Recent research by latenode.com concluded that 28% of Michigan small business owners have expressed a desire to exit their business but feel trapped, a low number compared to other Great Lakes states. I am.
According to the survey, the percentage of entrepreneurs in other Great Lakes states who feel trapped is 36% in Ohio, 45% in Indiana, 43% in Illinois, 32% in Wisconsin, and 32% in New York. 40%, and 41% in Pennsylvania.
To see the numbers for all 50 states, go here.
According to this study, many entrepreneurs grapple with financial costs, personal pride, and the challenge of starting over after pouring their resources and countless hours into a business venture.
Respondents were selected from a geographically representative online panel of double opt-in members. This selection was tailored to meet the criteria required for each unique study.
In our research, 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 percent of business owners face financial barriers to selling their business at a profit, and 19 percent face a lack of suitable buyers, making exit strategies even more complex. It has become.
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 key challenges include financial constraints, cited by a quarter of participants, and struggling to balance work and personal life, cited by 19 percent. Finding and retaining customers also remains a critical concern for 15% of business owners.
The importance of work-life balance is overwhelmingly recognized, with 72% of respondents saying work-life balance is very important to them, and the demanding nature of entrepreneurship impacts personal well-being. It highlights the wide-ranging implications.
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 operations.
When asked about the most time-consuming aspects of running a business, respondents said their main tasks were administrative tasks (31 percent), customer service (29 percent), marketing and sales (24 percent), and product or service development (15 percent). I listed it as a task. The areas where they spend the most time.
“As you pursue your entrepreneurial dreams, it’s important to remember that sometimes the most courageous thing to do is decide whether to let go, pivot, or start anew.” says Daniel Vassiliu, co-founder of Latenode.com. “For entrepreneurs, it is also important to at least become familiar with the various automation tools that exist and are improving every day. These tools save a lot of time and resources, increase business efficiency, and pave the way to greater success. can do.”
