Wells Fargo/Gallup: More Than Half of Small Business Owners Work at Least Six-Day Weeks, Still Find Time for Personal Life

Despite Working an Average of 52 Hours Per Work Week, Small Business Owners

are Satisfied With Their Work-Life Balance

Aug 09, 2005, 01:00 ET from Wells Fargo & Company

    SAN FRANCISCO, Aug. 9 /PRNewswire-FirstCall/ -- Most small business owners
 may never know the true meaning of a nine-to-five workday or a five-day-a-week
 job, but the latest Wells Fargo/Gallup Small Business Index finds they
 wouldn't have it any other way. Today's small business owner works an average
 of 52 hours per week, with fifty-seven percent working at least six days a
 week, and more than twenty percent working all seven.
     Small business owners surveyed take an average of two weeks of vacation
 per year, with fourteen percent not taking any vacation at all. Of those
 taking a vacation, thirty-nine percent do work-related activities (phone
 calls, emails, etc.) during that time.  However, sixty-five percent of those
 surveyed say they make time outside of work for things important to them, and
 forty-nine percent say their personal life is rarely affected by stress from
     "Perhaps the most obvious and important benefit of being a small business
 owner is that you get to do what you love and are inspired by everyday," said
 Richard Amador, CEO of CHARO Community Development Corporation in Los Angeles.
 "Yes, we battle stress and long hours, but the difference is we know we built
 this business, and it's our sweat equity that determines its success. This
 helps our businesses, our customers, and the economy."
     While sixty-seven percent are content with their work-life balance,
 another twenty-two percent are not.  Despite some dissatisfaction with
 work-life balance, eighty-seven percent of all respondents say they're
 satisfied as a small business owner and ninety-four percent say they are
 successful. Moreover, eighty-four percent say that if they had to do it all
 over again, they would still become a small business owner.
     "All of us are looking for ways to improve our work-life balance. This is
 a unique challenge to manage, particularly for small business owners, who tend
 to wear multiple hats and do the jobs of many," said Rebecca
 Macieira-Kaufmann, executive vice president and small business segment manager
 for Wells Fargo. "But small business owners have such strong optimism and are
 so passionate about what they do, it's not surprising this is carrying over
 into how they live their lives.  Small business owners tackle the work-life
 balance challenge with enthusiasm and confidence, and demonstrate the two can
     Forty-seven percent of small business owners surveyed say if they won
 $10 million in the lottery, they would still work in their current job. Only
 nine percent would stop working altogether, while eight percent would opt for
 a combination of work, pursuing other areas of interest, and volunteering.
     The Index, which measures business confidence and overall market
 conditions as seen by small business owners, dropped 11 points, 110 to 99,
 over the past quarter. This is the first drop in the Index score since third
 quarter 2004.  The decline, mostly seen in small business owner's expectations
 for the year ahead, could be attributed to the continuation of high energy
 prices, particularly gasoline prices, which reduce the disposable income of
 consumers and can contribute to reduced sales.  High energy prices also create
 higher operating costs for small businesses, which could be another
 contributing factor.
     To understand and support the growth of small businesses nationwide, Wells
 Fargo partnered with the Gallup Organization to create the Wells Fargo/Gallup
 Small Business Index. Since the third quarter of 2003, the Index has surveyed
 small business owners on their perception of current conditions and future
 expectations relating to financial situation, revenues, cash flow, capital
 spending, number of jobs and credit availability.
     About Wells Fargo
     Wells Fargo & Company is a diversified financial services company with
 $435 billion in assets, providing banking, insurance, investments, mortgage
 and consumer finance to more than 23 million customers from more than 6,000
 stores and the Internet (wellsfargo.com) across North America and elsewhere
 internationally. Wells Fargo Bank, N.A. is the only bank in the United States
 to receive the highest possible credit rating, "Aaa," from Moody's Investors
     Providing financial products and services to more than one million
 businesses with annual sales up to $20 million in all 50 states, Puerto Rico
 and Canada, Wells Fargo is the #1 lender to small businesses in the United
 States in total dollar volume according to the most recent CRA data (2003).
     The second largest national SBA lender in dollars, Wells Fargo is an SBA
 Preferred Lender in 28 states, and originated 3,555 loans for $495 million in
 2004.  Wells Fargo has also been ranked the number one SBA 504 lender
 nationally for the last two years. Its targeted business services programs
 provide outreach and education to women, African American, Latino, and Asian
 business owners about financial services. Since 1995, Wells Fargo has loaned
 more than $25 billion to women and minority business owners.
     About the Gallup Organization
     For more than 60 years, the Gallup Organization has been a recognized
 leader in the measurement and analysis of people's attitudes, opinions and
 behavior.  While best known for the Gallup Poll, founded in 1935, Gallup's
 current activities consist largely of providing marketing and management
 research, advisory services and education to the world's largest corporations
 and institutions.

SOURCE Wells Fargo & Company