Data Supporting the 5 Signs You Were Meant to Work for Yourself

The CNN Money article 5 signs you were meant to work for yourself caught our eye for several reasons.

First, the five reasons listed in the article are consistent with our research findings on the self-employed. The second reason is the article had no data backing up the five signs.

But thanks to the MBO Partners State of Independence study series, we have data on each of the 5 signs listed in the article:

1. You never liked taking orders: The article says " ... if the idea of having to answer to a boss has always bothered you, it probably means you're better off working for yourself." The data says:

• 71% of full-time (FT) independent workers (those that work at least 15 hours per week as an independent during an average work week) say they always wanted to be their own boss and 64% say they don't like having to answer to a boss. 

2. You get a thrill out of making money: The article says "... it's often the pursuit of the almighty dollar that drives us to perform our best." The data says:

• 61% of FT independent workers say they earn more money working on their own

3. You'd rather work than relax: The article says " ... if working is something you generally like to do, you should have no problem investing additional time." The data says:

• The average FT independent worker works about 52 hours per week.

4. You're a natural risk taker: The article says "... if the idea of trying something new doesn't scare you, but rather excites you, it's a sign that you're suited to work for yourself." The data says:

• As the chart below shows, only 26% FT independent workers consider being independent or owning a small business very risky versus 64% of those with a traditional job.
• More broadly, we've consistently found the self-employed are less risk adverse compared to those with traditional jobs. 

    

5. You value flexibility: The article says "... if having flexibility with your days is important to you, you'll most certainly come to appreciate being self-employed." The data says:

•  68% of FT independent workers said schedule control was a key reason for them becoming independent.
• More broadly, independent worker and the self-employed consistently cite flexibility, control and autonomy as the main reasons for being independent.