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70 percent of small business respondents in a survey issued by Endurance International Group (NASDAQ: EIGI) believe owning a small business is the best job they have ever had, despite the significant financial and personal costs. This majority finding underscores the value small business owners place on the independence entrepreneurship affords them.
Owning a small business is often thought of as the ultimate realization of the American dream. Nearly seven in ten (68%) small business owners stated that they chose to own a small business because it gives them the independence to pursue their passion. Additionally, almost half (43%) said that the best part of small business ownership is the freedom and flexibility it gives them, while another 22 percent said that it allows them to live their dream.
As Americans celebrate Independence Day on July 4, these results are encouraging for the 28 million small businesses in America, which account for 54 percent of all U.S. sales according to the U.S. Small Business Administration.
Independence, however, comes with costs. According to survey respondents, 35 percent said that their business is more than a full-time job, and of that, 14 percent said they work 24 hours a day, seven days a week. In fact, small business owners often live their business, putting it ahead of their personal lives. The top sacrifices small business owners make are:
37% - Being completely financially invested in their business
36% - Having no differentiation between their work and personal lives
35% - Not having very much personal time
The survey also found that financial concerns still come into play as one in three respondents (32%) ranked surviving tough financial times as the most difficult part of business ownership. Building on financial concerns, nearly two out of three (64%) said that if offered a million dollars for their business, they would take it. Yet surprisingly, tech-savviness is not a barrier to small business growth, as only 5 percent of respondents said that not understanding the rapidly evolving technology landscape was a difficult challenge for them.
"Small businesses are the backbone of the American economy and it’s encouraging to see that so many small business owners are pursuing their passion in a way that provides them the most independence,” said Endurance CEO and Founder, Hari Ravichandran. “Having started Endurance International Group and experiencing my own set-backs, I understand the benefits and challenges that come with being independent and following your dreams. That’s why Endurance is committed to providing small businesses the tools to help them accomplish their entrepreneurial goals – whatever they may be.”
Despite all the inherent benefits and sacrifices that come with small business ownership, survey respondents were almost equally split on whether they thought owning a small business was the hardest job they’ve ever had (44% said yes, 45% said no).
Regardless of the challenges entrepreneurship may bring, small business owners have the freedom of knowing that their fate is in their own hands.
The online survey was conducted from June 20, 2016 to June 22, 2016 and surveyed 2,851 small business owners, all of whom use Endurance's web presence solutions. For purposes of this survey, small businesses are defined as employing 25 people or less on either a full-time or part-time basis.
Endurance International Group is a leading technology provider of cloud-based platform solutions to help small and medium-sized businesses succeed online. Endurance, through its family of brands, supports more than 5 million subscribers globally.
Full survey results can be found here.
About Endurance International Group
Endurance International Group (NASDAQ: EIGI) (em)Powers millions of small businesses worldwide with products and technology to vitalize their online web presence, email marketing, mobile business solutions, and more. The Endurance family of brands includes: Constant Contact, Bluehost, HostGator, Domain.com, BigRock, SiteBuilder and Impress.ly, among others. Headquartered in Burlington, Massachusetts, Endurance employs more than 3,900 people across the United States, Brazil, India and the United Kingdom. For more information, visit: www.endurance.com
Endurance International Group and the compass logo are trademarks of The Endurance International Group, Inc. Other brand names of Endurance International Group are trademarks of The Endurance International Group, Inc. or its subsidiaries.