Entrepreneurs: Are You a Mover -- Or a Head-Shaker? The downturn has created two classes of business owners, according to a recent survey. Here's what the movers do that the head-shakers don't.

By Carol Tice

Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurs: Are You a Mover -- Or a Head-Shaker?The downturn has created two classes of business owners. Those with the drive to keep their business growing despite the difficult economic scene, and those who are struggling. Research firm Anchor Advisors dubbed them "movers" and "head-shakers."

In a newly released study, Anchor talked to more than 130 mostly founder-led small businesses, the majority with under $10 million in revenue. The goal was to identify the common traits of thriving small business owners, and the behaviors that might be preventing the head-shakers from doing better.

So what does it take to be a recession-era mover? Anchor found five important differences that set movers apart:

  1. Work hard, play hard. The movers worked more hours than shakers -- but also took more vacation time.
  2. Keep talking to customers. Movers spent more time in direct contact with their customers.
  3. Don't stop thinking about tomorrow. The movers spent more time reviewing company performance and planning for the future.
  4. Avoid time-wasters. At the thriving businesses, the owners also spent less time in meetings and resolving employee issues.
  5. Think and grow rich. The movers were more likely to read business and personal-growth books in an effort to improve their business-management skills and their level of satisfaction with their life.

No surprise, the movers made a lot more money than the head-shakers. We all know meetings can be a big time waster.

I think the one factor the study may not have quantified that I've noticed in entrepreneurs who're still doing well. It's an attitude of "I'm not going to let this beat me" instead of one of "well, the economy is hurting, so business is down."

Are you a mover or a head-shaker? Leave a comment and tell us your attitude toward the downturn.

Wavy Line
Carol Tice

Owner of Make a Living Writing

Longtime Seattle business writer Carol Tice has written for Entrepreneur, Forbes, Delta Sky and many more. She writes the award-winning Make a Living Writing blog. Her new ebook for Oberlo is Crowdfunding for Entrepreneurs.

Editor's Pick

'Catastrophic': Here's What You Should Know About the Debt Ceiling Crisis — And How a Default Could Impact Your Business
Lock
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Lock
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Lock
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

7 of the 10 Most Expensive Cities to Live in the U.S. Are in One State

A new report by U.S. News found that San Diego is the most expensive city to live in for 2023-2024, followed by Los Angeles. New York City didn't even rank in the top 10.

Science & Technology

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.

Angelina Tsuboi, a full-stack mobile and web developer who also happens to be a pilot, has always been solution-oriented.

Money & Finance

3 Ways to Create Multiple (Big) Streams of Income

Here are three ways to create multiple streams of income. These strategies require effort and resources but offer significant financial potential.

Growing a Business

6 Signs It's Time to Hire Employees for Your Startup

At a certain time, your business will begin to scale, and you won't be able to maintain the same output level if you don't have some help.

Leadership

The Real Reason Why The Return to Office Movement is Failing is Revealed in New Study

There is a vivid sign of the disconnect between employees and their workplace, a glaring indication that companies need to revise their scripts to improve their hybrid and remote work policies.