Nobody thinks starting a business will be easy. But sometimes it’s a lot harder than expected.
According to a study conducted by Netherlands-based printing company Vistaprint (NASDAQ: CMPR), one-third of business owners admitted running a company is harder than they initially thought.
Millennials, in particular, were surprised at the level of work required to get their businesses off the ground, with 56 percent saying it was harder than expected.
Heather Younger, Owner of Top Shelf Cookies, is quoted in the report explaining, “Starting a business has been even harder than I anticipated. The baked goods industry is a crowded market and there’s so much more to it than having a good product.”
Reasons Why Starting a Business Is Hard
A look at the numbers in the study reveals some of the reasons why entrepreneurs feel that way.
Longer Working Hours Than the General Public
Because entrepreneurship requires extra time and focus — especially in the beginning — business owners end up spending more time working than the average American worker.
The Vistaprint study revealed small business owners work 48 hours per week, whereas the average employee spends 43 hours per work at the typical job.
The study found some business owners are putting in even more effort, working over 50 hours a week.
Hard Work is Worth the Reward
The rewards associated with running one’s own business seem to make up for all the hard work and extra hours required to succeed, however. Nearly two-thirds (62 percent) of entrepreneurs say being their own boss is more satisfying than they ever expected.
The level of satisfaction among millennial entrepreneurs is especially high, with 81 percent saying running a business is way more satisfying than they ever imagined.
Business Owners Hope for a Better Year
When asked about their business performance in 2017, 50 percent of business owners said their company grew compared to the year before. As for 2018, about two-thirds of business owners said they expect a better year, with 22 percent forecasting much better results.
Millennials appeared most confident about their growth prospects, with 44 percent expecting a much better performance this year.
With business owners feeling optimistic about their growth in 2018, it will be interesting to see what the year brings for these entrepreneurs.
For the latest, follow us on Google News.
More in: Small Business Statistics