Have You Got What It Takes To Be A Small Business Owner?
Online lender Kabbage surveyed 400 small business owners (SBOs) to understand their professional and personal challenges, and how they create a work/life balance in pursuit of their passions.
The findings are not surprising. Thriving small business owners are highly motivated to succeed, which leads them to make countless personal and financial sacrifices to build their businesses.
Tops among the personal sacrifices
Nearly one-third work more than 50 hours a week and 86% work on the weekends.
More than half only eat one meal at home each day.
1 in 5 miss three or more doctor’s appointments every year.
SBOs regularly miss out on social events and hobbies.
The #1 sacrifice: Not taking a vacation. More than half only take one vacation a year. And when they do go away, over 75% work remotely.
On the financial front, nearly half of the SBOs surveyed use personal savings to pay business expenses. This practice is most common among Millennials (75%). When they have a cash surplus, 40% of SBOs will immediately reinvest in the business rather than pay themselves. Just 17% will save for retirement and only 14% will set money aside for their personal or family’s future.
The data clearly shows how committed small business owners are to making the sacrifices needed to grow. They are truly the heartbeat of the economy, representing an entrepreneurial army built on resilience, grit and the willingness to do what it takes to serve their customers.