The world of entrepreneurship is not a homogenous landscape, as it comprises business professionals with varying motivations, visions, and approaches. Keap’s annual Small Business Growth Trends report has identified four major categories where small business owners can be classified. These categories are Overwhelmed, Gratified, Growth-Focused, and Connected. Clate Mask, Keap’s CEO, expounded on each type in an interview.
Entrepreneurs classified under the Overwhelmed category represent 28% of small business owners. These individuals face difficulties in managing and growing their businesses, and they are uncertain about their chances of success. Gratified entrepreneurs, representing 26% of small business owners, enjoy working in their businesses and feel accomplished. They believe they can overcome any challenge, leaving them feeling satisfied and contented.
The Growth-Focused entrepreneurs, comprising 25% of small business owners, already have record-breaking success in their field. They are determined to drive revenue, increase profits and attract new clients. Meanwhile, the Connected entrepreneurs, making up 22% of small business owners, take pride in their small businesses and are loyal to their clients. They have an emotional attachment to their businesses, which they wear as a badge of honor.
Clate Mask, when asked about the reason behind entrepreneurs feeling overwhelmed, explained that business owners wear multiple hats in their companies. They lead the vision, manage the team, coordinate with vendors, execute tasks, attend meetings, respond to customers, and take responsibility for all errors. Although they have a partner or support team, the business owner shoulders all the accountability, which puts enormous pressure on them.
Mask advised that investing in systems, particularly automation, is essential for entrepreneurial sanity and success. Automation tools can help business owners regain control of their schedules and lead to peace of mind, knowing nothing essential slips through the cracks. He identified a lack of free time as a reason why only 22% of entrepreneurs are committed to being deeply connected to their clients and businesses.
Mask explained that prioritizing growth-focused initiatives is vital as entrepreneurs are operating in survival mode. Pursuing growth ensures the business continues to be profitable in a competitive and rapidly changing environment. He recommended nurturing leads, following up with customers, upselling when possible, and regularly finding new customers.
According to Mask, business owners can enjoy working in their businesses by applying four basic principles. Firstly, automation and delegation must be practiced to ease the burden and free up their time. Secondly, not working around the clock or sacrificing sleep is crucial to maintain optimal productivity. Thirdly, setting boundaries is essential to avoid being consumed entirely by work. Lastly, getting a business coach helps challenge and strengthen business owners, making them and their company thrive.