Almost half of all small business owners decided to branch out on their own while they were working for someone else. I’m thinking Monday mornings had a lot to do with it, or maybe another Friday late night without overtime pay?
This new Manta-Dell infographic and survey says a lot about small business in America. Though most entrepreneurs were dreaming of the great break away while at work, some came up with the idea while sitting at their kitchen table (probably with a pile of bills in front of them) or when they were socializing with others.
2% said they made the decision while they were in the shower. I’m surprised that’s not a bigger number – the shower is so inspiring!
What the survey doesn’t tell us is how long it took to get from inspiration to actually quitting a job in favor of your own business. For some, it was a long time coming. Then suddenly the choice was in front of them, they made it and never looked back. For others, the choice was thrust upon them thanks to a layoff, divorce or other life crisis. Either way, it often seems like the most successful people are the ones who had no choice but to be successful.
But why do we put ourselves in this tenuous, stressful, crazy position? Not for the money.
37% of small business owners said that it’s about personal achievement and fulfilling a lifelong dream. For these people, the first repeat customer was an incredible achievement. Only 14% said that turning a profit the first year was a milestone. Proving again, that money isn’t everything. Maybe that’s why writing a business plan was the second priority for most SMBs. First? Networking to promote the business.
Looking at technology, 54% said launching their company website was a huge step and 41% see social media as having the biggest impact going forward.
The most telling thing about this whole survey is that three quarters of the respondents said they were open to starting another business. With mom and pop establishments closing up all across the US, it’s nice to know that the next generation of business owners isn’t ready to give up – they’re just going online.