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Inside the mind of today’s business owner
Study: The 5 pain points of the American entrepreneur
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What do you imagine when you think about running your own business? You envision financial freedom, flexible work hours and the ability to make important decisions. This is possible, but the reality is, many entrepreneurs experience failure before experiencing success.
What’s it really like to run your own company? How many American business owners feel prepared to handle changes in the market? Robbins Research Institute partnered with Survata to find out how 152 American business owners felt about their companies. Here are a few insights into what we uncovered.
1. Many businesses fail
Only 4% of small businesses in the United States will survive – 4%! That is, 96% of US businesses will shut down in their first 10 years of operation. The odds are stacked against business owners, but the truth is, with the right mentality and resources, entrepreneurs can succeed.
2. Entrepreneurs are more confident in their abilities than their tools
An overwhelming majority – 96% of entrepreneurs surveyed – said that they were more confident in their leadership abilities than their growth and scaling tools. There are incredible tools out there that can help you reach your professional goals. Not only do you need to find the resources that support your business’ needs, but you need to continually make sure the tools and strategies you’re using are still right for your brand’s purpose as time goes on.
3. Most business owners are confident they can grow their business
Despite not feeling that they have the resources they need, 80% of business owners feel confident they can grow their company. That’s because the key to growth isn’t about resources, but resourcefulness. By using a growth mindset and finding ways to create raving fans, inside and outside your business, you’ll find success.
4. Running a business doesn’t always mean more freedom
Many people want to run their own companies because they envision having the ultimate dream job. They think they’ll have free time and enough money to do whatever they want – that’s not usually the case. Your business goes through transitional phases like a child. In the beginning, it’ll need more attention while in its infancy. As time goes on, if you find success, you’ll eventually be able to experience the financial freedom and open schedule you crave.
5. Only 13% of business owners feel prepared for a recession
Your business has emergency escape plans. Protocol for tax filings. Ways to handle internal issues between employees. But is your company prepared for something major, like a recession? Only 13% of surveyed business owners felt ready to handle a recession.
Ready to learn more about how American entrepreneurs feel about their businesses? Want to discover what brings success or drives failure in opening your own company? Download the entire white paper, the Robbins’ Research 2018 CEO Confidence Index, today. Not only will you learn more about how real entrepreneurs think, feel and succeed, but you’ll discover powerful strategies and tools that can help your business ventures thrive.