A new U.S. Bank survey found that more than half of U.S. small business owners are sacrificing time and relationships with loved ones for the sake of their business, according to a recent press release. The study, “The Small Business Owner Perspective 2023: Independence, Purpose and Sacrifice,” explores the personal experiences of small business owners and the factors behind their resilience, highlighting the complexities they are facing today.
The new data is from a proprietary U.S. Bank survey of 1,000 U.S. small business owners and 300 California small business owners. The survey was conducted from July 11–29.
While 83% of small business owners said the business of running a business is making them feel stressed and short on time, the report also found that implementing new digital tools and the power of community can help ease stress, build resilience, and drive success long term.
Other key findings from the survey include:
- Small business owners are driven by purpose and serving others. Eighty-six percent of them define their business as successful, and 88% feel personally fulfilled by their work.
- Ninety-three percent define success by more than the financials, instead focusing on having loyal customers (91%), making customers’ lives better, (90%), maintaining family focus (91%), and achieving personal fulfillment ( 90%).
- Money doesn’t make the top five reasons small business owners became business owners in the first place.
- Small business owners were motivated to be their own bosses (95%), make customers happy (94%), make their passions a part of their work (93%).
- Eighty-seven percent of small business owners decided to start their own business to contribute to their community.
- Ninety-eight percent of small business owners say that autonomy and control are a large part of why they became a business owner, and it has paid off as 90% of small business owners have greater independence and autonomy because of their business.
Read the full report here.
