Feelings of vision and ambition are the driving force behind small business, according to new research released by Xero.
47% of small business owners say a team that believes in the vision of your business is one of the most rewarding aspects of running a small business. Moreover, for 42% of small business entrepreneurs one of the other exciting things is the satisfaction that they are on their path to achieve their ambition.
The Big Emotions of Small Business report also found that the primary thing that motivates small business proprietors to continue to grow is the larger community around them, even though most of them enter a new venture for themselves in the first place.
Some of the other positive features that drive small business entrepreneurs encompass being able to pay people (34%), providing employment to people (32%), and contributing to the lives of other people (32%).
The research conducted by Xero also shows that 44% of small business owners love the fact that they can contribute to the lives of others in some way and 42% of these proprietors enjoy that people are growing with their business. Moreover, nearly three in five small business entrepreneurs (60%) say that the best thing about starting with their own enterprise is that they get to do something they love to do and 37% say that they can be their own boss.
Amanda Newton, the head of community at Xero, says, “Being a people manager is one part leadership and one part empowerment.
“You’re responsible for showing employees direction and vision, and you’re equally responsible for removing any barriers and empowering these people.”
The empowerment of these people includes financial empowerment as well. Paying people is not enough but paying them the right amount and paying on time are also important.
However, this is not being done by small business proprietors as pointed out by survey a of 1,000 workers in Australia, wherein 49% of small business employees go through pay issues.
Recently, celebrity chef George Calombaris’s restaurant empire was fined a ‘contrition payment’ of $200,000 by the Fair Work Ombudsmen for underpaying over 500 staff. Additionally, his company had to pay back just under $8m to his former and current employees. In a recent interview, Calombaris accepted his mistake and apologized for the same, saying he takes full responsibility for it and that his employees “are everything to us.”