Starting a business can be a rewarding venture — but many entrepreneurs say the early days are filled with costly lessons and long hours. According to a new survey of 1,000 small business owners and freelancers, many wish they had better prepared for the financial and personal demands of launching on their own.
The research, commissioned by HP and conducted by Talker Research, found that 36% of respondents underestimated the true cost of running a business, while 29% said they didn’t invest enough in marketing. About a quarter (27%) admitted they struggled to maintain a healthy work-life balance.
Still, many business owners say support systems made the difference. Four out of five surveyed (79%) said a reliable network of partners and vendors was critical to their success — even more so than sufficient cash flow (76% vs. 64%). Despite being burned by unreliable partners — something 38% of respondents reported — most credited their community as key to getting through challenges.
“Having a trusted tech partner is essential for small business owners,” said Diana Sroka, SVP of Consumer Services Product at HP. “With limited time and budget, it’s important to find solutions that are smart, flexible, and adaptable to the unique needs of each business.”
Long hours are another reality of entrepreneurship. Respondents said they worked more than 50 hours a week, on average, to get their business off the ground, with 27% putting in over 60 hours and 16% clocking more than 70. Many reported wearing multiple hats in their first years, with roles ranging from customer service and operations to sales and marketing.
Even so, most say they wouldn’t change a thing. Forty-one percent said they wouldn’t redo any part of their entrepreneurial journey, believing the challenges helped them grow stronger and more capable. When asked what resource proved most indispensable, the top answer was “my own creativity.”
Top hurdles identified by business owners included underestimating costs (36%); not doing enough marketing (29%); ignoring work-life balance (27%); pricing services incorrectly (25%); not researching the market (15%); choosing the wrong vendors (14%).
The average business owner took just over two years to feel fully confident in their leadership abilities, highlighting how much learning happens on the job.
For many, tech plays a quiet but critical role in that process. HP’s Instant Ink service — a subscription that delivers ink when needed and helps manage printing costs — was cited as one example of how smart technology partnerships can ease operational burdens for small teams.
