Thinking of becoming an entrepreneur? You may want to think again.
According to a new survey, entrepreneurs and small-business owners suffer from frequent burnout caused by long hours and few vacations. The survey, conducted by market research firm Maru/Blue on behalf of CIBC, found that two-thirds of entrepreneurs and business owners who responded work longer hours since starting their own ventures and 61% said their stress levels are much higher compared to when they were employed in conventional jobs.
The online survey of 1,005 entrepreneurs and small-business owners was conducted between August 8 and 18. The results are considered accurate within 3.1 percentage points, 19 times out of 20. Nearly four in 10 respondents (40%) said they have taken little or no vacation in 2019, and 60% said they struggle to get time off from work. Additionally, 54% of respondents said they have given up hobbies and extracurricular activities since starting their own businesses.
In a news release, CIBC said entrepreneurs are "the lifeblood of our economy" and that they need proper summer vacations and support from policymakers to make life more manageable. CIBC noted an International Monetary Fund statement that calls on Canada to reduce regulatory hurdles that entrepreneurs face.
