Being your own boss along with freedom to pursue new opportunities, and not just the money, are the top reasons driving entrepreneurship, researchers say.
In the study, entrepreneurs said that they start their own businesses to follow a personal passion while others say they do so to be their own boss.
Making money was a lower priority than all those reasons among entrepreneurs in their decision to start a business.
Despite those good intentions, entrepreneurs also have a few traits that may be detrimental to their long-term prospects, 'BusinessNewsDaily' reported.
The research found that eighty-five per cent of business owners believe they have a competitive advantage in their business while half of business owners believe their employees are more productive than the competition.
"We know that running a small business is tough and time is ticking," said Jonathan Raymond, CEO of business coaching company EMyth.
"Owners need answers they can trust, with clear guidance on what to do next based on their unique situation. Only 50 per cent of new businesses survive the first five years and only a third will last 10 years," according to the Small Business Administration.
