A recent survey conducted by Latenode.com has highlighted significant challenges faced by small business owners in New Jersey, revealing that many are struggling with work/life balance and feel trapped in their business endeavors. The study, which involved 3,000 small business owners across the United States, found that 54% of New Jersey entrepreneurs wish to exit their businesses but feel unable to due to various constraints.
The survey indicated that one in five New Jersey small business owners are unable to exit their businesses at a profitable price, contributing to the feeling of being trapped. Furthermore, almost half of the respondents in New Jersey reported a lack of work/life balance, emphasizing the personal and financial sacrifices involved in entrepreneurship.
Regional differences in business owner satisfaction were also apparent, with 65% of Oklahoma entrepreneurs desiring to disconnect completely from their businesses, contrasting sharply with only 22% in Iowa expressing a similar desire.
Key factors deterring business owners from exiting include emotional attachment, cited by 37% of respondents, and financial dependence on the business, noted by 25%. Additionally, economic barriers and a lack of suitable buyers complicate exit strategies for many.
The survey also explored the day-to-day challenges of running a small business, with time management emerging as a significant hurdle for 39% of entrepreneurs. Other major challenges include financial constraints and the difficulty of acquiring and retaining customers.
Despite these difficulties, the importance of work-life balance is widely recognized, with 72% of business owners deeming it very important. The survey also highlighted a gap in the adoption of modern technological solutions, with 30% of entrepreneurs unfamiliar with AI-driven business automation tools, which could potentially ease operational burdens.
Daniel Vasilyeu of Latenode.com noted, “In the pursuit of entrepreneurial dreams, sometimes the greatest act of courage is knowing when to let go, to pivot, or to start anew. It’s also important for entrepreneurs to at least become familiar with the variety of automation tools that exist and are getting better each day. These tools can drastically save time and resources, boosting business efficiency and paving the way for greater success.”
The findings underscore the complex realities of entrepreneurship, balancing the allure of independence against the tangible challenges of sustaining a small business.
- Judge rejects Bimbo Bakeries bid to overturn union arbitration winNewark, NJ – A federal judge has refused to vacate an arbitration award favoring Local 53 of the Bakery, Confectionery, Tobacco Workers, and Grain Millers Union, shutting down Bimbo Bakeries USA’s effort to undo the ruling tied to the firing of a worker after a 2021 altercation at its Albany bread plant. Arbitration battle over
- New Jersey Democrats Taken to Court Over Deceptive South Jersey Ballot Design to Help Mikie SherrillTrenton, NJ – The Republican National Committee, New Jersey Republican Party, and local GOP leaders are backing a lawsuit to block what they call an unlawful and deceptive ballot design for the upcoming general election in Gloucester County. Ballot format sparks legal fight Filed under Sammons v. Hogan, the lawsuit challenges Clerk James Hogan’s decision
- Brick Township police earn re-accreditation for fourth timeBrick, N.J. – The Brick Township Police Department has once again secured state recognition for meeting top professional standards, receiving its fourth Certificate of Re-Accreditation from the New Jersey State Association of Chiefs of Police. Recognition of excellence The honor was presented during this week’s Township Council meeting, where Chief David Forrester accepted the certificate
- Jersey City man gets 25 years for fatal apartment shootingJersey City man sentenced to 25 years in prison for fatal shooting of woman in 2023 JERSEY CITY, NJ – A 41-year-old Jersey City man has been sentenced to 25 years in state prison for the fatal shooting of a 35-year-old woman inside a Bergen Avenue apartment last year, Hudson County prosecutors announced. Lucus Cooper
- Mikie Sherrill paid $200,000 to daughter of Trump hating New York Judge Juan MerchanWASHINGTON, D.C. – A political consulting firm led by the daughter of Judge Juan Merchan, the New York judge who presided over President Donald Trump’s historic 2024 criminal trial, has received more than $200,000 from Rep. Mikie Sherrill’s reelection campaign this cycle, according to federal campaign finance records. His daughter’s firm is connected to an