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Sole Proprietors are Happier on their Own, but Feel
Distracted and Overwhelmed Playing Multiple Roles,
Says VISA and SCORE "Counselors to America's Small Business"
Sole proprietors, who make up three-fourths of all small businesses, lack the time
and resources to focus on generating new business, according to a new survey fro
Visa USA and SCORE "Counselors to America's Small Business."
At the same time, the vast majority say they are happier now than they were at
their previous employer, despite working as hard or harder.
"The day-to-day challenges faced by a sole proprietor are often overlooked for
broader, universal business issues like healthcare costs and the economy," said
SCORE CEO Ken Yancey. "Yet these individuals make up an overwhelming
majority of small businesses that may become larger, well-established brands in
the future. It is extremely important to identify and address their needs through
education and mentoring programs at an early stage to help them reach their full
potential."
Sole Proprietors Seek to Focus on Generating New Business
Thirty-five percent of sole proprietors say their primary challenge in maintaining
and growing a small business is an inability to focus on generating new business,
while 27 percent cite stretching themselves across multiple roles and projects.
Other challenges mentioned by sole proprietors include:
limited resources (23 percent)
lack of time to focus on their passions (23 percent)
difficulties in running their businesses efficiently (23 percent)
"Small business owners-and sole proprietors in particular-are constantly juggling
multiple projects, conflicting priorities and limited resources as they maintain and
grow their businesses," said Howard DeBow, vice president of marketing, Visa
USA. "By providing small businesses with tools that make it easier to manage their
finances, Visa is committed to helping business owners focus on what matters
most-their business goals and personal passions."
Most Would Hire for Growth, but Distrust Lingers
Of the 1,000 sole proprietors surveyed, 52 percent said that, with the help of an
additional employee, generating new business would become a focal point and
personal priority. Sole proprietors say they would use their newly available time
to:
· evaluate and address their businesses' weaknesses/areas needing improvement
(32 percent)
· focus on activities that they are most passionate about (26 percent)
Respondents stated that they would delegate marketing (28 percent), sales (26
percent) and operations (25 percent) responsibilities to a new hire. Only five
percent said they would have their new employee handle their company's
financial duties.
When asked what prevented them from hiring an additional employee, 69 percent
cite a lack of available budget;16 percent cite work-style personality; and 13
percent say distrust or an unwillingness to share the workload keep them from
adding to their team.
Women & Men Cite Different Reasons for Starting their Own Business
Most sole proprietors (69 percent) agree that flexibility to create their own
schedule and work environment was a reason they originally went into business
for themselves, followed by the freedom to operate as the main decision-maker.
Women cite "flexibility to create their own schedule and work environment" as a
reason for going into business alone (72 percent of women vs. 63 percent of men),
whereas men cite the promise of "freedom to operate as the main decision maker"
(54 percent of men vs. 46 percent of women).
Predictably, a vast majority of sole proprietors say they are happier now running a
small business than they were at their previous employer (83 percent). However,
nearly two-thirds (60 percent) say they work more or about the same as working
for an employer.
About the Survey
Survey findings are based on a national online survey of 1,000 small business sole
proprietors age 18 and over. The survey was conducted using Survey Sampling
International's SurveySpot nationwide Internet panel. Survey respondents were
required to own and manage their own business and employ no other workers.
The poll was conducted from July 17 to July 25, 2006. The survey results have a
margin of error due to sampling of no more than plus or minus 3 percentage
points at the 95 percent confidence level.
Distracted and Overwhelmed Playing Multiple Roles,
Says VISA and SCORE "Counselors to America's Small Business"
Sole proprietors, who make up three-fourths of all small businesses, lack the time
and resources to focus on generating new business, according to a new survey fro
Visa USA and SCORE "Counselors to America's Small Business."
At the same time, the vast majority say they are happier now than they were at
their previous employer, despite working as hard or harder.
"The day-to-day challenges faced by a sole proprietor are often overlooked for
broader, universal business issues like healthcare costs and the economy," said
SCORE CEO Ken Yancey. "Yet these individuals make up an overwhelming
majority of small businesses that may become larger, well-established brands in
the future. It is extremely important to identify and address their needs through
education and mentoring programs at an early stage to help them reach their full
potential."
Sole Proprietors Seek to Focus on Generating New Business
Thirty-five percent of sole proprietors say their primary challenge in maintaining
and growing a small business is an inability to focus on generating new business,
while 27 percent cite stretching themselves across multiple roles and projects.
Other challenges mentioned by sole proprietors include:
limited resources (23 percent)
lack of time to focus on their passions (23 percent)
difficulties in running their businesses efficiently (23 percent)
"Small business owners-and sole proprietors in particular-are constantly juggling
multiple projects, conflicting priorities and limited resources as they maintain and
grow their businesses," said Howard DeBow, vice president of marketing, Visa
USA. "By providing small businesses with tools that make it easier to manage their
finances, Visa is committed to helping business owners focus on what matters
most-their business goals and personal passions."
Most Would Hire for Growth, but Distrust Lingers
Of the 1,000 sole proprietors surveyed, 52 percent said that, with the help of an
additional employee, generating new business would become a focal point and
personal priority. Sole proprietors say they would use their newly available time
to:
· evaluate and address their businesses' weaknesses/areas needing improvement
(32 percent)
· focus on activities that they are most passionate about (26 percent)
Respondents stated that they would delegate marketing (28 percent), sales (26
percent) and operations (25 percent) responsibilities to a new hire. Only five
percent said they would have their new employee handle their company's
financial duties.
When asked what prevented them from hiring an additional employee, 69 percent
cite a lack of available budget;16 percent cite work-style personality; and 13
percent say distrust or an unwillingness to share the workload keep them from
adding to their team.
Women & Men Cite Different Reasons for Starting their Own Business
Most sole proprietors (69 percent) agree that flexibility to create their own
schedule and work environment was a reason they originally went into business
for themselves, followed by the freedom to operate as the main decision-maker.
Women cite "flexibility to create their own schedule and work environment" as a
reason for going into business alone (72 percent of women vs. 63 percent of men),
whereas men cite the promise of "freedom to operate as the main decision maker"
(54 percent of men vs. 46 percent of women).
Predictably, a vast majority of sole proprietors say they are happier now running a
small business than they were at their previous employer (83 percent). However,
nearly two-thirds (60 percent) say they work more or about the same as working
for an employer.
About the Survey
Survey findings are based on a national online survey of 1,000 small business sole
proprietors age 18 and over. The survey was conducted using Survey Sampling
International's SurveySpot nationwide Internet panel. Survey respondents were
required to own and manage their own business and employ no other workers.
The poll was conducted from July 17 to July 25, 2006. The survey results have a
margin of error due to sampling of no more than plus or minus 3 percentage
points at the 95 percent confidence level.
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