IT TAKES A VILLAGE TO RUN A SMALL BUSINESS:HOW ENTREPRENEURSRELY ON THEIRCOLLABORATION NETWORKS
JUNE 3, 2019

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INTRODUCTION & SUMMARY
Small business growth is on the rise, and in today’s modern business landscape,entrepreneurs are working harder than ever to succeed. One crucial element
to a small business’ success? Meaningful collaboration when it comes to goal
setting, creative strategy, operations planning, and more. We asked 500
entrepreneurs ages 18-60+ about how, why, and when they collaborate with
their network of business advisors, colleagues and mentors.

FOUR KEY TAKEAWAYS
1. Entrepreneurs Overwhelmingly Rely on Collaboration Networks
More than two thirds of participants rely on at least one external advisor forhelp with their business, sounding-board advice, and for collaboration on
important issues. See page 4
2. You Can’t Put a Price on the Value of Collaboration
The majority of small business owners told us that they did not pay a fee for theircollaboration sessions with advisors, colleagues, and mentors. See page 6
3. Collaboration is Directly Related to Work Satisfaction
Collaboration with a network seems to be linked with entrepreneurs’ overallsatisfaction with and optimism for their business. See page 7
4. Entrepreneurs’ Top Advice for New Business Owners is to Collaborate
We asked those surveyed for their best advice for new business owners, andmany said networking, asking questions, and seeking out experienced mentors.
See page 8

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WHO ARE THE SURVEY RESPONDENTS?
We asked 500 small business owners (250 men, 250 women) who were selectedat random to participate in the survey. By role, 44% of survey respondents weresolopreneurs, 30% were leaders at companies of fewer than five employees, and 22%of respondents were leaders of companies with between five and 99 employees.

NUMBER OF EMPLOYEES ATRESPONDENTS’ BUSINESSESSURVEY RESPONDENTS BY REGION

THE AGE OF ENTREPRENEURS’COMPANIES VARIED CONSIDERABLYRESPONDENTS’ AGES WERE
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KEY TAKEAWAY #1:

COLLABORATION NETWORKS ARE CRUCIAL
TO A SMALL BUSINESS’ SUCCESS
More than two-thirds (69%) of survey respondents rely on a network of external
advisors for help on a monthly basis. This finding was especially noteworthy
when looking at the age of the business. Even among entrepreneurs with theoldest

businesses (in existence for 10+ years), 60% relied on at least one external
advisor. This finding is consistent with business and technology trends over thelast decade: advances in technology have enabled people to collaborate more
effectively than ever—inside and out of the office.

WHAT ARE THE TOP REASONS THAT YOU
TAP INTO YOUR NETWORK?
*Survey respondents could choose more than one answer

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The survey respondents could choose more than one reason why they sought
out the advice and collaboration from their networks. They answered that theywent to their advisors to use as a sounding board (46%), to collaborate on avariety of business issues (41%), and to reach out for advice or answers to very
specific questions (40%).

WHO MAKES UP AN ENTREPRENEUR’S NETWORK?

*Survey respondents could choose more than one answer

Not surprisingly, external assistance comes primarily from well-known sources,
reinforcing the idea that launching and running a small business is very much apersonal, high-engagement effort that “takes a village.”

Survey respondents, again choosing more than one answer if applicable,
reported that they rely most heavily on people they already know well foradvice and assistance: 47% of respondents cited friends as their most important
collaborators, while 41% and 38%, respectively, of those surveyed listed family
members and mentors as their key advisors. Only 27% of respondents rely on
third-party contractors for help.

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THE LARGER THE NETWORK, THE MORE
ENTREPRENEURS COLLABORATE
3+ PERSON NETWORK

1 PERSON NETWORK*Survey respondents could choose more than one answer

The more people in an entrepreneur’s network, the more likely they are towork collaboratively: 36% of survey respondents collaborate with a one-person
network, while 55% of respondents collaborate with networks comprised of threeor more advisors.

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KEY TAKEAWAY #2:

COLLABORATION NETWORKS ARE(NEARLY) PRICELESSMY NETWORK IS IMPORTANT FOR...

*Survey respondents could choose more than one answer

FOR WHICH AREAS OF YOUR BUSINESSDO YOU SEEK ADVICE?
*Survey respondents could choose more than one answer

Exactly what kind of help entrepreneurs seek varies considerably. 45% ofentrepreneurs surveyed seek help and collaboration regarding bigger-picture
strategy and vision. 39% of respondents want advice on topics related to theirproducts or services, while only 24% say they leverage their network for help withadministrative and / or non-core tasks. Interestingly, most respondents (~80%)
are rarely or not at all paying for the help they receive from their network. Only
18% indicated they pay for help from their network more than half of the time.

