More than eight in 10 U.S. small-business owners say they would still become a small-business owner if they had it to do over again, according to a recent Gallup Poll co-sponsored by Wells Fargo.
“This sentiment has changed little over the past 11 years, which suggests that the difficulties many small businesses experienced during the Great Recession did not cause owners to regret their decision to start a business,” the report notes.
One of the key reasons many small-business owners would do it all over again is that they clearly value the independence they get from their choice of career, which no doubt is a part of their satisfaction with their career choice, the report states.
When asked to name the most rewarding thing about starting and running their own business, over four in 10 talk about being their own boss and being the decision-maker. Other responses mentioned by more than 10% of respondents include having a sense of job satisfaction, having family time and schedule flexibility, and interacting with customers.
“These are similar reasons why many Americans choose to buy a franchise business,” said Mike Hall, President of FranNet Carolina. “In fact franchises provide the same control and independence without the risk of starting a new business from scratch and learning through painful mistakes.”
However, the small-business owners surveyed admitted that running their business is a tough job. When asked about their biggest challenges, the majority of respondents focused on the nuts and bolts of keeping a business running, such as generating revenue and a customer base, securing cash flow, obtaining credit and funds, and marketing and getting the word out about their business.
See details about the survey on the Gallup site here.