The majority of American small business owners are happy, despite economic challenges over the past few years, according to a new survey from TD Bank.
The survey found 69 percent of small business polled for the TD Small Business Happiness Index would describe themselves as "very happy," with 61 percent believing they are happier than their peers. In addition, the pressures of the recent recession have not deterred small business owners from entrepreneurship, as 87 percent say that five years from now, they're likely to still be running their own business.
"The TD Small Business Happiness Index confirms that life as a small business owner can be quite fulfilling. Even in a tough economy, they're willing to tackle the ongoing challenges of managing a business in exchange for the personal satisfaction of being their own boss," said Fred Graziano, Head of Retail and Small Business Banking for TD Bank.
"With such optimism and determination, it's no wonder that small businesses are leading the way to economic recovery."
There are a number of reasons for small business owners' high satisfaction levels. American small business owners say that owning a small business gives them a sense of pride and accomplishment (97 percent) plus a strong personal connection to their employees (94 percent) and their customers (88 percent). In addition, 82 percent say that owning a small business gives them the opportunity to volunteer their time or make donations to charities, sports teams and events.
Small business owners say the top three benefits of small business ownership are 1) being their own boss, 2) setting their own schedule, and 3) being in control or being able to make their own decisions.
The top three challenges for small business owners are 1) managing budgets and cash flow, 2) the responsibilities, risks and stress associated with owning their companies, and 3) the long hours and limited time off.
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Comments
The reward is worth the risk
I've been a small business owner for 12 years now and pray every night I never have to go work for someone else again. Yes all the pressure is on me as far as paying the bills and taking care of my employees but the trade off that allows me to set my own schedule and make the decisions that impact my life far outweigh the pressures.
Owning a Home Business
Yes, owning a home business and actually being able to pay the bills and put food on the table through that venue is extremely rewarding. The economy has been tough, and times arise in which we may question our ability to keep going. Good money management is essential to having a home business. Many of us can experience those "feast or famine" times. While the feast is always great, it's also necessary to save some of that for a famine as well. I have certainly experienced a back and forth situation between feast and famine. But being my own boss and not having to deal with the politics of the corporate world is a huge stress relief in itself. As home business owners, we do tend to work harder and have to put more hours into our work -- especially those of us who are solo entrepreneurs and handle everything on our own from taxes to the actual service we are providing, and every detail in between, including web design and site maintenance. Still, I find it worth it -- and if I ever have to go back to working for someone else after making a valuable difference for myself and others through the business I've created, I know I would be miserable.
Majority Of Small Business Owners Are Happy
I might if i owned a different business, the idiots i deal with make my life uncomfortable. No fault but my own, i think i need to try something else
As quoted from the article -
As quoted from the article - The top three challenges for small business owners are 1) managing budgets and cash flow, 2) the responsibilities, risks and stress associated with owning their companies, and 3) the long hours and limited time off.
I would add: learning everyday something new, making your decisions alone and implementing them under your responsibility to yourseld, your family, your clients and suppliers.
Majority of Small Business ...
There are several reasons for small business owners' high satisfaction levels. American small business owners say that owning a small business gives them a sense of pride and accomplishment (97 percent) plus a strong personal connection to their employees (94 percent) and their customers (88 percent).
Love The Freedom
I love working in my own controlled environment and being able to work around a schedule that fits me best. Truth be told, I feel small business ownership has many tremendous perks over time.
Owning small versus big business
Being able to turn a small business into multiple successful chains is one of the luxuries of ownership on a smaller scale. Eventually it may come off as being in the inner circle of big business, but as long as we stick by the principles of running a solid foundation, the rest should take care of itself.
Streamlining small business
The majority of small business is a satisfying bend that is capped off by the fact that they are able to express themselves a bit easier than major corporations. They relate towards customers in their neighborhoods and surrounding counties around them. Communication is a bit easier to accomplish when you start small and aim to be big.
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