It\’s easy to lump small-business owners together and make assumptions about the group as a whole. But new research shows several distinct motivations within this category. If you\’re a small-business owner, these insights might help you better understand why you do what you do. And if your customer base has a significant number of small businesses, knowing what drives these owners can help you better serve them. We surveyed nearly 800 U. S. -based small businesses earlier this year, and participants were comprised only of true small businesses: Those with 25 or fewer employees. For the project, we partnered with Audience Audit to craft a series of questions that would give us deeper perspective on small-business owners and their experiences. The people in this group started their businesses out of love for what they do, and they believe wholeheartedly that passion is a crucial quality of success. Running their businesses gives them a sense of accomplishment and pride. When compared with the other profiles, passionate creators operate at an arguably more successful level. They are also the most marketing-focused and tech-savvy owners of the bunch. About half of this group spends $500 or more per month on marketing activities. In addition, 65 percent use social media, 70 percent email to a list and 48 percent use content marketing. Freedom seekers started their small businesses because they value the ability to control their work experiences.
They want to be in charge of their schedules, career paths and work environments. This troop wants things simple and manageable. Close to half of them are the only employees in their business, and they are the least likely of the four profiles to have more than one other employee. Not surprisingly, they cite, \”time to get everything done\” as their biggest challenge. In tackling the challenge of chasing daylight, they have adopted automation. Nearly 60 percent utilize automated software, and its usage spans across many elements of their business, including bookkeeping and email marketing.
To many people, the idea of starting their own business can be scary, and it is often a risk that few are willing to take. However, the fact remains that entrepreneurs are the lifeblood of a stable and flourishing economy, and for those who do have the courage to dive in, the prospects can be very rewarding in the long run. The decision to become an entrepreneur and start a business, however, is not dependent upon the desire to become wealthy by any means. Instead, being self-employed and managing your own business or developing your own personal dream is a personal choice that is based on a series of preferences or goals that one would like to achieve.
Very seldom does a great idea for a business or product come to us in a flash, but the best ideas are developed over time through extensive thought and research. For those who are thinking of starting their own business, it is important to spend the time needed learning from others in the field, other business owners and business experts, as well as thoroughly developing an effective business plan and other strategic methods. Another benefit of this is that, if you are seeking funding, the more prepared you are and knowledgeable about your own business or product, the more passionate you will be and the more likely you are to obtain the desired funding that is needed. One of the top reasons for starting your own business is always opportunity. If you have ever had a great idea for a product or business, no doubt you have spent a great deal of time contemplating not only the feasibility of the idea itself, but also how to implement, and the opportunities that this could provide for you and other people. Perhaps you have spent years in the corporate world or using your skills working for someone else and feel like you would like to advance your own ideas or products to realize the same dreams. Perhaps you are searching for independence or the opportunity to work closer to your family and exercise your own ideas and decision making skills.
The realization of profit is also another top reason why many opt to start their own businesses, and this is also based on a foreseen opportunity that a product, project, or idea can provide. While not even the majority of business owners or entrepreneurs ever achieve great wealth, some of the wealthiest people in the world have been entrepreneurs that started and developed large, successful corporations. Independence is also another one of these top reasons why many decide to take the plunge into entrepreneurialism, and is also founded out of opportunity. For many, the freedom to make their own decisions in order to advance their own ideas is the greatest reason for starting a business. In todayвs economy, many who have been unemployed for a prolonged period of time are considering starting their own business in order to stay afloat. In addition, many who are disabled find that being self-employed is much easier than working for other people. The final top reason why many people decide to start a business is challenge. Owning a business and attempting to make your own personal ideas or vision profitable is often a great challenge that can keep your life exciting and interesting. Risk taking and the challenge to make a particular idea or product successful is often what drives some of the most innovative entrepreneurs in the world today.