IN OTHER NEWS – A new study reveals that more than half of small business owners in Georgia feel trapped due to various limitations.
Release:
- 1 in 5 say they cannot sell at a profitable price.
- 19% say they have little balance between personal and work life.
- Interactive map showing the results of the survey.
The allure of entrepreneurship captivates many: the autonomy of being your own boss, the satisfaction of making money independently, and the ambition to succeed. However, beyond this attractive veneer lies a less discussed truth. Many entrepreneurs, after having invested their resources and countless hours in their companies, face the harsh reality that exiting involves more than just financial costs; It also means dealing with personal pride and the challenge of starting over.
A recent survey conducted by Latenode.com The participation of 3,000 small business owners illustrates this point. A staggering 55% of small business owners in Georgia expressed a desire to exit their businesses, but felt unable to do so due to various limitations.
The feeling of being trapped varies significantly between regions; For example, a notable 65% of business owners in Oklahoma want to completely disconnect from their businesses, while in Iowa, most seem happier, with only 22% expressing a desire to leave.
Created by Latenode • View larger version
Digging deeper into the reasons that tie these owners to their businesses, the survey identified several key factors. Emotional attachment emerges as the top barrier, with 37% of respondents citing deep personal connections to their companies as the main reason they can’t leave. Financial dependence is another important factor: 25% depend on their business income as their main financial resource. Additionally, 20% of business owners face financial barriers to selling their businesses at a profitable price, while 19% encounter a shortage of suitable buyers, further complicating their exit strategies.
The challenges of running a small business go beyond the difficulties of getting out. According to the survey, the biggest obstacle entrepreneurs face is time management, highlighted by 39% of respondents. Other major challenges include financial constraints, cited by a quarter of participants, and the struggle to balance work and personal life, noted by 19%. 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 considering it very important. This highlights the broader implications that the demanding nature of entrepreneurship has on personal well-being.
The survey also addressed the technological aspects of business operations. It reveals that almost one in three entrepreneurs (30%) are not familiar with AI-based solutions for business automation, which could potentially alleviate some of their operational burdens. Additionally, only 43% of respondents are satisfied with the current level of automation in their businesses, indicating a significant gap in adoption and satisfaction with modern technology solutions.
Finally, when asked about the most time-consuming aspects of their business operations, respondents identified administrative tasks (31%), customer service (29%), marketing and sales (24%), and product or service development (fifteen%). the main areas where they spend most of their time.
“In pursuing entrepreneurial dreams, it’s important to remember that sometimes the greatest act of bravery is knowing when to let go, pivot, or start over. It is also important for entrepreneurs to at least familiarize themselves with the variety of automation tools that exist and improve every day. These tools can dramatically save time and resources, drive business efficiency, and pave the way for greater success.”says Daniel Vasilyeu of Latenode.com.