Small business owners work on average an extra 2 hours every day - 700 hours a year - than an employee working an average 37.5 hour week, according to a study by business insurer Hiscox.

The study shows that more than a third of small business owners put in over 50 hours a week, with 14% working more than 60 hours every week.

Despite the long hours running a business remains an attractive prospect, with over half of UK small business entrepreneurs citing the desire to be their own boss as a motivating factor.

The research by Hiscox has shown the contribution of SME owners to the economy, with them clocking up man-hours worth over £1bn to the UK economy every year.

"Being your own boss can be a liberating experience, but with freedom comes risk. So many entrepreneurs put their homes, finances, and even personal lives on the line when they first start out," said Steve Langan, UK managing director at Hiscox.