Small Business: Lots of Work, Low Pay for Entrepreneurs - but Getting Better

A new Citibank® survey reveals perpetual reinvention rewarded by grateful employees and customers. The surveyed small businesses and found that 23 percent of owners have gone without pay for at least a year as they work to keep their businesses afloat in a tough economy.
Small business owners like myself are struggling to stay afloat, but most that I speak to keep fighting the fight. Small business can turn on a dime if they stay on top of expenses, margins and bottom line. I predict that those of us who continue to morph and change to build our businesses, will do very well. An entrepreneurial spirit combined with good business sense will surely succeed.
I pulled the percentages below, because many I know (including myself) have experienced these issues...

• 78% have taken less profit
• 70% worked more hours than usual
• 69% Used their own money to help the business survive
• 54% say they have gone without a paycheck in order to keep the business running.
• 23% of owners have gone without pay for one year or more.
• 38% said their employees worked overtime without pay
• 18% of owners said employees either missed paychecks or had paychecks delayed.

"Small-business owners risk everything to pursue their dreams and are willing to do what it takes to make it," said Maria Veltre, Managing Director, Citi Small Business. "Their personal sacrifices, passion and ability to adapt have positioned them to capitalize on improving business conditions."

Following are the full results from Citibank: