New research has revealed that one-third of UK small business owners have lost all motivation to run their company since starting up; of those, one-quarter experience this feeling several times a year.
Many entrepreneurs, who have started their own business, revealed that starting a business is not so different from entering a relationship. There is the honeymoon phase that carries the entrepreneur through for a while, but long-lasting relationships and businesses both require a lot of work and can encounter a few rough patches.
The study found that the main factor that contributes to loss of motivation for an entrepreneur is money worries, as the owner lacks a regular and/ or stable salary. Other factors that can contribute to this include high levels of stress and lower than expected earning potential.
When asked how they realised they were losing motivation, most respondents said that they found themselves procrastinating on projects that are pivotal for their business.
Moreover, UK business owners revealed that they were less likely to carry out activities that can help them acquire new customers, such as updating their website and posting on social media.
However, many business owners confirmed that this lack of motivation is temporary and only one-fifth of those surveyed said they had considered closing their business down.
To keep the flame alight with regards to maintaining a strong business relationship, entrepreneurs should remind themselves of why they started the business in the first place and remain positive by setting new goals.
Business owners can also expand their product or service offering when they start to feel stagnant and taking time away to ‘reset’ or forging new partnerships with other businesses were also cited as good ways to stay connected to their business.