Starting and growing a business day to day is NOT easy. As Mark Cuban references on Shark Tank, it's a grind that you have to love. I've started four companies and sold two of them and know the pain and the joy.
Check out this report on a study from Vistaprint.
The passion for running a business remains strong amongst American entrepreneurs, according to a new survey by Vistaprint.
The study shows that more than half (58%) of U.S. small business owners are more motivated to run their company in 2020 than they were one year ago, compared to just 12% who feel less motivated. Nearly two-thirds (63%) say they have never lost the motivation to run their business.
The study by Vistaprint, which offers professional marketing products, design and services for small businesses, explores the level of motivation amongst American entrepreneurs, the factors that influence their motivation and what they can do to rekindle the passion for their business.
Flexible work hours, the opportunity to pursue their passion, enjoying greater job satisfaction and being in charge of their destiny are the top reasons U.S. entrepreneurs say they love running their businesses.
While the findings paint an overall positive picture of small business motivation in the U.S., running a business can come with some rough patches. More than one third (37%) of entrepreneurs admit losing the motivation to run their company - of those, nearly half (45%) say they have lost motivation at least once per year. Nearly a quarter (23%) of those surveyed have even considered closing their business over the last year.
Top reasons American entrepreneurs lose their business mojo include:
- Lack of a regular or stable salary
- A lower than expected earning potential
- High stress levels
- Poor work-life balance
“The start of a new business is not unlike the beginning of a new relationship in that there is usually a honeymoon phase that continues to feed your passion,” says Vistaprint North America Market Lead Erin Shea. “Long-lasting relationships and businesses, however, both require a lot of work and can come with a few rough patches. Because we’ve worked with more than 17 million small businesses around the world, we’ve gained a deep understanding of the challenges entrepreneurs face. Whether through small business marketing advice, products or design solutions, Vistaprint strives to alleviate as many of those hurdles as possible. This helps small business owners to spend more time doing what they love and achieve their small business dreams.”
Pouring blood, sweat and tears into a business for an initially limited financial return can be demotivating, but it’s important for entrepreneurs to stay optimistic. According to the survey, a positive outlook is key to helping founders regain the passion for their business. Owners should also remind themselves why they started their company in the first place and set new goals. Many entrepreneurs started their business to pursue a passion and remembering this can help to keep the spark alive when the going gets tough.
The research also explores external trends that can influence motivation amongst business owners. The top three motivation boosters include:
- Increased personalization in marketing
- Growing expectations of customers
- Continued growth in e-commerce
Conversely, political change, economic change and the growing gig economy are most likely to zap small business motivation.
“Overall, small business owners are well-positioned to meet rising consumer expectations in 2020,” adds Shea. “Whether it’s spending a little longer creating a quality product or customer experience, going the extra mile to show their appreciation and building brand loyalty, or keeping returning customers updated on new and exciting happenings with their brand, the passion for what they do and who they serve is what will inevitably drive success for small business owners in America.”