35% of UK Entrepreneurs Lose Motivation to Run Their Business – At Least Once A Year
While money is the biggest motivating factor of business owners, it also serves as the biggest cause of stress and frustration
35% of UK entrepreneurs lose the motivation to run their business at least once a year, according to a new report by Haines Watts.
The survey of 514 UK business owners revealed that 53% said that financial worries was their biggest concern, and that their volume of work (43%) and responsibility to their staff (42%) was draining their passion for running an enterprise.
An uneven work-life balance, experienced by 59% of respondents, also appears to be taking its toll on firm owners’ psychological wellbeing with 70% admitting they sometimes flirt with the idea of “doing something else.”
Furthermore, business owners appear unable to leave their problems in the office as 38% say their relationship with their partner has suffered as a result of running their own company – with 30% saying the same is true of their children.
When respondents were divided geographically, London and South East business owners were shown to be the most likely to lose motivation at least once a year (45%), while North East (27%) and North West (24%) business owners were the least likely to experience such a dip in productivity.
When it comes to spurring themselves on, money is the biggest motivating factor for enterprise owners and was cited by 64% as their main impetus to continue being their own boss.
Money aside, 52% of UK enterprise owners turn towards their family for motivation when the going gets tough, 40% cited their responsibility as an employer, while 39% say remembering why they started the business in the first place is what gives them added determination.
Michael Davidson, regional managing partner at Haines Watts, said:
“Our research shows that money is one of the most common reasons why business owners find themselves in a spiral of stress, which can dampen their motivation. Part of this stems from business owners attempting to tackle financial difficulties, such as cash flow problems, growing pains and over-expansion, as they arise rather than planning for them in advance.
“But it doesn’t have to be this way. Business owners need to create time to step back and plan for the future. This often starts with short, medium and long term business planning and then building a strong management team to help deliver the plan and keep the wheels turning.”