Qonto, one of Europe’s leading business finance management solutions, has published its latest research into the experiences of European entrepreneurs. In collaboration with survey-makers, Appinio, Qonto canvassed 1,600 entrepreneurs across France, Germany, Italy and Spain in November to understand their motivations, the challenges they face, the support systems they lean on and what would improve their working lives.
And the findings uncover daily compromises being made: financial certainty traded in for better work/life balance and business creation stresses mitigated by the support of friends and families. But, despite 70% of EU entrepreneurs finding business operations difficult, over 80% have no plans to quit over the next year.
Motivations for independence tell a story of autonomy rather than obligation. The majority are attracted to entrepreneurship thanks to positive ‘pull’ factors – like work/life balance (31%), creative freedom (31%) or pursuit of a passion (17%). ‘Push’ factors are less common – 11% cite economic necessity and 9% recall negative past employer experiences as drivers. And even fewer are going independent in search of greater earning potential: just 4% mention having reached a financial ceiling in traditional employment as a key motivation.
Perhaps appropriately for the country with the le droit à la déconnexion (right to disconnect), France is most likely to go independent in search of work/life balance (36%), while Germany is uniquely attracted by the idea of creative freedom (37%). Spain reveals itself to have the most pragmatic motivations: the highest sense of economic necessity at 17%, paired with the lowest passion-led entrepreneurship at 9%; almost half the EU average.
Anxiety around maintaining a regular income is the clear frontrunner when it comes to entrepreneurs’ money concerns: almost one-third (30%) of respondents say it’s their biggest financial challenge. That’s more than double any other issue, with technical concerns like managing personal vs. business finances (12%), understanding and optimising taxes (11%) and navigating compliance costs (8%) named as secondary worries.
