A new survey of 511 entrepreneurs with 2-100 employees from SnagAJob.com offers some interesting insights into the journey of entrepreneurship. Almost two-thirds (63%) say that starting their own business has been more personally fulfilling than they ever thought it would be.
Among the primary reasons they cited for becoming entrepreneurs -- 91% said "being their own boss" was a top motivating factor and 72% said earning a higher income was an important driving force.
The results from this survey suggest that growth brings financial rewards. Even in these challenging economic times 40% of small business owners with 11 to 100 employees say starting a small business has been more financially rewarding than they expected, compared to only 21% of those entrepreneurs with 10 or fewer employees.
But, growth comes with a personal cost. Small business owners with 11 to 100 employees report spending an average of 69 hours a week working on and in their business, versus 58 hours a week at smaller firms. Most of the entrepreneurs surveyed reported running their business was more difficult than they had imagined before starting the venture.
Think you want to join these folks in being your own boss? While I am generally not a big fan of "entrepreneurship quizzes", Belmont alum Joe Ormont passed along a quiz from bnet.com that actually captures important aspects of entrepreneurial thinking. You can take the quiz here.
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Among the primary reasons they cited for becoming entrepreneurs -- 91% said "being their own boss" was a top motivating factor and 72% said earning a higher income was an important driving force.
The results from this survey suggest that growth brings financial rewards. Even in these challenging economic times 40% of small business owners with 11 to 100 employees say starting a small business has been more financially rewarding than they expected, compared to only 21% of those entrepreneurs with 10 or fewer employees.
But, growth comes with a personal cost. Small business owners with 11 to 100 employees report spending an average of 69 hours a week working on and in their business, versus 58 hours a week at smaller firms. Most of the entrepreneurs surveyed reported running their business was more difficult than they had imagined before starting the venture.
Think you want to join these folks in being your own boss? While I am generally not a big fan of "entrepreneurship quizzes", Belmont alum Joe Ormont passed along a quiz from bnet.com that actually captures important aspects of entrepreneurial thinking. You can take the quiz here.
Jeff, I've been an entrepreneur my whole life... couldn't imagine going to work for someone. True, it is always longer hours than a tradition job, though I do not separate "work" and "non-work" time in my mind. I just "am." Whether I'm with a client, working on a pitch, hanging out with my girlfriend, or working out with my boxing coach, I am always living life. It's true, when you love what you do, you never really "work."
Very informative post! Really thanks for sharing.It viewed me to a lot of opportunities.
Interesting article on "being your own boss". I have a good friend who used to be a restaurant owner who said much the same thing: "The money was great after I had stuck with it awhile, but I virtually never left the restaurant and, when I did, if something went wrong, I always had to rush right back, because I was ultimately responsible for EVERYTHING!"
This article has some really useful statistics, especially the result that, at 11+ employees, profitability starts exceeding expectations 40% of the time. I think this is an excellent study for entrepreneurs to be aware of, both in terms of the time committment involved, and a baseline for where they might be headed financially.
I clicked on the quiz at the end of the article and took it, but the link for the answer tally didn't work. (I guessed b,a,a,c,a). Fun quiz - I think you should have the Entrepreneurial Challenge class take it. Taking the quiz might be a great introduction to a class section!
Robert S. Johnson, MAcc student, Belmont University