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Thousands of UK owner managers would prefer to return to the security of regular, paid employment, rather than continue in the struggle to run their own business.
The responsibility of taking the helm is taking its toll, according to new research from BDO Stoy Hayward, expert advisers to growing businesses, which shows that one in five (21 per cent) UK entrepreneurs yearn for the jobs they once eagerly left behind.
Survival – or pot of gold
While the prospect of freedom and control drives nine in ten (89 per cent) entrepreneurs to go it alone in the first place, times change.
As the business matures and the role becomes more difficult, the biggest motivation for one in six entrepreneurs is survival - closely followed by the reward of the 'pot of gold' once the entrepreneur makes their eventual exit.
No clear vision?
According to BDO Stoy Hayward, the dream of perfect autonomy fades for many entrepreneurs largely because they often set out with no clear vision of the future.
Of the eight in ten (82 per cent) citing the desire to be their own boss as an important factor in setting up their business, more than six in ten (64 per cent) admit to having no exit plan in place.
Those who have no ultimate game plan find the stress of running a company far greater than those who do. Nearly a third (30 per cent) of entrepreneurs with no exit plan say they suffer sleepless nights, worrying about money – 10 per cent more than those who have a firm framework in place.
While stressful, running a business can be fun
Life for today's owner manager is perhaps not as easy as they first imagined when setting out. Entrepreneurs work an average of 54.1 hours a week, the findings reveal, and three quarters (76 per cent) say running a business can take over your life. But despite the stresses and strains involved, nine in ten still consider running a business to be fun.
Peter Leach, Head of BDO Stoy Hayward's growth service said:
"Entrepreneurs outgrow their initial motivation, and if successful, businesses outgrow their entrepreneurs.”
“Growing a business is different from founding one – many entrepreneurs think they can do both. They often can't without additional help. For most an exit is a question of when, not whether. Good entrepreneurs are as good at getting out as they are at getting in."
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