Young Upstarts

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[Infographic] (Most) Entrepreneurs Love What They’re Doing

Most entrepreneurs truly love what they’re doing, according to the most recent 2012 Small Business Report by Wave Accounting.

The report, which surveyed 250,000 micro and SMB customers to shed light on their perspectives on the current state and future of business in North America, found that 86-percent of small business owners agree they love what they do for a living, and 56-percent declared they’d never work for someone else again. Never, after all, is a very strong word.

Here are more interesting findings:

Recession may be driving entrepreneurship. 15-percent of small business owners said they launched their ventures after finding themselves unemployed and unable to work. For businesses started in the last 12 months, that number jumped to 18-percent. On the other hand, businesses launched more than 6 years ago (pre-recession) only 9-percent stated unemployment was the reason they started out.

Government small businesses incentives have not worked. Only 2-percent of small business owners said incentives and assistance from the government that helped them decide to start out. Government pen pushers may want to rethink this one.

Work/life balance is a problem. 66-percent of business owners agree that they struggle with time management and/or work/life balance.

Paperwork destroys productivity. 43-percent of respondents admit to doing administrative tasks like accounting and book-keeping outside traditional working hours, while 1-in-5 (20-percent) also confess to working at least part of their weekends on those tasks.

Wave Accounting‘s 2012 Small Business Report report is quite concise, but if you’re too lazy to go through the report here’s an infographic that gives you a simpler overview:

Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.

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