Running a business – whether you’re in charge of a major B2B agency, a franchisee, or a startup owner – is a huge responsibility. But it’s also a source of happiness and fulfillment. If you’re skeptical, just take a look at the data; the vast majority of business owners report high levels of satisfaction, not just with their jobs, but with their lives overall.
A Closer Look at the Stats
- 52 percent of small business owners work 40 hours or less per week.
- 27 percent of small business owners take four or more weeks of vacation per year.
- 55 percent of small business owners report being extremely happy with their choice to go into business for themselves. Another 36 percent are at least somewhat happy with the decision.
- 87 percent of small business owners report feeling optimistic about business prospects over the next year.
- Across the world, women entrepreneurs are happier than their male counterparts.
- Owners of established businesses report higher levels of well-being than owners of early-stage startups.
How to Increase Your Satisfaction
If you’re a potential or bourgeoning entrepreneur, these stats probably look pretty promising. But don’t forget the small percentage of business owners who feel dissatisfied with their career choices. If you want to remain squarely in the camp of happy entrepreneurs, try these tips on for size.
- Consider the Big Picture. Pursuing autonomy is appealing, but it’s not the be-all end-all of entrepreneurial satisfaction. In fact, research has shown that entrepreneurs who focus on making their own rules – at the expense of all other aspects of business – can create a recipe for dissatisfaction.
- Autonomy is important, but so is engaging in a variety of tasks, doing a job from beginning to end, and seeing an identifiable outcome. Additionally, receiving feedback about their performance was a consistent contributor to entrepreneurs’ satisfaction levels.
- Don’t Spend Too Much Time in School. Entrepreneurs’ history greatly influences their present levels of satisfaction – and this includes educational background. More school doesn’t automatically lead to greater satisfaction. High levels of general education from top-tier universities can often cause people to overestimate their abilities, leaving them disappointed when their business ventures don’t see immediate success.
- But Do Pursue Relevant Training. While high levels of education can lead to problematically high expectation levels, relevant training leaves entrepreneurs more satisfied with the results of their work. Gaining experience as a financial manager is also highly beneficial. These experiences help business owners form a realistic image of what entrepreneurship is like and what their prospects are likely to be.
Final Thoughts: Becoming a Franchisee
If you find yourself lacking passion and excitement in your day-to-day work life, consider buying into a franchise. You’ll have the opportunity to start your own career path, call the shots, and make critical business decisions. Best of all, you won’t have to go it alone; you’ll have an already established brand on your side. For many entrepreneurs, it’s the best of both worlds.