The behaviour of entrepreneurs is one of the factors that drive business success, experts say.
They add that successful entrepreneurs have a combination of discipline, passion and dedication that are not found among non-business owners.
A survey conducted by Infusionsoft to understand the attitudes and behaviours that drive small business success reveals different personalities, despite many similarities in terms of gender, income and company size among the entrepreneurs.
The results of the ‘Infusionsoft Small Business Market Survey’ reveal unique findings in four attitudinal segments such as freedom seekers, passionate creators, struggling survivors and legacy builders.
The report notes that small business owners who fall into this category have the perception that control and freedom are the key benefits of business ownership.
According to the report, freedom seekers place a high value on their ability to make their own decisions and have a flexible schedule.
They choose to work in the environments of their choice and have control over their careers, it says.
It adds, “They also value having the ability to escape from the corporate world and the opportunity to make more money. Freedom seekers are focused on living the lives they want and having the flexibility to do more of what they love.
“More than half of the freedom seekers say they will ‘absolutely not’ work for someone else in a corporate setting in the future. They are the most likely to have no more than one employee besides themselves. Much more likely to say that reducing the amount of time they have to work is an important goal for them.”
2. Passionate creators
The Infusionsoft survey shows that this category of entrepreneurs believes that passion is one of the most important qualities of a small business owner.
It adds that the passionate entrepreneurs are proud of the job-creation engine that small businesses represent, and value having the ability to serve a customer well.
It says, “Passionate creators are interested in creating something unique, making a difference in the world, and driving economic growth. They are dramatically more optimistic than other segments and the most likely to report that small business ownership has contributed to improvements in their overall attitude, time availability and financial security.”
According to the report, passionate creators are most likely to consider a wide range of information helpful to their business; they are hungry for information that could help them better understand and serve their customers and grow their business.
In managing their business, the report notes that these entrepreneurs are most likely to have five or more employees and they are the most optimistic because they expect the company’s revenue to be higher than the previous year.
It says, “They are marketers at heart and are likely to use social media, email, networking or content marketing for lead generation out of the other four categories of entrepreneurs. They are more likely to say that helping other business owners to be successful is a key goal for them.
“Much more likely to rely on entrepreneurship training or educational programmes, people they know, seminars, workshops, industry experts, business books and mentors or coaches to help them run their businesses.
“Most likely to consider a wide range of information helpful to their business; basically, they’re hungry for information that could help them better understand and serve their customers and grow their business.”
3. Struggling survivors
The report notes that small business owners in this category value many aspects of small business ownership but they feel that corporate jobs are more secure than entrepreneurship.
This is because they worry about the risks and downsides involved in business and feel that small business owners are less respected than corporate workers, the report adds.
It says, “They are more likely to report time and focus challenges. They are the least likely to have experienced an improvement in financial security as a result of owning their own business or say it’s the same or worse than it would be if they had a traditional job.
“Of the four segments, Struggling Survivors are the most likely to have considered closing their business. They are the most likely to anticipate much lower revenue than last year. They are the most likely to be handling many of their business activities without help from employees or vendors. They are the least likely to value vendors that focus specifically on small business, or that are active in charity or social good.”
4. Legacy builders
The report says that business owners in this segment started their business to bring something new to the marketplace – something no one else offers.
It adds, “They wanted to create a business to help secure their retirement or to provide stability for their families. This segment of small business owners are striving to build something they can hand down to their children. They believe small businesses are ethical and vital to the economy. They are practical in their approach to business ownership; they saw an opportunity and went for it.
“Legacy builders are much more likely than others to consider whether a business is locally owned and operated as a key factor in vendor choice. They are most likely to rely on family and friends to help them manage their businesses, most likely to be without a college degree.
“They are the least likely to consider information about a wide range of topics – using social media for their business, following up with prospects and customers, understanding their ideal customer, and determining when a customer is ready to buy – as helpful to their business.”