According to a new Vistaprint study, 33% of small business owners in the U.S. experience at least once a year, the lack of motivation that made them start their entrepreneurial journey.
The study identified stress in running the business as the top reason why business owners were losing their motivation.
Simon Braier, Vistaprint Customer Strategy and Insights Director compared the motivation at the start of a business to the honeymoon stage in a relationship. He said that both businesses and long-lasting relationships need “a lot of work” and will encounter “a few rough patches.”
He added that business owners should consistently remind themselves why they started the business and seize new opportunities to “keep the spark alive.”
Small Business Owners’ Motivation Statistics
The survey for the study in the U.S. was conducted in February 2019 with 365 small businesses owners with 0 to 10 employees as respondents.
The same survey was also done in Canada and the U.K. with 371 and 294 respondents respectively.
High levels of stress, lack of regular/stable salary, and lack of work-life balance were the top reasons of U.S. business owners for losing motivation.
The lack of regular/stable salary followed by stress were the top two reasons for the lack of motivation given by respondents in Canada and the U.K.
The respondents in the three countries also identified procrastination as the primary sign of their low motivation. The other signs that they lack enthusiasm for business-related activities were: fewer website updates and social media posts. Procrastination can prevent a business owner from staying on top of business situations and lead a company to failure.
How to Keep the Motivation High
Survey participants also shared how they keep their motivation high through the years as well as gave some tips to fellow small business owners.
The first tip is for business owners to remind themselves why they started the business. They should not allow high-level stress and other issues to make them forget their initial motivation. Other tips include: seeking new challenges and setting new goals, forming partnerships with other brands/businesses, taking some time away from the business and more.