Survey Results of Small Business Owners – Success characteristics

A new, independent survey has found that Small Business Owners share several distinct attributes – a sort of unique “DNA” – that help them live their passions while adapting to the shifting economic landscape.

The study commissioned by Deluxe Corporation a provider of marketing and business products for small business surveyed more than 1,000 SMB owners around the U.S. in March of this year.  The results showed 86 percent of the respondents believe they can do anything they set their minds to, with 77 percent also stating they would rather learn from failure instead of never trying at all.

“We already knew small business owners were risk takers and leaders,” said Tim Carroll, vice president of small business engagement at Deluxe. “These findings reveal how small business owners are wired and what attracts them to a less-predictable career path.

Study highlights include:

  • Heredity: Three-fourths (76 percent) of SMB owners have a family member who owned a small business.
  • Leadership tendencies: More than half (54 percent) of SMB owners wanted to work for themselves or not have a boss. A majority (89 percent) described themselves as leaders, doers (78 percent) and practical (80 percent).
  • Work-Life Balance: Women were more likely than men to say they started their businesses for flexible hours (40 vs. 25 percent).
  • I Can Do That: Men were more likely than women to say they started their businesses because they believed they could do it better than their competitors (25 vs. 15 percent) and more likely to say they always knew someday they would own their own small businesses (37 vs. 18 percent).

Compared to the general population, the research also showed SMB owners have further distinguishing characteristics:

  • Ability to influence: SMB owners are more than twice as likely to be asked for their opinions about what to buy, places to visit, or restaurants to try (33 vs. 15 percent). They are also more likely to be good at convincing others to try new products (51 vs. 32 percent).
  • They do their homework: A majority (79 vs. 44 percent) of SMB owners research products thoroughly before they purchase.
  • Demographics: SMB owners are more likely to be male (53 vs. 47 percent), to have a college or higher degree (73 vs. 37 percent), to be married (69 vs. 52 percent), and to be older (58.2 vs. 46.1 years).

When asked “What prompted you to start your business?”, the survey respondents tended to fall within one of seven distinct attitudinal clusters:

  • All Heart: They are in business for one reason only – they want to do what they love and share it with others.
  • Encore Career: Team players who are entering a second phase of their careers and took a risk with starting their own businesses.
  • Passionately Confident: Risk-takers who are born to be business owners, enjoy choosing their own paths and are very passionate about their life’s work.
  • All in the Family: Traditional-types who inherited their status as SMB owners, accounting for their long tenure and larger business size.
  • My Way: Self-motivated owners who started their own businesses for the opportunity to get what they most value – control over their schedules and hours.
  • Mastering the Niche: Visionaries who began their businesses because they saw an opportunity and wanted to capitalize on it.
  • Boss-me-not: Experienced business professionals who left their for-profit, corporate, and usually entirely unrelated jobs for one reason – to be their own bosses.

 

 

 

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What is costs to Live to 100

Living to 100? That Will Be $3.5M

Linda Lacina
SMARTMONEY — 02/23/12
 

Here’s to your long life — and the heaps of cash it will require.

The average American who lives to the ripe old age of 100 will spend $3.5 million in his or her lifetime, according to an analysis of data from the Bureau of Labor Statistics. A good chunk of that bill, more than $1.5 million, will have been racked by your 50th birthday. The next 30 or so years — the average 50-year-old today can expect to live until 81 — will run another $1.4 million. And the lucky few who make it to 100 will need an additional $630,000. Experts say these high costs of living often come as a shock to retirees, many of whom expect to dramatically cut back on their living expenses as they get older and stick to a fixed budget. “A lot of time people actually end up spending more money in retirement than they may have spent when they were working,” says Heidi Schmidt, a wealth manager in Dallas with USAA.

 Just where that money goes depends largely on your decade. Most people in their 60s spend a lot of their savings on entertainment — finally buying that sail boat or splurging on trips to the Caribbean. Those in their 80s, on the other hand, typically swap a good portion of their leisure budget for medical bills.
 Of course, not all expenses come down to age, experts say. A healthy octogenarian with wanderlust might have spending habits more in line with people twenty or thirty years younger. And certainly many Americans will spend much less in retirement — either through careful planning, a good bit of luck or both. Whatever the retirement goals, here’s a breakdown of how spending tends to vary through the retirement years.
 60’s
  • Housing (mortgage, utilities and decor): $155,500
  • Furnishings and appliances: $15,000
  • Entertainment and eating out: $46,700
  • Transportation: $71,000

In this decade of transitioning into retirement, 60-somethings spend more than older age groups on everything from housing to clothes. Many who retire in their 60s often find themselves with the time — and savings — to finally splurge a little on traveling or a big-ticket item like a car. Or to indulge their favorite hobbies: According to the Bureau of Labor Statistics, the average recently retired American spends $2,300 a year on activities like going to the movies, caring for a pet and buying the latest gadgets. That drops to an average of $1,300 after age 75

sm100driveGetty Images 70’s

  • Total health care costs: $48,400
  • Prescription drugs: $8,100
  • Household repairs: $16,400
  • Utilities: $33,900

Aging’s challenges come with bigger price tags. When people hit their 70s, health care costs begin to spike. Longer life spans and the rise of chronic illnesses have pushed up national health care spending, according to the Kaiser Family Foundation. People in their late 60s and early 70s spend an average $4,900 a year on healthcare, an increase of almost 30% from people in their late 50s and early 60s, according to the Bureau of Labor Statistics. Adding to the burden, health-care costs are expected to grow faster than income over the coming years, according to Kaiser.

 

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80’s

  • Health Insurance: $30,300
  • Entertainment and eating out: $26,000
  • Groceries: $26,400
  • Gasoline: $9,800

Eighty-somethings spend 57% more on health insurance and half as much on entertainment as folks in their 50s. More retirees are saving money in their later years of retirement by moving in with their adult children. A survey by the Pew Research Center released in 2010 found that 21% of adults age 85 and above live in a multi-generational household that includes at least two adult generations or a grandparent. That is up from 17% of people in their late 40s and early 50s.

 

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 90’s
  • Nursing home (private room): $87,200
  • Out-of-pocket long-term care: $14,000
  • Assisted living: $89,000
  • Adult day services: $36,400

Health costs grow exponentially from one’s 50s to mid-90s. And America’s 1.9 million nonagerians depend heavily on Social Security and pensions. But the former source may come up short by the time most baby boomers are in their 90s: the Social Security Administration has already started tapping its trust fund to cover benefits and current projections estimate that Social Security will only have enough funds to cover 75% of scheduled benefits after 2036.

 

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What Do People Live For?

Our industry is unique.  We deal with a variety of issues, problems and emotions unlike any other business.  Our residents are dealing with various stages of mental and or physical decline.  Families come together sometimes for the first time facing the reality their aging parent(s) are entering the last phase of their life.  This brings about profound emotion.  I have added a new category to our website blog to bring video clips of inspiration.

 

  Here is the first inspirational video clip.   

 

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Amazing Video







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Residents from Clark Retirement Community in Grand Rapids, Michigan team up with Grand Valley State University Film & Video Production students, alumni, and professors to create this sassy video to the jazzy 1965 hit song ‘Feeling Good’ by Michael Bublé. It was all shot in one take!

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