01-05-2007
Working for the love, not the money
Business owners are labouring one and half times the standard number of hours in order to run their companies. On average they work nearly 53 hours a week, compared to the 35 hours worked in a nine-to-five job. That equates to a staggering 33 million extra 'working weeks' put in collectively each year by the UK's 1.4m small businesses, according to research from Bank of Scotland Business Banking.
The major motivation to burn the midnight oil is "having a sense of achievement”, with 35% of those surveyed pointing to that, along with growing their businesses. Entrepreneurs in the Midlands and the north east of England are the most likely to work long hours - an average 54 hours a week.
By contrast business owner-managers in the north west work 51 hours a week on average, the survey of 1,000 small business owner-managers across Britain reveals. Across the UK almost one in seven (14%) small business owner-managers works over 70 hours each week. However, those working the longest do not necessarily have the most successful businesses.
The survey asked what motivates people to run their business. “Growing the business and having a sense of achievement” was the top answer, given by over a third of those questioned (35%). Almost a third (32%) simply wanted to enjoy running their business, with profits a secondary concern, while more than a quarter (26%) unashamedly wanted to “make as much money as possible." Making money was the primary motive for a third (32%) of those working over 70 hours a week.
Many people are said to be happiest when working and a quarter (26%) of owner-managers agree that they prefer to be at work. However slightly more (33%) prefer to be away from their business and 38% say they are equally happy working or not. Tellingly those who say they prefer to be at work spend an average of 55 hours a week in their business - as compared to under 51 hours for those happier away from work. There is little regional variation but the Midlands, as with working hours, are top of the ‘workophile’ table. Here 28% say they are happiest at work with the lowest figure being recorded in the North East (21%).
Kevin Gillett, Head of Bank of Scotland Business Banking, commented: “The survey results show just how dedicated Britain’s owner-managers are to making a success of their businesses. They are prepared to work longer hours than most and often do this, not for monetary gain, but a sense of achievement or enjoyment."
