73%) seek business support online, 46% get face-to-face support from a consultant and a third (30%) turn to books. But a fifth (19%) said they couldn’t find the support they were looking for.
Most receive their greatest support from a spouse or partner, and while one in five say going it alone in business has strained their relationship, the same number say it has strengthened their love.
The UK’s biggest show for small businesses returns in January, promising to inspire thousands of would-be entrepreneurs and support those who have already started a business.
Now in its eighth year, StartUp is hosted by Enterprise Nation, the UK’s leading small business network. It will run online for 2022 with the aim of reaching as many entrepreneurs as possible across the UK.
Given the current restrictions, StartUp 2022 will hold online events with only one event for the UK on Friday January 21.
Emma Jones said: “We are delighted to have our flagship event returning for its eighth year in January, with a wide range of exceptional speakers. Through StartUp 2022, we want to inspire the next generation of entrepreneurs and give existing business owners the tools they need to grow their business throughout 2022.”