Workers who dream of one day of becoming their own boss should expect to make a few sacrifices to do so. New research has found that business owners say they work longer hours and take less vacation time in order to run their own business.
Overall, 37 percent of business owners say they work 11 or more extra hours a week, up from 24 percent of respondents last year. Nearly 70 percent of business owners say they have worked longer days and weekends. Additionally, 43 percent of small business owners say they are taking less time for vacation.
Despite those requirements, business owners seem to be happy in their career choice. Seventy-six percent of business owners say they have not thought about closing up shop in the midst of the tough economy of the past few years. Additionally, 56 percent of business owners say they are living the American dream because they own their business.
Business owners have a number of reasons for starting their own business, the researchers found. Nearly 40 percent of business owners say they started their business to fulfill a dream. Almost one-quarter of respondents say they went into a family business, while others say they were dissatisfied with the corporate world.
"The latest reinvention survey reveals the true reality that many small business owners are facing: that they continue to show resilience in the face of an anemic recovery, all the while increasing their management acumen to ensure their businesses are successful," said Connie Certusi, executive vice president and general manager at Sage Small Business Solutions, which conducted the research.
Business owners are spending on technology as a way to improve their odds of success. Forty-nine percent of business owners say they have looked to improve technologies at their business in the past five years. Business owners are also looking to improve their cash flow management, mobile technology and inventory management.
The research was based on the responses of 347 small business owners.