Delving Into The Mind of Today’s Business Owner
In-Depth Analysis: Identifying the top 5 challenges fir american entrepreneurs.
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Are you fascinated by the idea of being your own boss? You may have grand visions of financial freedom, a flexible schedule, and the power to make critical decisions. While this is certainly achievable, most entrepreneurs face numerous obstacles before they can achieve success.
But what is it really like to run your own business? How do American business owners handle changing market conditions? To find answers to these questions, Robbins Research Institute partnered with Survata to survey 152 American business owners. Here’s what we learned.
Many Business Fall Short
Shockingly, only 4% of small businesses in the United States survive the first ten years of operation. That means a staggering 96% of American businesses close their doors permanently. Despite these daunting statistics, entrepreneurs can still triumph with the right mindset and resources.
Confident in Their Abilities, Yet Lacking in Tools
A remarkable 96% of entrepreneurs who participated in our survey revealed they are more confident in their leadership skills than in their ability to grow and scale their businesses. While there are excellent tools available to help you achieve your professional objectives, it’s crucial to find the resources that match your business requirements. Additionally, it’s essential to reassess the tools and strategies you use periodically to ensure they still align with your brand’s objectives.
The Secret To Business Growth: Resourcefulness Over Resources
Surprisingly, 80% of business owners feel confident about their ability to expand their business, despite not having all the resources they need. The secret to success lies not in resources, but in resourcefulness. By embracing a growth mindset and building a loyal customer base, both within and outside your business, you can overcome any obstacle and achieve your goals.
The Myth of Business Ownership: Freedom Ins’t Automatic
Running a business may seem like the ultimate dream job, offering financial freedom and ample leisure time. However, the reality is quite different. A business is like a child that requires constant attention in its early stages. As it grows, you may eventually experience the freedom and flexibility you crave. But the journey to success can be long and challenging.
The Unexpected Threat to Business Stability: Recession Preparedness
Every business has a contingency plan for emergencies, tax filings, and internal issues. But is your company ready for something as significant as a recession? Unfortunately, only 13% of business owners surveyed felt prepared to handle a recession.
Interested in gaining deeper insights into the minds of American entrepreneurs and uncovering the secrets to success and failure in the business world? Download the complete white paper, the Robbins’ Research 2018 CEO Confidence Index, today. Learn how real entrepreneurs think, feel, and achieve success and gain access to powerful tools and strategies that can help your business thrive.