American and European entrepreneurs studied

A survey has researched SMEs in Europe and United States and revealing that entrepreneurs in the UK have the shortest working week.

The research was conducted by insurer Hiscox and compared 500 small businesses in six European countries: Germany, France, the Netherlands, Spain and the UK, along with the USA.

The chief executive of Hiscox, Bronek Masojada said: “Our research findings support the idea that small businesses are adapting to ‘the new normal’, anticipating tough trading conditions rather than expecting any early return to the boom years of the last decade.”

UK business owners were found to work the shortest hours, with an average of 37.6 hours a week – the overall average was 41 hours. The survey revealed declining optimism amongst entrepreneurs, while one in ten planned to hire additional staff over the next year. Other than in the UK, the majority of those polled said that it was harder to gain financing compared to a year ago.

Germany led with the highest number of holidays taken, followed by the UK.