Despite Economic Uncertainty, 42% of US Small Business Owners are “Very” Happy, According to New Research from VistaPrint
Over one-half are “much” happier now being a small business owner compared to when working for someone else.
Internal influences, including independence and passion, shape small business happiness more than external factors.
This National Small Business Week, VistaPrint, the print and design partner to small businesses, released new research evaluating the current state of small business happiness – and the factors contributing to it – in
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“Small business owners are inherently positive people and they find fulfillment by charting their own course,” said
According to earlier research**, over one-half (53%) of entrepreneurs are “much” or “somewhat” happier now compared to when they first opened their small business. 53% are “much” happier now being an SBO compared to when working for someone else.
The survey also found that internal or day-to-day influences contribute more to improved SBO happiness than external or macro factors. Of the 53% of SBOs who are “much” or “somewhat” happier now compared to when they first opened their business, 32% attribute their current level of happiness solely to internal factors rather than solely to external influences (8%).
Overall, SBOs rank “freedom to set my own schedule” (42%), “doing something I love or am passionate about” (41%) and “interacting with people/customers/society” (30%) as the top 3 things they enjoy most about being an entrepreneur. The “certainty or control of their income” (28%) is less of an influence on SBO happiness than independence and passion.
Earlier findings also found:
- Bigger small businesses are happier: SBOs with 51-100 employees reported higher levels of happiness, with 68% saying they are currently “very” happy, compared to 57% of SBOs with 11-50 employees and 36% of SBOs with 1-10 employees.
- The happiness sweet spot: 60% ofSBOs in operation for 6-10 years are currently “very” happy, compared to 46% of SBOs in operation for less than 6 years and 43% of SBOs in operation for more than 10 years.
- Gen Z happiness: 54% of Gen Z SBOs say they are currently “very” happy, skewing slightly higher compared to about 47% of Millennial, Gen X and Baby Boomer SBOs. Along with freedom of schedule, Gen Z ranks "learning new things to improve the way I run my business” or “learning new ways to grow or expand my business” as key internal factors contributing to their current happiness.
- SBOs value upskilling: Overall, 73% of SBOs say “continued learning” is one of the things they enjoy most about being an SBO, with technology/innovation (66%) and marketing management (66%) ranking as the topics of most interest.
- Human touch is preferred over AI for marketing: With artificial intelligence factoring more into the daily lives of entrepreneurs, SBOs say they prefer a human touch over AI for marketing strategy/planning (48% vs. 28%) and campaign execution (43% vs. 30%).
“Determination is synonymous with entrepreneurship,” Whittaker said. “While every small business owner’s pathway to happiness is different, it’s evident that by focusing on what they can control and seeking out learning opportunities, SBOs have what it takes to persevere even in the midst of macroeconomic uncertainty."
Click here to learn more about VistaPrint’s small business happiness research.
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About VistaPrint
VistaPrint is the print and design partner to millions of small businesses around the world. We help small business owners bring their ideas to life through custom print products, easy-to-use digital tools and expert design support. VistaPrint is a
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Source: VistaPrint