This morning I took a minute to go through a stack of papers that has been sitting on a corner of my desk for some time. In this stack, I came across a press release on a survey conducted by
Ipsos Reid on behalf of
American Express late last year. This survey revealed that "despite stress, time commitments and financial certainty, 92 percent [small business owners] say there are more rewards than downsides to running their own business." Given the ongoing economic turbulence, I thought that was an interesting result.
In fact, on the whole, I was surprised by the survey's results. Here are some of the findings presented in the release:
* Nine in ten (89%) "agree" (31% strongly/52% somewhat) that "since they started their own business, they have enjoyed a better quality of life."
* 91% indicate that there are more rewards than risks associated with running their own business.
* 93% says that they would do it all over again.
* 62% says that it's the independence and control that keeps them motivated to stay in business.
* 41% suggest that the potential financial gains and profits motivate them; others say it's simply loving the work that they're doing (29%), their personal drive for success (22%), a commitment to their employees and customers (21%), encouragement from family and friends (3%) or a fear of failure (3%)
* 78% of respondents "agree" (26% strongly/52% somewhat) that running their own business is "stressful."
* 65% have a "wary and cautious" attitude when it comes to the current state of the economy.
* 68% "agree" (strongly 22%/somewhat 46%) that they worry about their future financial security, such as pension and retirement, compared with just 32% who "disagree" (11% strongly/21% somewhat).
In addition, the survey reveals that 98% of small business owners "agree" (68% strongly/30% somewhat) that the independence and control to make their own decisions is rewarding; 88% agree that they are able to do the work they most enjoy; and 55% agree that they would "never work for anyone else again."
The gift industry is built on small businesses--on the retail and supplier side. Do the results of this survey reflect how you feel about your business? How's your quality of life?
