Wisconsin entrepreneurs are lonely and stressed out.
But they lean on friends and peers for advice, according to a recent survey by the new Wisconsin chapter of global peer-to-peer professional network Entrepreneurs’ Organization. Ninety-three percent of those surveyed said they feel alone and without support.
Other top themes: Most entrepreneurs say starting a business has improved their personal relationships; the main rewards of starting a business are emotional, not financial; and most entrepreneurs have developed skills they lacked when they started.
More than 40 percent said their career has had a positive impact on their spouse/partner relationship, and 66 percent said their spouse/partner feels starting a business was worth it. About 46 percent said it’s enhanced their friendships, and about 33 percent said it’s helped their relationship with their children.
Among the top business skills entrepreneurs said they lacked when they started were marketing, finance and sales, but about 90 percent said they were able to develop those skills later on. Those skills that have been more challenging to develop on the job are staffing, writing and networking.
EO asked whether entrepreneurs felt they had an innate ability to do what they do. About 54 percent said they were born an entrepreneur, and 46 percent said the trials and tribulations of starting and running a business formed them into one.
Newer entrepreneurs said their top challenge is securing funding, and more established entrepreneurs said cash flow and hiring the right people were their main concerns.
When it came to positive outcomes, feeling successful was the top positive attribute for 64 percent of respondents. Fifty-five percent said they have learned valuable lessons, and 42 percent said they have achieved personal development goals.
Among the negatives, 47 percent of entrepreneurs haven’t gotten enough sleep due to stress or lack of time. And 35 percent said they’ve had to reduce personal spending.
In the end, 76 percent of those surveyed were happy with their choice to start a business. And 71 percent said being an entrepreneur has made them more self-confident.
The survey was conducted by an independent market research firm and included 250 Wisconsin entrepreneurs.
EO is hosting a Wisconsin Founders Event on Wednesday, Nov. 14, at 11:30 a.m. at the Harley-Davidson Museum to kick off its Wisconsin chapter.
