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Business owners naturally worry.  As Judy mentioned, they worry about logistics. These include: staff satisfaction, timeliness, finances and brand loyalty.  Indeed, business owners can worry so much they lose sleep, or are completely sleep deprived. Along with this natural state of worry, business owners are risk adverse. Extra risk converts into extra worry. Whilst entrepreneurs are optimistic about risk, business owners are often afraid of the possible consequences brought on by risk.  This is because they manage most aspects of the day-to-day business operation; extra risk often changes day-to-day operations, and increases the stress and concern, which business owners suffer. 

 

Despite being risk adverse, business owners are also profit-driven. Profit is the primary concern of all business owners, as profit keeps the business functioning (no business can function at a loss, for a long period of time).  Due to entrepreneur’s optimism, they think everything will work out, whilst business owners through the careful management and movement of funds make sure everything does work out. This is also considered realistic. Business owners are realistic and keep the entrepreneur grounded. Entrepreneurs think of all the things that could go right, whereas business owners think of all the things that could go wrong, and endeavour to fix them. In turn, a successful business partnership will possess both an entrepreneur and business owner – as they will be able to question all the business possibilities (good and bad). 

 

In being realistic, business owners also dislike change. They’re change-repellent. Business owners thrive on predictability because a predictable business means a less worrying business. Change can also be overwhelming for business owners – there are more things to do, more tasks to complete and less order. Business owners can’t control things that are constantly changing, which frustrates them and often overwhelms them. Indeed, everything needs accurate details, which takes time, focus and energy. This means business owners live in an acute and constant state of exhaustion. 

 

Another reason business owners are so exhausted is because they are methodical. They like to plod along, researching all the facts, and examining all the details before they are convinced a new venture will succeed. This differentiates them from an entrepreneur, who has a lot of energy and drive to start up a new business venture immediately. However, as Judy concedes – this is not necessarily a bad thing; despite entrepreneurs making swift decisions, the thought process behind those decisions is both long and arduous.  In being methodical, business owners are also patient.  Judy says that businesses have an ebb and flow of energy and rhythm. Fundamentally, this means that each business has to (to some extent) surrender to external influences – such as the taxation department.  Indeed, businesses have to go with the flow, and at times play by the rules. However, this does not necessarily mean that if a business owner disagrees with an external factor negatively influencing the business that they will not fight for the betterment of the business. 

 

Business owners will fight for the betterment of their business (if necessary), but usually try to avoid conflict. Business owners try to stop conflict before it ever arises, and require foresight to predict future issues. Business owners try to keep the peace, whereas entrepreneurs usually don’t mind. Business owners are people-lovers, and love to hear about the experiences and insights of others. Business owner’s love listening to people and learning from their successes and failures. They are both caring and empathetic and have a general desire to help others. However, this can sometimes be to their detriment, as they often take on other people’s problems, which only adds to their feeling of being overwhelmed and worried. 

People are often drawn to business owners and confide in them because they’re responsible.  They know what needs to be done, and aren’t willing to risk the livelihoods of their family or others. As with entrepreneurs, failure is not an option for good business owners. This is also because they are complete finishers.  Business owners like to see tasks out to the end, and it frustrates them if they don’t. This might be because of their heightened sense of responsibility, or because they’re naturally hardworking – but no matter how many tasks, business owners will somehow manage to finish them (only for more tasks to appear). 

 

For a business to be successful, there needs to be synergy between a business owner and entrepreneur. They need to leverage their contingencies and work with each other to bolster the business’s overall success.  Finally, they need to trust each other.  Without trust, nothing of substance will ever be achieved. 

 

Keep working hard,

Ida