Lloyds Bank

FAMILY COMMITMENTS ACT AS BARRIER TO GROWTH FOR GENERATION X ENTREPRENEURS

16 May 2017

 

  • 1 in 4 (27%) Generation X entrepreneurs started a business for a better work/life balance but are struggling to find the flexibility they need

  • Nearly a third (31%) admit that managing their family commitments is a significant challenge in achieving their future plans for business growth

  • Cash flow, increased competition and the impact of Brexit are also key concerns for Generation X business owners

Generation X (31-50 years old) entrepreneurs struggle to balance family life with their ambitions for business growth, according to new research from Lloyds Bank.

This comes despite entrepreneurs identifying family priorities as a driving force for ‘going it alone’ in business, with more than a quarter (27%) admitting to starting their business in response to the need to find more flexibility to look after their children. Half of those surveyed (50%) admitted to working at least full time hours on their own business, while one in ten (8%) also hold down a part time job with another firm as a source of extra cash.

 

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