Published: May 24, 2024
by Annie Pilon
In Small Business News
Nearly half of U.S. small business owners feel trapped in their businesses, according to a recent report.
The survey comes from the low-code AI integration platform Latenode and includes responses from 3,000 business owners around the U.S. Researchers found that 45 percent of surveyed small business owners may want to quit but feel trapped running their businesses.
Of those business owners, 37 percent said they feel like they can’t quit because they feel an emotional attachment to their business, while 25 percent said they are financially dependent on their businesses, 20 percent said they face economic barriers to selling at a profit, and 19 percent cited a lack of suitable buyers.
So, what are the factors that are making some small business owners want to quit? In the survey, 39 percent cited time management as a main challenge, 25 percent said they face financial constraints, 19 percent struggle to balance work and personal life, and 15 percent have a hard
