According to a survey conducted by Keap, entrepreneurs can be categorized into four different segments: overwhelmed, gratified, growth-focused, and connected. 28% of entrepreneurs fall into the overwhelmed category, which means that they struggle to manage and grow their businesses, and worry about their ability to succeed. On the other hand, 26% of entrepreneurs are gratified; they genuinely enjoy working in their businesses, feel successful, and believe they can handle any challenges that come their way.
The survey also found that 25% of entrepreneurs are growth-focused, meaning they have achieved a certain level of success, but are hungry for more. They focus primarily on growing revenues, increasing profits, and bringing in more clients. The remaining 22% of entrepreneurs are categorized as connected. They wear their small business pride like a badge of honor, are deeply committed to their clients, and emotionally invested in their businesses.
When asked why so many business owners feel overwhelmed, Keap’s CEO Clate Mask explained that business owners wear all the hats in their companies, which puts enormous pressure on them. Business owners rarely have enough time to handle all the company’s needs, and they are constantly under pressure to respond to customers, answer for all mistakes, and more.
To gain more control, Mask advises small business owners to invest in systems like automation, which can change everything. By investing in automation tools for sales and marketing, scheduling, e-commerce, reporting, and more, business owners can regain control of their schedules and have peace of mind that nothing important is falling through the cracks.
Although only 22% of entrepreneurs feel committed to being deeply connected to their clients and businesses, Mask believes that if you asked every small business owner which of the entrepreneurial types they’d like to be, they’d all aspire to be connected, gratified, and growth-focused. However, connecting with clients takes time, which most entrepreneurs don’t have a lot of since they’re operating in survival mode.
According to Mask, prioritizing growth-focused initiatives is a key part of surviving since factors like inflation, increased competition, and lifestyle changes can push businesses’ spending up. Even if a company’s revenue is steady, failing to pursue growth-focused initiatives can set the stage for losing revenue.
Mask offers four tips for entrepreneurs on how they can get to the “gratified” stage and genuinely enjoy working in their businesses. Firstly, entrepreneurs should embrace automation and delegation, as these two practices can free up more time for them. Secondly, entrepreneurs should not work around the clock as sacrificing sleep and well-being can lead to self-destruction. Thirdly, entrepreneurs should set boundaries to avoid being consumed by their businesses. Lastly, getting a business coach can challenge, guide, hold accountable, and strengthen entrepreneurs where they’re weak, which can catapult their company into the stratosphere.