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The Appeal of Running your Own Business

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With 5.5 million private sector businesses in the UK by the end of 2016, according to business statistics collected by House of Commons Library, it appears that owning your own company is a growing trend.

But with the variety of financial and operational stresses involved, what exactly is it that business-owners love about their independent job role? To find out, check out these survey results and see how gender, age, and location can affect how we feel about running our own companies

What do you love the most about running your own business: the results

  • Being the boss: 76%
  • Flexible hours: 64%
  • Being in charge and having the last word: 40%
  • Selecting staff: 25%
  • Salary advantages: 16%
  • Travelling for business: 9%
  • Other: 6%

Running your own company preferences by age range

To start, we split the group of respondents into the below age brackets:

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  • 18-24-year olds.
  • 25-34-year olds.
  • 35-44-year olds.

The first point we noticed was that being your own boss won the number-one spot for all ages — in fact, 99% of the 18-24 category selected this part of business-owning as their favorite!

What’s more, the 18-24-year-old age bracket apparently likes the job role’s flexibility — 85% said they loved it the most while only 63% of 25-34-year olds and 43% of 35-44-year olds agreed. It also appears that 18-24-year-olds aren’t as concerned with their staff as the other age brackets, with only 8% saying it’s what they loved about entrepreneurship compared to 30% of 25-34-year olds, and 15% of 35-44-year olds.

appeal-running-own-business-own

Ranking in at third was the opportunity to have the final say. Although, it appears that this is more important the younger you are — 46% of 18-24-year olds, 41% of 25-34-year olds and 36% of 35-44-year olds said that this was the factor of running your own business that they liked the most. Also, when it comes to money, it’s clear that youth values financial gain more than their older survey-takers, with 23% of 18-24-year olds considering it their most-loved part of business-owning compared to 16% and 14% of 25-34-year olds and 35-44-year olds, respectively.

Although being the one in charge and having the last word is important regardless of age, it’s clear that money and flexibility lessen in importance as business-owners get older.

Running your Own Company Preferences by Gender

Entrepreneurship knows no gender. This survey suggests that both men and women are generally in agreement when it comes to the best reasons for running a company, with more than three-quarters of both gendersstating that being your own boss was the part of business-owning they loved the most. Ranking second was the flexible working hours (65% men and 61% women).

appeal-running-own-business-gender

 

However, there’s disagreement between the sexes when it comes to the amount who reckon having the last word is the best part of business-owning. Nearly half of all the men surveyed said it was their favorite aspect, while only 27% of women said the same. However, leadership is clearly important to both genders, as putting a team together appealed to 25% of men and 24% of women.

As we work down the reasons for business-owning, we can see that the same factors of the role lessen in importance for both sexes. For men, only 16% said they loved the salary benefits, while an even lower 10% claimed to value business travel. Similarly, salary and travel achieved only 17% and 7% among the females surveyed.

Across the board, it appears that the perks of running a company are similar regardless of sex.

Running your Own Company Preferences by Location

How do business owners feel on both sides of the north-south border? To discover if there are any geographical dissimilarities between preferences, we split the group into Scottish and English business-owners.

English business owners said that being your own boss was the aspect of running a company they liked the most (76%), while flexible working hours claimed the winning spot among Scottish survey-takers by quite a difference (89%). In fact, these two factors swapped places in the England and Scotland lists, with flexible hours taking second place in England (64%) and being your own boss claiming the silver medal in Scotland (67%).

appeal-running-own-business-location

When it comes to putting a team together and salary perks, both nations were generally in agreement.

Putting a team together:

  • 25% in England.
  • 22% in Scotland.

Salary benefits:

  • 18% in England.
  • 11% in Scotland.

Evidently, having the last word is more important for Scottish entrepreneurs than English (56% and 42%, respectively), while business travel trailed in low on both lists (9% in England and 11% in Scotland). Although similar, these results show that English businesspeople prefer their job for its authority, while the Scottish value their work-life balance and free-time more.

Cottages in Northumberland, which researched and created this content piece, is a holiday lettings agency based in England’s Northeast that offers cottages in Bamburgh and other places across the region.

*As part of this survey, respondents could select more than one answer and the results were divided by age, gender, and location.

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Karthik Linga is working as a Digital Marketing Specialist for past 6+ years and contributes as a part-time blogger by learning newer tactics from the experts everywhere. During his free time, he likes to share some of the mind techniques that help sharpen mental processing and arithmetic calculations.

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