THESE ARE tough economic times for small business owners and those running a side hustle—around the world..

A new survey reveals that a significant number are struggling to keep afloat. They are finding, too, that they have to put in more time and effort into their business this year than in previous years to keep it going.

Respondents to the survey say their main challenge is the ability to make money under inflation. About a third of the 10,000 entrepreneurs questioned cited this as their main concern. Of them, 2,000 are in the United States.

The survey, commissioned by Herbalife and conducted by Talker Research, comes a at time when World Entrepreneur Day is being celebrated.

Other major concerns are:

• The struggle to retain customers (25%)

• Having to work more hours than they can reasonably work in order to stay afloat (23%).

Respondents also say they are not earning enough money from their business or side hustle and they are having difficulty balancing growth and quality.

“Staying informed and adaptable is key to navigating the shifting landscape effectively,” says  Frank Lamberti, chief commercial officer for Herbalife.

Presidential election

Those in the U.S. were also asked about the upcoming presidential election, and how that ties into their thoughts on the economy, small businesses and side hustles.

Seventy-four percent of respondents plan to vote in November’s election, and of those, 44% are worried that whoever wins the election will negatively impact the economy, causing small businesses to close.

The survey shows that about a third of Americans consider themselves to be “an entrepreneur.” 

Younger more likely

The survey revealed younger generations are slightly more likely to consider themselves entrepreneurs — 36% of Gen Z and 39% of millennials.

That’s compared with 29% of Gen X respondents and just 25% of baby boomers.

Respondents were also asked how they would define “entrepreneur.” One respondent said, “Someone who is willing to lay it all on the line for their dream. They will be willing to risk it all.”

Another responded, “Someone who has drive and determination to put their business ideas into action and become successful.” A third simply said an entrepreneur is someone who’s “fearless.”

Men more than women

Not only were younger generations more likely to consider themselves “entrepreneurs” — but men were more likely to identify with the term than women (38% vs. 27%).

That’s despite a very similar number of men and women owning small businesses or having side hustles (36% vs. 34%) or wanting one in the future (44% vs. 46%).

The survey looked generationally at respondents from all countries, to see who was the most optimistic about potential entrepreneurial pursuits.

More positive

Results revealed younger generations are more positive: 69% of Gen Z and 63% of millennials surveyed were optimistic about entrepreneurial endeavors, whether for themselves or in general.

That’s compared with 50% of Gen X respondents and only 35% of baby boomers who reported being confident, considering today’s economy.

But this optimism doesn’t mean people aren’t worried about the current state of the economy. Fifty-nine percent of respondents are currently worried, and that was consistent across generations.

And for those who are not interested in starting a small business or side hustle this year, worries about the state of the economy were the top reason why (25%).

That said, despite these worries, younger generations especially are still working toward their goals. Not only were younger respondents more positive about entrepreneurial pursuits, but they were also more likely to have a small business or an active side hustle.

Four in 10 Gen Z and 41% of millennials have one or the other, compared to 31% of Gen X and 19% of baby boomers surveyed.

“Younger generations are embracing side hustles and starting small businesses due to a number of motivating factors including economic uncertainty, a desire for flexibility and a greater interest in pursuing a passion or hobby,” said Frank Lamberti, chief commercial officer for Herbalife. “Network marketing, in particular, can help meet these needs and offer low start-up costs reducing the stress and anxiety that can be associated with starting a business.”