Are you the right type of business owner?

LIVERPOOL, U.K. - May 25, 2024 - PRLog -- The overall aim of the study was to examine why someone decides to go into business for themself in the first place but it is also interesting to think about which categories different owners fit into.

They identified four distinct types of business owner –

Older opportunists using existing skills

• These tend to be older entrepreneurs, perhaps approaching retirement or recently retired
• Their business is not driven by a financial need, therefore they have little risk
• Some have been self-employed before
• Not intended to be a long-term venture

Consistently self-employed

• These entrepreneurs have been self-employed for a long time, generally moving from one business to another
• The business tends to be their main source of income
• These entrepreneurs tend to be skilled in their specific area and in running a business in general
• Intend to maintain the business long term, and grow it in some cases and generally have a concrete plan in place for doing so
• Rely on getting clients / projects through the door to maintain income

Business-from-scratch: competent / experienced

• Entrepreneurs that have never been self-employed before
• The business tends to be their main source of income
• They are using skills previously used in employment, and are working in an area that is related but different
• Often driven by wanting to be their own boss / flexible working
• Have a reasonable level of business knowledge due to general business experience but want help with aspects specific to their chosen area, for example, advice on legislation or licenses.

Business-from-scratch: no experience

• Entrepreneurs that have never been self-employed before
• The business tends to be their main source of income
• Often driven by wanting to be their own boss / flexible working
• Have no / very little experience in their chosen area, i.e. they are not necessarily using skills from their
• previous employment but trying something completely new, for example setting up a property management company
• Can struggle with business planning, drive, focus and confidence

Business Coaching

So – which would benefit most from business coaching? I would suggest they all do but  different categories need particular types of coaches. A fast growing 'young' sector like non-alcoholic beer production, medical cannabis or virtual reality tech, needs an early stage business coach to get it off the ground, a mature business owner may be more concerned about a retirement sale.

If you would like to learn practical methods and systems on how to grow your business, contact us at https://briankelly.co.uk/contact-us/ for details