Starting your own business is not an easy task. There are many responsibilities like building capital, working for yourself, and taking on responsibilities. While starting your own business can be exciting, the reality is not so glamorous. As everyone knows, small business owners work very hard, but they may not be aware of exactly how much time they spend on their business. We have all seen Mohanlal struggling to start a business in the movie Mithunam, and the reality is that it has not changed much in this new era.

According to a New York Enterprise Report survey, small business owners spend more time on their business than their employees. They also found that about 33% of them work more than 50 hours a week. This is not the only study to report this data. Other studies, such as a study conducted by Gallup, have also found that small business owners work more than 60 hours a week.

Not only do they spend hours developing their business, but they also work under more pressure. Even if you hire permanent employees, the fact that those employees depend on you for their livelihood can lead to double-duty.

Challenges Small Business Owners Face

The long hours that business owners spend growing their business also affect other parts of their lives. Business also intrudes on personal time, such as family time, romantic life, and vacations.

According to a study by Ondeck, about 57% of small business owners take less vacation time than usual. But this initial inconvenience often goes unnoticed because vacation time increases when you have been in business for a long time and have more reliable employees who can work in your absence.

Millennial Business Owners

Millennials are the generation born between 1982 and 2000. A recent survey by Bentley University found that 66% of millennials plan to start their own business. Millennials don’t want to work for anyone, and they also enjoy other benefits like flexible working hours, regular pay raises, and free weekends. They don’t mind spending more time to achieve this goal.

They believe that having supportive spouses/friends along with helpful financial partners and employees is essential. Owning a small business is a difficult task and it doesn’t happen quickly. It takes time and effort.

Delegation

Delegation is a way for small or new business owners to save time. 70% of small business owners prefer to do everything themselves. This may be because they feel that their employees are not skilled enough and don’t have the necessary experience, or they prefer to do the tasks themselves.

But dividing the work equally among employees can help business owners have more time. In the case of small businesses, delegation is a choice. The owner can choose as per his/her preference.

Personal Sacrifices

In the early stages of starting a business, owners have to make some personal sacrifices due to lack of time. Meals with family, vacations, and celebrations:

• Many people have to work more than 50 hours a week, and some may even have to work weekends.
• Most people also work on important holidays such as Diwali, Independence Day, and Christmas.
• More than half of people only have time to eat one meal at home a day.
• Most small business owners may not be able to attend other important family events such as weddings, social events, and hobbies.
• Most people do not get enough time to celebrate holidays or take a break from work. If they do take a vacation, more than 75% of them spend their vacation time doing things like checking emails.

Financial Sacrifices

In addition to the personal sacrifices that small business owners make for family time, self-care time, and well-being, they also face financial challenges. A study found that more than half of small business owners use personal savings to cover their business expenses. Using personal savings to start a business is the most common practice among millennials. When they make a profit, they save it or invest it back into their business instead of using it for themselves or spending it on other things.

Despite the long work hours, most small business owners are not complaining. The extra workload is one of the most difficult parts of owning and starting a new business. However, many believe that owning a business is something that helps them grow both financially and otherwise.