Ending Soon! Save 33% on All Access

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.

Leadership

How a $10,000 Investment in AI Transformed My Career and Business Strategy

A bold $10,000 investment in AI and machine learning education fundamentally transformed my career and business strategy. Here's how adaption in the ever-evolving realm of AI — with the right investment in education, personal growth and business innovation — can transform your business.

Science & Technology

3 Major Mistakes Companies Are Making With AI That Is Limiting Their ROI

With so many competing narratives around the future of AI, it's no wonder companies are misaligned on the best approach for integrating it into their organizations.

Business News

A University Awarded a Student $10,000 for His AI Tool — Then Suspended Him for Using It, According to a New Lawsuit

Emory University awarded the AI study aid the $10,000 grand prize in an entrepreneurial pitch competition last year.

Leadership

Want to Enhance Your Influence as a Startup Leader? Here's What You Need to Know.

Discover the foundational influence styles of "pushers" and "pullers," and learn practical tactics to refine your natural influencing approach. Enhance your performance in startup environments by adopting the most effective elements of both styles.

Business News

He Picked Up a Lucky Penny In a Parking Lot. Moments Later, He Won $1 Million in the Lottery.

Tim Clougherty was in for a surprise when he scratched off his $10,000-a-month winning lottery ticket.

Side Hustle

These Brothers Had 'No Income' When They Started a 'Low-Risk, High-Reward' Side Hustle to Chase a Big Dream — Now They've Surpassed $50 Million in Revenue

Sam Lewkowict, co-founder and CEO of men's grooming brand Black Wolf Nation, knows what it takes to harness the power of side gig for success.