Entrepreneurs seek work/life balance over money

17/08/2006

Small business owners often become involved in enterprise in an attempt to strike a balance between their family lives and careers, a new survey has found.

Research conducted by MYOB reveals that life/work balance is a top concern for entrepreneurs, contradicting stereotypes that business owners are workaholics with poor social lives.

Researchers found that 62% of entrepreneurs define business success as a balance between family and career, while only 19% start their own business for money alone.

Only a quarter of business owners admire either ruthless determination or the underdog who succeeds against the odds, and 48% would not be prepared to take on more stress, even if it meant more profit, the study found.

Red tape appears to be a big issue for many with a quarter of business owners spending the equivalent of a working day each week on paperwork.

Simon Smith, general manager of MYOB UK, said: “Lack of control in their working lives is what drives a quarter of business owners to leave the corporate world and start their own company.

“However, a third miss out on family time, struggle to switch off from work and find work encroaching on evenings and weekends.

“By taking control of their finances, small businesses can focus more on running their business.

“It is ironic that the greatest motivating factor for entrepreneurs is to gain independence and freedom, when in fact so many today are tied to their desks by financial admin.”