Get All Access for $5/mo

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 Edited by Dan Bova

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.

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.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

This 26-Year-Old's Side Hustle That 'Anybody Can Do' Grew to Earn $170,000 a Month. Here's What Happened When I Tested It.

Stephen Alvarez was working at a dental supply company and following his passion for cars on the side — then an Instagram ad changed everything.

Business News

Mark Zuckerberg Says an Upcoming Meta Product Left Testers 'Giddy'

Meta is almost ready to show this gadget to the public.

Science & Technology

AI Marketing Secrets: 3 Game-Changing GPT-4 Use Cases to Make Money with AI

Learn how to harness AI to generate leads and increase sales, even with limited resources and a small social media following.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.