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2020 Business Owner Mindset Report
Study reveals business owners have the will, but need to find the way
“Business is a sport for gladiators, not the faint of heart.”
The business world is a fast-paced, constantly changing arena – one where only the strongest gladiators survive. It takes a truly unique person to jump into this arena, confident and determined. That’s the American entrepreneur.
Robbins Research International took a deep dive into this complex psychology in its study, the “2020 Business Owner Mindset Report.” Like the company’s previous study, it’s a rare glimpse into the entrepreneurial mindset and reveals steps any business owner can take to ensure their company thrives.
They’re rejecting “the hustle” – but work-life balance is still elusive
The number of business owners who don’t think that they must sacrifice leisure time in order to become successful is on the rise (53% of respondents this year). Yet fewer entrepreneurs are rating their work-life balance as “great” – only 17% rated it “great” in this year’s study, a large drop from 25% last year.
What’s going on? While more entrepreneurs want to reject “the hustle,” they don’t have the tools they need to work more efficiently. They need to adjust their mindset and improve their time management to align their beliefs with their reality.
Financial concerns are on the rise, yet confidence prevails
Our nearly decade-long bull market has come to an end, and even before that happened, entrepreneurs were feeling the pressure: 62% reported finances as their biggest concern in this latest study, while only 44% did in 2018 – and only 20% are confident they have the tools they need to succeed.
Confidence remains high, however: 52% of business owners are confident in their skills and 77% believe they will be able to grow their company through the next recession.
Seems like a contradiction, doesn’t it?
Not if you know the American entrepreneur. They are resourceful, determined and self-reliant – and they’re also learning that this might not be enough.
Entrepreneurs know where to turn for help
While entrepreneurs may not have the tools they need to succeed, they’re not giving up. They’re getting coaching, learning new skills and acquiring the right tools to be prepared.
Eight out of 10 small business owners value regular coaching. They know that the accountability, mindset training and valuable perspectives a coach provides put them on the fast track to success.
What were the top benefits of coaching? Improved time management (81%), increased work performance (70%), improved relationships (63%) and increased leadership skills (60%) were the unique values respondents reported – and many said “all of the above.”
They wouldn’t trade it for the world
Business is a spiritual game – and today’s entrepreneurs have mastered that side of it. They know that their “why” is what keeps them going, and 93% of them are enthusiastic about being business owners.
What do they love? Unlimited earning potential comes in at number one: 27% of business owners chose the opportunity for extraordinary wealth as the top thing they enjoy. Not answering to anyone and experiencing a sense of purpose are a close second, at just over 21%.
As Tony Robbins’ says, “Success is doing what you want, when you want, where you want, with whom you want, as much as you want.” Today’s entrepreneur certainly takes that to heart.
The future of entrepreneurship
As a new decade begins, entrepreneurs can use their confidence, enthusiasm and sheer willpower to their advantage. When they turn those positive traits toward the goal of learning effective skills and tools from a practiced professional, they’ll see real progress – and be a step ahead of the competition.
Want to learn more about what drives today’s entrepreneur – and what’s holding them back? Download the 2020 Business Owner Mindset Report today to discover the top roadblocks in the small business world, plus powerful strategies to overcome them. It’s vital information for any entrepreneur as we enter the new decade.