• Half of SME owners and managers cite ‘being your own boss’ as the biggest benefit of running your own business, listing it in the top three advantages, according to the latest Quarterly Survey of Small Business in Britain by The Open University Business School
Being your own boss and more flexible working hours are the biggest benefits of running your own business according to research published for the last quarter by The Open University Business School. The latest Quarterly Survey of Small Business in Britain examines the highs and lows of owning and/or managing a small or medium-sized business in Britain today from the perspective of SME owners and managers, with a specific focus on their goals, success criteria and personal values.
The survey of 1,067 SME owners and managers conducted in May and June 2014 has concluded that half say ‘being your own boss’ is the biggest benefit to running your own business whilst a further 26% say that it provides increased ‘opportunities to be more creative and/or innovative’. For 29% of those surveyed, the sector also provides an alternative to the negative aspects of life in a larger organisation, such as office politics and job insecurity. An additional 8% believe that running your own business can ‘increase status or social standing’.
Dr Richard Blundel, editor of the Quarterly Survey and senior lecturer in Enterprise Development at The Open University Business School, said:
“Contrary to many popular views, ‘opportunity to gain greater wealth and/or earnings’ was only in fifth place, identified by just over one quarter of respondents as one of their ‘top three’ advantages. Perhaps surprisingly, there were marked gender differences here with twice as many of those in ‘largely or wholly male owned’ businesses choosing this as their most important advantage compared to their ‘mostly female’ counterparts.”
Other key findings on the special theme of goals, success and values are:
Reginald ‘Reg’ Smith, who is past normal retirement age and from North London, started his Highgate company just under 30 years ago. Liquivite Vetfoods produces canned liquid pet food which is used by vets to feed and rehydrate sick and older cats and dogs. Until recently, when his son joined the business for a six-month period to develop the online marketing strategy, Reg had been the sole proprietor of the business; he said:
For a copy of the full report please visit www.open.ac.uk/quarterly-survey