Owning a small business may be the key to happiness

While the economy has not been kind to small businesses, a new study has found that owners still look on the bright side.

According to a new survey by TD Bank, 69 percent of small business owners across North America describe themselves as “very happy.” Additionally, 61 percent believe themselves to be happier than their peers.

These figures can be at least partially attributed to the fact that these individuals are their own bosses. Nearly 9 in 10 U.S. small business owners said they preferred this to working for someone else, with the majority committing more than 50 hours per week to their business and 39 percent saying they worked 60 hours or more per week.

“Even in a tough economy, they're willing to tackle the ongoing challenges of managing a business in exchange for the personal satisfaction of being their own boss," said Fred Graziano, Head of Retail and Small Business Banking for TD Bank. "With such optimism and determination, it's no wonder that small businesses are leading the way to economic recovery.”

Yet, a study by Discover Financial Services shows that small businesses have lost even more confidence in the economy. According to the survey, the percentage of owners who rated the economy poor jumped 7 percent, to 58 percent, this month.