From Latenode.com
- 1 in 5 say they are unable to exit at a profitable price.
- 19% said they had little work-life balance.
- interactive map The results of the survey are shown.
The allure of entrepreneurship attracts many people. It’s the autonomy of being your own boss, the satisfaction of working independently, and the ambition to grow your business. But behind this appealing façade lies a truth that is less discussed. Many entrepreneurs have poured their own resources and countless hours into their businesses and are faced with the harsh reality that exiting requires more than just financial costs. It also means fighting personal pride and the challenge of starting over.
A recent survey of 3,000 small business owners by Latenode.com sheds light on this issue. An astonishing 36% of Mississippi small business owners have expressed a desire to exit their business but feel unable to do so due to various constraints.
Feelings of confinement vary widely by region. For example, it is notable that in Oklahoma, 65% of entrepreneurs want to completely separate from their business, while in Iowa, the majority appear to be satisfied and express their desire to exit. Only 22% of him has expressed it.
Interactive map showing survey results across the United States
In this study, we dug deeper into what connects these owners to their businesses and identified several key factors. Emotional attachment emerged as a key barrier, with 37% of respondents citing a deep personal connection to the business as the main reason they were unable to leave. Financial dependence is also an important factor, with 25% relying on business income as their main source of finance. Additionally, 20% of business owners face financial barriers to selling their business at a profit, and 19% face a lack of suitable buyers, further complicating exit strategies .
The challenges of running a small business extend beyond the difficulty of exit. According to the survey, the biggest hurdle faced by entrepreneurs is time management, highlighted by his 39% of respondents. Other significant challenges include financial constraints, cited by a quarter of participants, and struggling to balance work and personal life, cited by 19%. Customer discovery and retention also remains a significant concern for 15% of business owners.
The importance of work-life balance is overwhelmingly recognized, with 72% of respondents saying that work-life balance is very important to them. This highlights that the demanding nature of entrepreneurship has far-reaching effects on individual well-being.
The study also addresses the technical aspects of business operations. This reveals that almost one in three entrepreneurs (30%) are not comfortable with AI-driven solutions for business automation that could ease the burden of their work. . Furthermore, only 43% of respondents feel satisfied with the current level of automation in their business, indicating a significant gap in adoption and satisfaction with modern technology solutions. is shown.
Finally, when asked about the most time-consuming aspects of running a business, respondents said administrative tasks (31%), customer service (29%), marketing and sales (24%), and product or service development (15%) I listed. The main areas in which they spend the most time.
“When pursuing your entrepreneurial dreams, it’s important to remember that sometimes the greatest act of courage is deciding whether to let go, pivot, or start anew. It is also important for entrepreneurs to at least familiarize themselves with the various automation tools that exist and are improving every day. These tools can save you significant time and resources, increase business efficiency, and pave the way to greater success.” says Daniel Vasilyeu of Latenode.com.
