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This comes as a new report has revealed that a record-breaking 900,000* new companies launched in 2023; a 12% rise from the previous year, reflecting a huge increase in entrepreneurial optimism.
The new survey conducted by 1st Formations, the UK’s leading company formation agent, has uncovered insights from 1,055 small business owners to understand their motivations behind starting a business, and how it has impacted their lives.
The impact of entrepreneurship on happiness and work/life balance
The results of the survey have shown that a huge 9 in 10 (90%) business owners are now happier following the launch of their company.
Despite this, 40% of business owners revealed that they earn less than when they were employees. Just under 2 in 5 (37%) business owners now make more, and 23% earn the same amount.
Taking a closer look at how small business owners balance their time, the survey revealed that over 50% of entrepreneurs work six days a week or more.
The most common answer was seven days a week, with 32% reporting that they work every day, while 21% work 6 days a week.
Ongoing challenges faced by small business owners
When asked about the three biggest threats to business growth within the current landscape, the ‘threat of recession’ was the most commonly cited concern (24%), this was followed by ‘high interest rates’ (22%) and the ‘availability of finance’ (19%).
Additionally, when asked whether business owners had experienced barriers to funding due to discrimination, 28% reported that they had.
According to the latest annual report** released by the Female Founders Forum, in the first half of 2023 businesses led by women secured only 3.5% of the total funding, whereas those led by men received a substantial 85.1%. The remaining 11.4% went to startups with leadership teams that included both genders.
Graeme Donnelly, CEO of 1st Formations, says:
“The findings throughout our study have highlighted a notable trend – that many SME owners are experiencing greater satisfaction compared to their former jobs, even if some face decreased income. This is a clear signal that the non-monetary advantages of owning a business such as independence, personal achievement, and the freedom to work towards your own goals often surpass the financial factors.
However, the survey also brings to light a common trend in work habits. A significant number of SME owners say that they work six, and often seven, days a week. Looking ahead, it will be essential to find strategies that sustain the evident job satisfaction among SME owners, while also mitigating the risks linked to excessive work, and the importance of work/life balance.”
Source: https://www.malaymail.com/news/money/2024/10/20/malaysia-invites-chinese-companies-to-list-on-bursa-malaysia-as-innovation-new-economy-sectors-rise/154221