From too much time to being disappointed by vendors and underestimating costs. A new investigation has been revealed The biggest hurdle business owners faced when they first started.
A survey of 1,000 small business owners (SBOs) and freelancers identified what they knew from the start.
Economic failure is the most common startup challenge
The results showed economic failure as one of the most common challenges faced by SBO. This underestimated how much it would cost and ensured that adequate cash flow was affected over a third (36%) of SBO.
It was the second mentioned area (29%) that they hoped they had more support or could do more marketing, but maintaining a good work-life balance is beyond one in four (27%) business owners, and freelancers said it was difficult to manage.
The struggle to achieve work-life balance has impacted many new entrepreneurs, but the results showed that supportive communities can actually make a difference.
A survey conducted on behalf of Talker Research Website Instant Ink Services has discovered that many SBOs face early adversity, but have built confidence in their leadership abilities. The average SBO surveyed said it took just two years to feel like a completely confident business owner.
That experience is a struggle. The average SBO estimates that they spent just over 50 hours a week on their own to start a business or establish themselves as freelancers in their field.
A quarter (27%) of owners said the standard week of 60 hours or more was with one in six (16%) recording more than 70 hours.
“For small business owners, having a reliable technology partner is essential,” said Diana Sroka, SVP of HP’s Consumer Services Products. “Due to limited time frames and budgets, it’s important to find solutions that are smart, flexible and adaptable to each business’s unique needs.”
One in six business owners work more than 70 hours a week
These long weeks show that small business owners often need to wear lots of hats. In fact, the average owner estimates that it corresponds to three full-time roles, saying customer service, operations and sales are the most common areas.
It places more emphasis on the need for strong partnerships and trustworthy networks, but many SBOS reports are disappointed. Two in five (38%) said the vendor or partner had a major impact on their business in some way.
It’s not surprising that 79% argued that having a trustworthy network of partners and vendors is important to success. We even ranked having a good connection in our business than having sufficient cash flow when assessing what contributed to our performance (76% vs. 64%).
Interestingly, despite the hardships, 41% said they would not change anything on their entrepreneurial journey.
And to go it alone, you need a vision. When asked what their most essential resource is as an entrepreneur, SBO overwhelmingly cited “my own creativity.”
“In the world of unpredictable entrepreneurship, the importance of strong partnerships, especially with trusted technology partners, cannot be overstated,” Sroka added. “Too many small business owners face set-offs because they missed broken trust, expectations and technological failures. Building strong technological partnerships is critical to moving their business forward in the ever-evolving landscape.”
The biggest hurdles faced by small business owners
- Underestimated cost (36%)
- Not doing enough marketing (29%)
- Ignore work-life balance (27%)
- Pricing product or service incorrectly (25%)
- Not doing enough research in the market (15%)
- Select the wrong vendor or partner (14%)
- Not investing in technology (10%)
- Don’t delegate (10%)
- Ignore customer experience (7%)
- Not outsourcing (7%)
- Skip legal and administrative essentials (6%)
Research method:
The Talker survey looked at 1,000 SMEs (SBOs) and freelancers (splitting 50/50). The investigation was commissioned by Website Managed and implemented online by Talker Research March 17th – March 26th, 2025.
