The Suncorp SME vs Me Report reveals the top 10 reasons why people start their own business, and some of the findings might surprise you.

The report also sheds light on the level of work-life balance achieved by SME owners, how much time they spend working in and on their business, and the challenges they face in trying to grow their business.

The number one motivator for starting a business, cited by just over half of all SMEs, was simply being the boss.

Other factors that ranked highly among SMEs were doing what you are passionate about, finding a better work-life balance, and taking greater control of your life.

The potential for greater financial reward ranked in fifth place, suggesting that money is not the primary reason for starting a business.

Besides being the boss, SME owners also want to have more control over who else they work with – cited by around one in five survey respondents as a motivating factor for originally starting their own business.

Spending more time with family, challenging themselves and limited alternative employment opportunities also ranked in the top 10 reasons.

Interestingly, only 14 percent of SME owners started their business as a result of a great idea for a product or service.

The Suncorp SME vs Me Report also investigates how the actual experience of being in business compares with the original expectations of business owners.

Overall, around half of SME owners say the reality is better and another one third report that owning a business is about equal to their expectations. The results were quite similar regardless of whether the business owner was a sole trader, had 1-19 employees, or 20-199 employees.

Business owners in rural areas were slightly more satisfied with their experience in business than their counterparts in metropolitan regions.

Those with businesses operating for at least three years are more likely to say the experiences have exceeded expectations than new entrants to the business world.

Suncorp Head of Business Customers, John Debenham, said the Suncorp SME vs Me Report confirmed the popular belief that being the boss was the biggest motivator for starting a business in Australia.

“Our report also shows that personal factors such as gaining greater control over your life and following your passion are more important reasons for going into business than purely gaining a financial reward,” Mr Debenham said.

“It is also encouraging to discover that in about 50 percent of cases, the experience of owning a business actually outweighs the original expectations,” he said.

“Anyone thinking about starting a business should also be inspired by the fact that relatively few business owners felt they needed a great idea for a product or service in order to take the plunge.

“It seems hard work and the desire to make a positive change in your life is motivation enough for the majority of SME owners.”