A new survey from Superscript: the subscription-based, online business insurance provider, found that business owners and entrepreneurs across Britain are happily choosing to prioritise their business over their personal lives. A shocking 52% of men and nearly half of women (48%) surveyed agreed that it is often necessary for them to put their work or business first, over their family or friends.
Superscript asked entrepreneurs and business owners, with its unavoidable impact on home and family life, is starting up and running a business all it’s cracked up to be? Surprisingly, a third of entrepreneurial respondents (33%) said1 that they would rather choose to work on their business over spending time with their friends or family most of the time! It is therefore no surprise that 40% of those surveyed said making their business a success is their number one priority right now, putting personal relationships firmly to one side.
“The fact that business owners are willing to put their personal lives to one side to start up and run their own businesses illustrates the intense dedication of the modern entrepreneur,” says Cameron Shearer, co-founder, and CEO of Superscript.
Entrepreneurial spirit continues to grow post-pandemic as 35% of respondents suggested that they were now choosing to centre their lives around their business. For 48% of respondents, this need to prioritise their business has had an initial negative impact on their work/life balance as they opt to park their personal lives for professional gains. Although it is a necessary sacrifice that many entrepreneurs have to make, 60% of respondents did feel that it is worth it, as they thrive from knowing they have delivered a good service for their customers and clients.
Half of British business owners agreed that they love what they do so much that they don’t see it as work at all, highlighting growing feelings of positivity amongst those who have taken the plunge as entrepreneurs.
43% of respondents said1 that they see their work as much a part of their daily lives as they see socialising, so much so, that they do not consider running their business to be an infringement on their work/life balance at all showing it really is possible to new business owners to ‘have it all’. Cameron Shearer, co-founder, and CEO of Superscript has developed tips for achieving a harmonious work/life balance while being your own boss:
o Prioritise your time – as an entrepreneur, sticking to working hours can be tricky when the next milestone is within grasp. Superscript’s research found that the top motivation for becoming self-employed is greater control over your schedule – use it wisely.
o Take a break – as a business owner, your business is your baby, but it is important to look after number one too. Looking after your mental health and managing your screen time is important to avoid burnout.
o Switch off – it is all too easy to fret about work after-hours, and that is particularly the case for entrepreneurs. Being unable to switch off can often have a negative impact on relationships.
o Re-evaluate success – we can’t all be the next Bill Gates or Jeff Bezos, but what success looks like for you can be difficult to pin down. Set long term goals and short term objectives.
While having a harmonious work/life balance is possible for some business owners, for others, putting their business first comes with a need to make more sacrifices than just social engagements. Other personal commitments at risk of getting parked because of work include; birthday parties (with 19% of respondents saying they have missed a friend’s birthday celebration and 18% said they missed a family birthday celebration more than twice), holidays, with 15% saying they have cancelled a holiday more than twice, ticketed events such as sporting events, concerts (17%) and even current relationships, with 22% saying they have cancelled plans with their partner more than twice because of the business.
It can be tricky to get a date with an entrepreneur too. 24% of male entrepreneurs have had to cancel on a date more than twice because of their business (compared to 10% of women). Almost 2 in 5 (37%) entrepreneurs surveyed said the feeling of launching their own business was the same or better feeling than sex!
While the pandemic has hit British business owners hard; with 37% of business owners having had to work longer hours over the course of the last year to see their business through – 34% of entrepreneurs said the feeling of getting their business through the pandemic and knowing it has a future, is the same or better feeling than sex!
Shearer adds, “The amount of small businesses buying insurance from Superscript has more than doubled month-on-month since the start of the year. It’s great to see despite the sacrifices many must make to see success in their new ventures, that the British entrepreneurial spirit is growing. Business start-ups were up 24% at the end of last year, showing just how much opportunity is out there for those willing to take the leap”.