By Jodie Wickham
A recent survey by Victoria University suggests making money is not the main benefit for small business owners, with people much keener on the idea of calling themselves ‘boss’.
Half of all survey respondents believe being your own boss is a benefit of small business ownership, while one quarter saw the importance of having control over your own time as a benefit. Financial benefits only ranked third, equal with flexibility.
In total, the most important benefits of small business ownership were:
- Being your own boss (50 per cent)
- Controlling your own time (25 per cent)
- Achieving financial independence (13 per cent)
- An opportunity to make money (13 per cent)
- Having greater flexibility in work and what you do (13 per cent)
- Being solely responsible for decision making (12 per cent)
- Setting your own goals (8 per cent)
- Being responsible for your own success or failure (8 per cent)
Perceived benefits change according to demographics
Further analysis indicates that perceived benefits may vary among certain demographic groups. For example, respondents on higher incomes (55 per cent) are more likely to report being your own boss as a benefit of small business ownership.
Younger respondents (28 per cent) are more likely to appreciate the benefit of controlling your own hours; males (16 per cent) are more attracted to the opportunity to make money, while older respondents (nine per cent) are less appreciative of flexibility.
Those who reside in households with higher incomes are more likely to report the benefits of setting their own goals (13 per cent) and taking responsibility for success or failure (11 per cent).
What about current small business operators?
Current small business operators captured in the survey believed that being your own boss was a benefit (53 per cent), as was controlling their own time (45 per cent), flexibility (30 per cent) and having sole responsibility for decision making (19 per cent).
These responses indicate that small business operators see control of their own destiny as a major benefit of being a small business owner, more so than any financial rewards.
Victoria University has more information about these results.
Have you had experience as a small business owner, or thought of being one? What do you think the major benefits are? Please let us know in comments below.
