July 29 ,2016 | by Thiago Kiwi

Work-life balance biggest motivator for entrepreneurs, study finds

More control over work-life balance is one of the main motivations for small business owners, according to a survey from AXA Business Insurance.

The research surveyed over 800 entrepreneurs in the UK to find out what motivates them to run their own business.

Control

Over 60 per cent of small business owners said that being their own boss and having more control over work-life balance keeps them committed to their business.

More than a quarter of survey respondents said that early retirement is their main motivation for running their own business, whilst a third wish to stop working within the next ten years.

Making a positive difference in the world was found to be another reason for entrepreneurs staying committed to their business, with six out of ten business owners saying that they feel as though they have already achieved this goal.

Priorities

The research also found that financial gain is less of a priority for small business owners, with just 2 per cent wanting to be a billionaire.

Younger entrepreneurs were found to be more motivated by financial gain, with nearly 25 per cent of 18 to 34 year olds saying that their main aim is to become wealthy. Those who are least financially motivated are 45 to 54 year olds, with two in five stating that money is not important to them.

Thiago Kiwi

Thiago is the LSBF Blog Editor who manages news and features content on the site, and writes about business, finance, technology, education and careers.

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