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COLLABORATION NETWORKS ARE
INTEGRAL TO SMALL BUSINESS SUCCESSHOW IS COLLABORATION VALUABLE TO
SMALL BUSINESS OWNERS?

*Survey respondents could choose more than one answer

Networks that foster collaboration are very valuable to business owners, andseem to positively impact their opinion of their business status—both at present
and in the future. 85% of survey respondents say that their network’s help andadvice are important to their company’s success; 86% of respondents are satisfied
with their business; and 76% of respondents are optimistic about their businessover the next twelve months.
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KEY TAKEAWAY #4:

ENTREPRENEURS CITE NETWORKING AS
TOP ADVICE FOR NEW BUSINESS OWNERS
We asked this group what advice or learnings from their own experience they
could offer entrepreneurs who are just starting out. The answers were manyand varied, but we received quite a few that were in line with the survey topic:
advising new business owners to reach out to others, ask questions, network, andpractice other forms of collaboration.
Here are just a few of their answers. We believe these show the very personal andall-consuming nature of what it means to be an entrepreneur.
• Don’t be afraid to ask or seek advice about anything that might help you.
• Listen and learn from as many people as you can.
• Keep an open mind.
• Talk to everyone. People know things that you don’t, and often can surprise youwith tips you didn’t expect.
• Find what you’re not good at and get a good support system around you!
• Don’t be afraid or embarrassed to ask for help.
• Don’t go it alone. Ask for advice. Ask for help.
• Stay true to your plan but look for others to help in areas where you may be weak.
• Choose your advisors carefully and remain open minded about their suggestions.
• Advice from others who have “been there” can save you a lot of time andfrustration when embarking upon a new venture.

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CONCLUSION
The results from this survey illustrate the importance of collaboration andreliance on an external network of advisors in running a small business. Wouldbe solopreneurs and small-business owners can benefit from the advice andcollaboration offered by friends, family and mentors on a variety of topics,
including: strategy, vision, specific product or service issues, and sometimes
even more mundane administrative tasks.

SURVEY METHODOLOGYTo learn more about the role of external collaboration in the professional lives ofsmall business owners, PicMonkey commissioned an independent, online surveyof 500 entrepreneurs ages 18-60+ in the United States.

SURVEY OBJECTIVES
When starting and growing a business, entrepreneurs often rely on assistancefrom friends, colleagues, mentors, and even family to help propel their success.
To learn more about the role of external collaboration in the professional lives ofsmall business owners, PicMonkey commissioned an independent online survey
in May, 2019. The survey was conducted by The Digital Edge, a leading market
research firm.
The objectives of this survey were to• Learn on whom entrepreneurs rely, for collaboration and advice in their business• Understand the types of advice that entrepreneurs seek and value• The role, and importance, of this collaboration, in the entrepreneur’s overallbusiness success and• Entrepreneurs’ levels of satisfaction regarding the quality of their collaboration,
the current status of their business and its near-term growth prospects

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WHAT DID WE ASK?
The target respondent pool consisted of 500 participants from across theUnited States who were asked to answer 10 multiple-choice questions and one
open-ended question.
1. How many people (outside your own company) do you reach out to, forhelp or advice with your business on a monthly (or more frequent) basis?
2. Whom do you typically reach out to? (e.g., mentors, friends,colleagues, etc.)
3. What kinds of topics do you discuss with your network?
4. Of those topics, which topic is most valuable to you?
5. What role do you expect your network to play, when you reach outfor help?
6. Do you pay for this kind of help? (at all or in part?)
7. How important is the advice you get from your network?
8. How optimistic are you, regarding the growth of your businessover the next 12 months?
9. Overall, how satisfied are you with your business?
10. How long have you had your business?
11. If there is one piece of advice to offer new entrepreneurs regarding
collaborating with others, what would that advice be?

ABOUT PICMONKEY
PicMonkey is built for people and businesses to create stunning visuals for social
media, digital marketing, advertising and beyond. PicMonkey’s ever-growing
library of effects, graphics, templates, and fonts, plus a resource center with tips
and tutorials, make content creation easy and inspiring. With headquarters inSeattle, Washington, privately-held PicMonkey is backed by Spectrum Equity.
For more information, visit PicMonkey.com and connect with us on Facebook,
Twitter and Instagram.

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