Millennial Entrepreneurs Work 49.4 Hours Weekly, Many Regret Starting Businesses
Millennial entrepreneurs, born between 1981 and 1996, are working exceptionally long hours, with an average of 49.4 hours per week, according to a recent study. Dubbed the 'snowflake generation', these business owners are putting in staggering amounts of overtime, equivalent to multiple international flights or numerous TV show marathons. However, this relentless work ethic is taking a toll, with 38% expressing regret for starting their businesses due to burnout concerns.
The long hours are not unique to millennials; over half (56%) of small and medium enterprise (SME) owners in the UK work six or seven days a week. On average, SME owners clock in 2,366 hours per year, including 416 hours of overtime. This intense workload can be attributed to the significant effort required to start and grow a business, often involving overtime. Moreover, some entrepreneurs cannot afford to take time off, with 14% not taking any holidays and 23% working even when on holiday.
To tackle this issue, collaboration has been identified as a potential solution. Networking events and mentorship programs could help reduce the workload on SME owners. Business clusters, such as Silicon Roundabout and the Midlands car manufacturers, have proven successful in driving collaboration and innovation.
Supporting small business owners could help them enjoy running their businesses and allow them to close on time. By encouraging collaboration and providing mentorship opportunities, the UK could help alleviate the high levels of overtime and burnout among its entrepreneurs. This, in turn, could foster a more sustainable and productive business environment.
