Money is Not One of the Top Three Reasons Entrepreneurs Start Their Business According to EMyth's 2013 State Of The Business Owner Report Second Annual Small Business Report Reveals that the Top Three Factors that Motivate Entrepreneurs to Start their Business are Freedom, Passion and Independence
ASHLAND, Ore., May 16, 2013 /PRNewswire/ -- For today's entrepreneurs, starting a business is not all about the money. According to the 2013 State Of The Business Owner (SOBO) Report, announced today by business coaching leader EMyth, the top three reasons today's entrepreneurs start their business are: freedom to pursue new opportunities; following their personal passion; and, to gain independence from other's control. Money, in fact, ranks fourth. EMyth commissioned the State Of The Business Owner project, now in its second year, and surveyed more than 1,700 business owners to gain insights into the real challenges that small and midsize businesses face on a daily basis.
"My business was broken and I didn't even notice until it was almost too late," shared Shawn Busse, CEO of marketing firm Kinesis and 2013 SOBO survey participant. Busse personifies one of the top SOBO survey findings highlighting that it's dangerous to make revenue the primary focus when trying to grow a business. "I realized I would never get control by just focusing on revenue. I needed a more sustainable business model." Busse turned his company around by transitioning to a retainer-based revenue model and solidifying his company's core values.
Helping businesses find and make these types of strategic business changes is at the heart of EMyth's coaching program. A leader in transformational business coaching for more than 35 years, EMyth's 'people first, systems second' approach helps owners create a strong company culture to support their strategic objectives.
"We know that running a small business is tough and time is ticking," said Jonathan Raymond, CEO of EMyth. "Owners need answers they can trust, with clear guidance on what to do next based on their unique situation. That's what we do best."
The 2013 SOBO Report certainly points to entrepreneurs needing more guidance and insight. Another entrepreneurial trend identified finds that 85 percent of business owners believe they have a competitive advantage, and 50 percent believe that their employee's productivity is better than their competitors. While passion and commitment are essential traits for a successful entrepreneur, EMyth counsels its clients to keep overconfidence in check.
"You simply can't argue with statistics," continued Raymond. "Only 50% of new businesses survive the first five years and only a third will last ten years according to the Small Business Administration. But these same small businesses are essential to our economy, as they create more than 60 percent of new jobs on average in the U.S. EMyth focuses on coaching entrepreneurs to create balance between their professional passions and their bottom line goals."
The 2013 SOBO Report also reveals the importance of values to business owners' hiring decisions. The Report found that 85 percent of business owners have written company values and 70 percent of them say alignment with those values is a major factor in their hiring decisions. However, owners are struggling to have their employees use those core values in daily decision making - only 44 percent felt their employees did this effectively. To solve this challenge, EMyth teaches business owners how to get everyone from the owner to the employee to the customer personally invested in the company's success.
Designed by PixelSpoke, more than 1,700 business owners worldwide responded to a 60 question online survey in early 2013. The 2012 SOBO research won a Best Paper award at the prestigious USASBE conference in San Francisco in January 2013.
EMyth CEO Jonathan Raymond and PixelSpoke CEO Cameron Madill will host a Twitter chat at #sobo2013 and #emyth on Thursday, May 16 at 1 a.m. PST. In addition, EMyth will host a series of free webinars, starting with the key findings webinar on Thursday, May 30 at 10 a.m. PST.
EMyth is the global leader in transformational business coaching. EMyth has inspired more than seven million business owners through its best-selling book and has coached more than 70,000 to become better leaders, systematize their business and simultaneously find ownership and meaning in their work. Grounded in 35 years of hands-on client experience, EMyth helps small and midsize businesses grow through a comprehensive business coaching curriculum available through a cloud-based platform and personal, hands-on guidance with a certified coach.
 "FAQ," Small Business Administration Office Of Advocacy, September 2012, http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf
 Small Jobs Act, Office of the Comptroller of the US Treasury, June 2011, http://www.occ.gov/static/community-affairs/community-developments-newsletter/OCC_CDI_News08052011-final-PDF-version.pdf