Those are some of the findings from a new piece of research from payment processing company Worldpay, which sought to answer the question: “Is being your own boss all it’s cracked up to be?”Despite finding that the majority of SME owners said they were glad they had lived their dream and went out on their own, it discovered that many were just not ready for the sheer amount of hard work, hours, stress and responsibility it would bring. Three quarters of SME owners surveyed said running their own business is tougher than they had hoped it would be, with more than a third saying they realised how much they had underestimated it within a month of starting up. And while many who start their own business are looking forward to being on their own timetable, many work more than 40 hours a week, with almost 40 per cent saying they work six or seven days a week. Cardiff was the hardest working city with 60 per cent saying they worked six or seven days, with Norwich the second busiest with 55 per cent. The survey found that entrepreneurs were also failing to take stress-busting holidays.
Over a third of SME owners admitted they hadn’t taken more than one week off for over a year, with 18 per cent not having done so for more than three years. Read more on holidays:
- The summer holiday dilemma: What employers can do to help working parents
- CEO gives employees $7,500 a year if they promise to get off the grid and enjoy the sun
- Are you worried about taking holiday because of too much work?
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