A new survey has explored the pull of entrepreneurship, with Britain’s business owners sharing what it is they love most about being self-employed.
1,000 British small and medium business owners aged 18-44 were asked by property letting agent City Breaks in Newcastle what they love most about owning their own business – and between flexible hours and having the final say, it appears people in power love the autonomy that comes with being in charge.
Following statistics released last month which revealed that one in seven British workers hope to be self-employed at some point during their careers, this new survey lifts the lid on the main draws that come with being a business owner.
Calling the shots
For three quarters of participants, being their own boss is the thing they love most about owning a business – as this answer scooped the top spot, with 76 per cent of the overall vote.
According to 64 per cent of all respondents – and 85 per cent of 18-24 year olds – flexible hours are one of the major perks of owning a company.
Flexible working schedules also proved popular with Scottish business owners, as a huge 89 per cent of those surveyed believe this is the ultimate appeal of being in charge.
With 40 per cent of respondents saying they love having the last word, many British business owners particularly enjoy being in a position of authority.
But it appears there’s a gender divide when it comes to taking charge – with almost 50 per cent of men saying they love being the decision maker, versus just 27 per cent of women.
A quarter of all business owners surveyed believe recruiting the right candidates is one of the best things about their job – compared with under a tenth of 18-24 year olds.
The price of power
Perhaps surprisingly, salary benefits secured less than a fifth of the overall vote – as just 16 per cent of respondents said a cash boost was their favourite thing about owning their own business.
Voters in the capital were also less concerned with their wage packet, as just 18 per cent of Londoners cited salary as a key benefit of business ownership – compared with a quarter of respondents in the East Midlands.
Between long journeys and a shortage of suitable self-catering accommodation, business owners are less than enthused by the traditional business trip – with just 9 per cent of participants describing this as one of the bonuses that come with owning a business.
Some survey respondents offered their own two cents when it came to what they love most about being their own boss – with answers including flexible decision-making, creating their own products and being able to see direct growth from the work they put in.
While entrepreneurs may differ on what makes owning their own company worthwhile, it seems there are plenty of perks that come with the job of being a business owner in Britain.
Respondents were allowed to select multiple answers to the following question:
Which of the following things do you love most about being a business owner?
Being your own boss: 76.0 per cent
Flexible hours: 63.5 per cent
Having the final say: 40.4 per cent
Putting your team together: 25.0 per cent
Salary benefits: 16.3 per cent
Business travel: 8.7 per cent
Other: 5.8 per cent
Further reading on business owners
Nominations are now open for the British Small Business Awards 2017, the leading event celebrating the brightest stars in the SME sector. Click here to enter, and make sure you get involved today using the hashtag #BSBAwards. Good luck!