Business owners at a loss
By Stephen Lacey
A new study has revealed that business owners are under a lot of pressure following the global financial crisis, with many failing to grasp the realities of the current economic climate. Who Wants To Own a Business Anyway? was conducted by Accretive Research and looked at small- to medium-size enterprises in the last quarter of 2012.
"The results of the study were mixed," the principal consultant at Accretive, Stuart Peffer, said. "While people are interested in going into business for themselves, it is hard going when you get there. The softness in the economy has continued to influence business valuations, which has a flow-on impact on the retirement savings of business owners."
It was found that most people who started or bought a business were aged 35 to 55, with significant work experience. They're driven by a desire to control how they operate, the ability to retain all the profits and the chance of a flexible lifestyle.
The study also found most aspiring business owners underestimated the amount of start-up capital required, with 40 per cent believing less than $50,000 was sufficient.
Published: 23 February 2013
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