CHICAGO – There are approximately 22 million small business owners in the United States and one of the characteristics that make up this bunch is they are fiercely independent, according to a year’s worth of surveys conducted by Discover Small Business Watch.

Sixty per cent of small business owners said they would not give up the freedom that comes along with owning their own business to work for someone else, even if it meant making more money than they do now. Nearly half of all owners said they started their businesses because they wanted to be independent or have more flexibility with their time. Only 19 per cent of small business owners said they started their business to make more money.

As well, 69 per cent of small business owners said they don’t want to grow larger. Most have no plans to leave or sell their business — 38 per cent said they had no plans to retire and another 18 per cent said that they would transfer ownership to a family member if they ever do retire.

“Small business owners value their freedom and are making the active decision to remain small,” said Sastry Rachakonda, director of Discover’s small business card, in a statement. “Being a small business owner is less about making more money, and is more an expression of independence.”

Another characteristic that makes up the American entrepreneur is their devotion to improving customer service. The Discover surveys indicated that the way small business owners got more business was through word of mouth, which meant that the only way they stayed in business was by providing exceptional service to their customers.

“That translated into long hours and being available for calls at all hours of the day,” Rachakonda said. “We found that small business owners work not only more hours per day, but also more days of the week and more weeks per year.”

While some people assume being your own boss means setting your own hours and working when you want, Discover found that small business owners actually worked longer and harder than many Americans. Twenty eight per cent of respondents were working at least six days a week and 52 per cent took off only seven days or fewer last year, compared with 36 per cent of the general population.

Only 36 per cent of respondents described a day off as not working at all, while the rest described their day off as having some connection with their businesses. A higher percentage, 58 per cent of the rest of working Americans, considered a day off to be completely work-free.

Another defining factor of the American entrepreneur was that external forces added pressure to their business. One of the biggest pressures was around health care.

Three out of four small business owners did not offer health benefits and, instead relied on family members’ coverage or separately purchased plans, according to the surveys.

Sixty four per cent said that health care costs have an impact on their ability to grow their company. In addition, more than one in three small business owners who offered health care benefits have considered discontinuing coverage for themselves or their employees due to high costs.

“The financial burden of rising health insurance costs puts an extreme amount of stress on this segment of the economy,” Rachakonda noted.

Discover’s Small Business Watch also found that the Internet is forcing small business owners to rethink how they do business. For example, 11 per cent of consumers have indicated that they will be doing their holiday shopping online.

“Small business owners who have figured out how to add value through the Internet are finding new opportunities for profit and growth,” said Rachakonda. “Those who aren’t taking advantage of the technology ultimately will be left behind.”

This column was written by Vanessa Ho of ConnectIT

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