How many hours do you work each week? In Europe, the UK small business owners work fewer hours than their counterparts in the US, Germany, France, Netherlands or Spain, according to new research which was just released by Hiscox.
The survey captures responses from 500 small businesses in the six countries. The UK entrepreneurs polled worked an average of 37.6 hours a week compared with an average of over 41 hours. Overall, there was less optimistic as compared to last year and only one in 10 planned to take on staff in the coming year. These UK entrepreneurs also took an average of 21.4 days of leave per year, the highest apart from Germany.
It is interesting to note that the UK’s Federation of Small Businesses responded that its members were putting in long hours in response to renewed confidence and that this report did not take this into account and was therefore “not helpful”.
The report said: “People set up small businesses for many reasons other than money. They value the freedom, autonomy and lifestyle changes that running their own business can bring.” UK business owners were also the least critical of government bureaucracy and labour laws.
Of the 3,000 entrepreneurs polled across six countries: these were the other findings:
– 38% said they were optimistic about the year ahead, down from 48% a year ago.
– 78% per cent said that it was difficult to find funding for new ventures, with only respondents in the UK saying it was easier than it had been a year ago.
– The number of businesses saying they would be able to avoid redundancies this year was slightly up, rising to 63% from last year’s 60%.
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