No Regrets for Small Business Owners
Despite their anxiety about the recession, the vast majority of entrepreneurs would launch their businesses again given the chance, according to a survey recently released by PayCycle.
The Palo Alto, California-based online payroll firm surveyed 478 small business owners and found that 87 percent would start their business again given the chance to do it over. Only 3 percent wouldn't, while 10 percent were uncertain.
Reasons for becoming an entrepreneur were varied, but over two thirds of respondents started their businesses because they wanted to be their own boss. Others cited layoffs or continuing the family business.
"Their primary reason for starting the business remains very important," said Jane Willis, PayCycle's VP of branded business.
Small business owners expect a prolonged downturn, but they're focusing on innovating in order to pull through, said Willis. "We've seen a lot of people with innovative ideas for how to change their business to ride out the downturn."
Changes include implementing new vacation policies and canceling their own bonuses.
"They're exhibiting the qualities of a small business owner—innovative, resilient, hardworking, making sacrifices themselves where necessary, in service of the bigger goal of being their own boss," said Willis.
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