Small business owners are the lifeblood of the U.S. economy. Fortune 500 corporations tend to get all the headlines and attention, but more than half the working population is employed by a small business. For many, the idea of becoming a small business owner is their ultimate dream come true and approximately 543,000 new businesses launch every month in pursuit of that dream. The flip side is also the bitter reality that more small businesses shutter than open each month. Success is not guaranteed and every entrepreneur needs to mindful of that reality as they create their business plan.
Of course, it’s not all doom and gloom. Many small businesses thrive, in part because they planned carefully and managed their business finances well. I’ve had the pleasure of coaching many small business owners and on Monday, I’ll share what separated successful businesses from the struggling.
In the meantime, I found this great infographic from Intuit that sheds some insight into the minds of small business owners. I found it very interesting that 57% admitted they regularly give up free time to work while also being very happy with what they do for a living. It certainly helps make the case that we don’t mind working extra hours when we do work we love, especially when we’re building our own business.
Small business owners — what concerns do you share? Or differ?