Last week Bank of America released its inaugural "Small Business Owner Report," and the survey provided some interesting results.
The new study explored "the concerns, aspirations and perspectives of small business owners" in the U.S. Small business owners reported optimism about the future of their businesses--which just proves that you have to be an optimist to open your own business--but said that managing their businesses created more stress than any other part of their lives.
The new study explored "the concerns, aspirations and perspectives of small business owners" in the U.S. Small business owners reported optimism about the future of their businesses--which just proves that you have to be an optimist to open your own business--but said that managing their businesses created more stress than any other part of their lives.
Respondents said maintaining a small business caused twice as much stress as maintaining a healthy relationship with a spouse, three times as much stress as raising children and more than four times as much stress as managing their own personal finances. In addition, small business owners reported regularly giving up free time (57 percent) and exercise (37 percent).
"We know how much small business owners give up to make their businesses successful, but despite their sacrifices, they are still optimistic about the future," said Dean Athanasia, Preferred and Small Business executive at Bank of America.
Yet Americans continue to defy the odds, take risks and open small businesses. The U.S. Dept. of Commerce reports that small businesses represent 99.7 percent of all "employer firms" and employ about half of all private sector employees. Small businesses generated 65 percent of new jobs over the past 17 years.
"We know how much small business owners give up to make their businesses successful, but despite their sacrifices, they are still optimistic about the future," said Dean Athanasia, Preferred and Small Business executive at Bank of America.
Yet Americans continue to defy the odds, take risks and open small businesses. The U.S. Dept. of Commerce reports that small businesses represent 99.7 percent of all "employer firms" and employ about half of all private sector employees. Small businesses generated 65 percent of new jobs over the past 17 years.
For budding entrepreneurs, the report should not discourage us from pursuing the American dream, but it should remind us that opening a small business is not for the faint of heart. Our friend Mike who runs his Bennett Design Group here in Little Rock would say that small business owners only have to work half a day every day, and it's completely up to them which 12 hours of the day they want to work.
That is one of the many decisions you have to make if you want to pursue the American dream of owning your own business. Then of course you have to choose hoodie vs. button-down.
That is one of the many decisions you have to make if you want to pursue the American dream of owning your own business. Then of course you have to choose hoodie vs. button-down.
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