Types of small business owners

All small business owners have displayed two common traits at a certain point in their entrepreneurial journey. The trait is Risk-Taking and Leadership. Their motivation and reasons for taking the risk is what sets them apart. 

Are you in it for the passion? Or freedom? Maybe it’s for your legacy? Or maybe you are a struggling survivor? Either way, let us break the profiles down to help you find out which quadrangle you fit into. 

The Passionate Owners

Have you started your business out of love for what you do? For example, a passionate swimmer could start swimming classes, a dancer could also start dancing classes, or a Knitter could start selling their woven or knitted garments.

 Characteristics of Passionate Owners?

  1. Highly successful: Passionate owners always create more jobs as compared to other types of owners. You are likely to find them even working from home. Have you heard of musicians with a studio at home? Their passion lets them last longer in their respective industry and achieve more success. 
  2. Savvy: This bunch nows how to market themselves. They are not shy to spend a large fortune in marketing. If you look at musicians once more, they post and market their content on social media at least a couple times a day.
  3. Charitable: You will find the passionate creators mentoring others and making donations towards charitable causes. They want to share their joy and success with others.  

The Freedom Seeker

Are you frustrated by the 9 to 5 work schedule? This is your lot. You want to be your own boss and control your own hours and schedules. 

Characteristics of the Freedom Seekers?

1. Independence

The freedom seekers want to set their own hours of work. They may have various reasons for this, for example, spending time with family, travel or any other reason you may have. Time Sensitive

  1. As they control their own schedule, they seek to maximize the available time to be able to generate notable income. They are most dependent on automation features of a business. 

2. Disaffiliated 

They want to get out of the office environment and mostly work from home. furthermore, they use their knowledge of the corporate environment to provide consultations and coaching.

The Legacy Builder/ Legacy Holder

The legacy builders seize an opportunity to get into the business. They are proud of what they have achieved and wish to sustain it for future generations of the family and their own retirement.

As a Legacy holder, you have inherited the family business and you intend to take pride in it and pass it on to the coming generations.  

types of small business holder

Characteristics of Legacy Holders

1. Committed

The legacy holders are committed to the sustainability of their business. All their attention is focused on the business and its growth. They rarely contemplate shutting down. 

2. Traditional

Legacy holders rely on traditional methods of decision making and marketing. They will consult their family and friends for decisions. They hardly upgrade their technological use for marketing and communication, for example, social media and email. 

3. The Struggling survivor

The struggling survivor believes in the security corporate jobs offer despite running a business. They agree that running a business is scary and it takes a little craziness to start out.

Characteristics of the Struggling survivor

1. Uncertain 

They contemplate closing the business on a regular basis. Furthermore, they hardly acknowledge the benefits of the business. 

2. Take up Most Responsibilities.

They take up more responsibilities in the business. For example, they will handle customer service, finance, administration, etc. As a result of many responsibilities, they barely master any particular role. 

Where Do you fall? 

The profiles are based on a study by Keep. You need to understand where you fall to be able to make key decisions in your business and to know if there is room for improvement. You will also need to study your strengths and weaknesses to be able to improve and innovate efficiently and effectively. 

Let us know which profile you belong to in the comments below. 






Similar Posts

Leave a Reply