Every small business owner starts out with the hope of becoming a big success. But the definition of that success might mean something different for each individual entrepreneur. The ways in which small business owners can measure the success of their venture are as myriad as the reasons people strike out on their own in the first place.
According to the Hartford Small Business Study, the most common measure of success among entrepreneurs surveyed was earning enough to live comfortably (24%), followed closely by doing something they enjoy (23%). The smallest percentage of businesspeople said that they would consider themselves successful if they were able to sell their business for a big profit – just 4%.
If you are among the business owners in the first two groups, who value living comfortably and enjoying their work, there is good news for you. According to research compiled by Gravitate, happiness and profit seem to go hand in hand. If you have a few employees helping around your business, you might be interested to know that lower turnover rates among happy employees in the US save employers $2.3 billion annually.
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