From managing staff to establishing codes of conduct, maintaining equipment to ensuring customer satisfaction, the life of a small-business owner can be a stressful one, filled with responsibility. For the most part, though, entrepreneurs wouldn't have it any other way, according to the results of a new poll from Endurance International Group. Seventy percent of small-business owners say that the best job they've ever been a part of is the one they're doing now – managing a small business.
The best part of the role is being able to be your own boss. When asked to describe what they liked the most about running a company, over two-thirds – 68 percent – cited the independence that comes with it, with 1 in 5 noting that it allowed them to pursue what they were most passionate about.
"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," explained Hari Ravichandran, founder and CEO of Endurance International.
Personal, professional life one and the same
As with any life calling, entrepreneurship is not without its fair share of obstacles. For example, 35 percent of respondents said that they were working well north of 40 hours per week to keep their company from underperforming, with as many as 14 percent indicating it was a round-the-clock occupation. Additionally, whereas employees are usually able to separate their personal lives from their professional lives, this often isn't an option for engaged small-business owners. Thirty-six percent said they had a hard time achieving an adequate work-life balance, according to the survey's findings.
Small-business owners' personal sacrifices haven't gone unnoticed, particularly as they pertain to U.S. economic performance in recent years. The strides and achievements made since the Great Recession – more than 70 consecutive months of uninterrupted job growth in the private sector – wouldn't be possible without entrepreneurs' contributions. Yet there's plenty of room for more business developers to join the fray. According to estimates from the Small Business & Entrepreneurship Council, for the economy to truly hum, it could use an additional 867,000 to 4.8 million start-ups.
Raymond Keating, chief economist for the SBE Council, indicated that the economy could use millions more companies to get U.S. gross domestic product (GDP) growth back to where it ought to be.
"If we look at incorporated and unincorporated self-employed, and employer firms as shares of the relevant population, we see a significant gap in the number of businesses compared to where we should be," Keating explained. "Indeed, these numbers point to some 3.7 million missing businesses in the U.S. in 2015."
The economy hasn't grown by more than 3 percent for several years now. Through the second quarter of 2016, real GDP increased by an annual rate of 1.2 percent, according to the U.S. Department of Commerce's Bureau of Economic Analysis.
Equipment and business industry piece brought to you by Marlin Equipment Finance, a nationwide provider of commercial lending solutions for small and mid-size businesses. Marlin's equipment financing and loan products are offered directly to businesses, and through third party vendor programs, which include manufacturers, distributors, independent dealers and brokers in the security, food services, healthcare, information technology, office technology and telecommunications sectors.