Small business entrepreneurs in the UK are chalking up more than half a billion man hours, equivalent to over £1bn to the economy every year, a study from Hiscox has revealed.
The Entrepreneurial Domestic produce (EDP) measure shows that every small business owner is clocking up nearly 2,500 hours of blood, sweat and tears every year. On average, this equates to annually to nearly 700 hours more than an employee working an standard 37.5 hour week.
The prospect of working long hours does not appear to be dissuading would-be entrepreneurs from setting up their own businesses, as the perceived advantages of running their own business outweigh the negative – nearly six in ten admitted the desire to be their own boss was a motivating factor.
Last year alone, 212,000 small businesses were started up – an increase of 60% on the previous year’s figures.
Steve Langan, UK managing director at business insurer Hiscox, said small business owners are putting in the extra hours to mitigate against the risks of starting up a business. “Being your own boss can be a liberating experience, but with freedom comes risk,” he warned.
© Crimson Business Ltd. 2008