Independence ‘key benefit’ to being entrepreneur

Having the independence to make your own decisions is considered a key benefit of running your own business, according to a new poll.

Nearly 90% of respondents said decision-making freedom was key, closely followed by more flexibility for a better work/life balance, according to research on the UK’s small businesses by Panasonic.

Personal satisfaction also ranked high, with 70% of respondents claiming it was a key advantage to running their own business.

Contrary to popular belief, most business owners did not set out on their own to earn more money. Only 32% of business owner cited money a key benefit of running their own firm.

According to the report ‘this clearly shows that lifestyle and satisfaction factors are more important than financial ones’.

The biggest motivation for starting up a business was ‘getting away from the corporate world’ the report concluded, with nearly a quarter of respondents citing this a key incentive.

Sole traders were more motivated by work/life balance (31%), compared to business owners with up to five employees (22%). However, owners of larger businesses were more likely to be motivated by realising a dream (18%).

Responding to the research findings, Ruth Badger, runner-up in BBC2’s The Apprentice, said she loved the independence of working for herself.

“I can’t say my start-up process has been the traditional method, but it’s definitely been instinct and determination. I always knew that I wanted to work for myself eventually and The Apprentice just turned out to be a faster route to becoming an entrepreneur.”

© Crimson Business Ltd. 2007