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Nearly Half of Small Business Owners Feel Trapped in Their Businesses
Nearly half of U.S. small business owners feel trapped in their businesses, according to a recent report.
The survey comes from the low-code AI integration platform Latenode and includes responses from 3,000 business owners around the U.S. Researchers found that 45 percent of surveyed small business owners may want to quit but feel trapped running their businesses.
Of those business owners, 37 percent said they feel like they can’t quit because they feel an emotional attachment to their business, while 25 percent said they are financially dependent on their businesses, 20 percent said they face economic barriers to selling at a profit, and 19 percent cited a lack of suitable buyers.
So, what are the factors that are making some small business owners want to quit? In the survey, 39 percent cited time management as a main challenge, 25 percent said they face financial constraints, 19 percent struggle to balance work and personal life, and 15 percent have a hard time retaining customers.
While running a small business can be incredibly rewarding, this survey underscores the difficulties that aren’t often discussed. Running a small business – even if you’re passionate about it – is hard work. People often talk about the benefits of starting a business. But it’s also essential for prospective entrepreneurs to understand the hard parts that will inevitably come up throughout their journeys.
For example, it’s often difficult to leave work behind and enjoy a solid life outside of the office. Of course, there are many employees who feel this way as well. But entrepreneurs are often even more connected to their work and face tougher time and financial constraints.
This doesn’t mean that business ownership is not worthwhile. However, it is important for business owners to take care of themselves and consider factors like work-life balance when starting a business and building systems. Those who are able to create and follow plans for managing their time and finances are more likely to feel positive about their business journeys over the long run.
Image: Envato
This article, “Nearly Half of Small Business Owners Feel Trapped in Their Businesses” was first published on Small Business Trends