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Riva Lesonski
Entrepreneurs tend to fall into four distinct categories.
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Despite how they are often treated, entrepreneurs are not monolithic. Instead, they are driven by different motivations and have different approaches to business.this is an annual SME Growth Trends A Keap report uncovered four unique types of small business owners. To get more insight into these entrepreneurial types, Keap’s CEO spoke to Clate Mask.
Rieva Lesonsky: What were the unique types of business owners identified in your report? SME Growth Trends report?
Crate mask: Our research found that entrepreneurs fall into four distinct segments:
Overwhelmed (28%): These entrepreneurs struggle to manage and grow their business and worry about their ability to succeed.
Satisfied (26%): Satisfied small business owners truly enjoy working for their businesses. They feel successful and believe they can handle whatever challenges come their way.
Growth-focused (25%): This group has achieved a certain level of success, is focused on increasing revenue, increasing profits, acquiring more customers, and wants more success.
Connected (22%): Connected entrepreneurs wear small business pride like a badge of honor. They are deeply committed to their clients and emotionally invested in their business.
Lessonsky: Why do you think many executives are overwhelmed?
mask: Entrepreneurial overwhelm is nothing new. We are acknowledging and discussing it today. In reality, the business her owner puts on all the hats in the company: setting the vision, managing the team, coordinating with vendors, executing tasks, holding meetings, dealing with customers, dealing with all mistakes. I’m wearing it. There may be partners and support staff, but the responsibility always lies with the owner.
The mountain of tasks they are responsible for puts a lot of pressure on them. They rarely have enough time to take care of all the company’s needs and are never able to satisfy their own desires. Come to think of it, it’s a wonder small business owners aren’t overwhelmed.
Lessonsky: How can overwhelmed small business owners gain more control?
mask: Investing in systems is critical to small business success and entrepreneurship, and is the reason we started Keap many years ago. Systems, and more specifically automation, can change everything. Business owners can take back control of their schedules by investing in automation tools for sales and marketing, scheduling, e-commerce, reporting, and more. Plus, it gives you peace of mind knowing that nothing important has been overlooked.
Lesonsky: Surprisingly, only 22% said they were committed to deeply connecting with their clients and businesses. why do you think that is?
mask: Again, this returns the available hours of the day. If you ask every small business owner which of these entrepreneurial types they want to be, they probably want ‘connection’ along with ‘contentment’ and ‘growth minded’. But connecting with clients takes time, and most entrepreneurs don’t. They are operating in survival mode.
Lesonsky: How important is it for small business owners to pursue growth-focused initiatives?
mask: “If you don’t grow, you die.” This maxim applies to companies as well as people. Even if your income is stable, your spending can increase due to factors such as inflation, increased competition, and lifestyle changes. So if you’re not actively pursuing growth for your company, you may actually be losing revenue or gearing up to do so.
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Lesonsky: But when most entrepreneurs are in survival mode, how can they focus on growth?
mask: You have no choice. I have to. Prioritizing growth-focused initiatives is a critical part of survival, but failing to do so often leads to the closure of so many small businesses. Nurture, follow up with customers, upsell when you can, and find new customers on a regular basis.
Lesonsky: Do you have any tips for entrepreneurs to reach the “satisfaction” stage and truly enjoy working in their business?
mask: I am very passionate about the topic of work-life balance. Probably because I spent a lot of my early entrepreneurial time completely misunderstanding the equation. Thanks to hindsight and the tools that support me, I now really enjoy working in my own business.
There are four secrets to success in this field. Number 1 and number 2 are closely related. That is automation and delegation. These two practices take away anything that shouldn’t be there. So even if you think every client quote or call needs your Midas touch, you’re better off focusing on your core strengths and letting your team and technology handle the rest.
The third tip for enjoying work is no I work around the clock. Yes, too many tasks and not enough time. But sacrificing sleep and happiness will only make you self-destruct.
Remember, adopting automation and delegation can free up more time. Use that time to deal with business needs and use the rest of the time to unplug, be with your loved ones, focus on your physical and mental health, and so on. Set boundaries so you don’t consume your entire life.
The fourth secret is to get a business coach. I could beat this drum all day long, but having a qualified coach who can challenge you, guide you, hold you accountable, and strengthen your weaknesses can help you and your Stratosphere the company.
About the author
Rieva Lesonsky is CEO of GrowBiz Media, SmallBusinessCurrents.com Over 30 years of experience covering small businesses and entrepreneurship.Sign up with her to get more insight into her business trends free tide Newsletter.
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