Despite the risks and necessary time and financial commitments of opening a business, most small business owners in the U.S. would still try it again if they had the choice, according to a new survey by Wells Fargo and the Gallup Small Business Index.
Of the 600 small business owners surveyed, 84% of participants said they would still choose to open a business rather than do something else for a living if they could.
Almost half of respondents said that the most rewarding part of being a business owner is being their own boss and the ability to make their own decisions.
Other rewarding parts of being a small business owner included high levels of job satisfaction and sense of accomplishment (17%) and the ability to have a flexible work schedule and spend more time with family (12%).
Though most small business owners are satisfied with their choices, they still face some unique difficulties.
The most common grievance of the respondents was the difficulty of building a customer base and generating revenue (23%). Other difficulties included cash flow, credit financing, marketing and adhering to government regulations.
When asked about what challenges they face as small business owners, 5% of respondents said they had none.
Optimism rates of small business owners are now at the highest level since the recession hit in 2008, according to the Wells Fargo/Gallup Small Business Index. However, the optimism of small business owners has not returned to the heights of before the recession, from 2003-2007.
Over the past decade, majority of small business owners have consistently expressed that they would do it all again. Since 2003, the percentage has fluctuated between 78%at the lowest and 87% at the highest.