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Running a small business has never been easy, but today’s entrepreneurs believe success depends on more than simply having enough money to get started.
According to a Small Business Expo Research Team survey of 110 U.S. small business owners, 32.7% say running a business today requires more adaptability than it did just a few years ago, narrowly surpassing capital (30.9%) as the most important requirement for success. Respondents also pointed to greater demands for specialized skills and technology, suggesting that today’s business environment requires owners to be more agile than ever.
The findings indicate that while access to funding remains essential, many entrepreneurs increasingly believe that the ability to respond to changing markets, customer expectations, and technology may be an even greater competitive advantage.
Highlights
- 32.7% say running a business today requires more adaptability than it did a few years ago.
- 30.9% believe more capital is now required.
- 20.9% say greater skill or expertise is needed.
- 10.9% point to technology as the biggest new requirement.
- 4.5% say stamina has become the most important factor.
Adaptability Has Become the Top Priority
When asked what running a business requires more of today compared to just a few years ago, respondents most frequently selected adaptability.
More than three in ten business owners (32.7%) believe the ability to adjust quickly to changing conditions has become the defining characteristic of successful entrepreneurship. Whether responding to shifting customer expectations, economic uncertainty, or rapid technological change, adaptability appears to have overtaken more traditional business advantages.
The finding reflects the increasingly dynamic environment in which small businesses operate. Organizations across industries have emphasized that agility and resilience are becoming critical capabilities as businesses navigate evolving consumer behavior, digital transformation, and changing economic conditions.¹
Running a Small Business Still Requires Capital
Although adaptability ranked first, 30.9% of respondents said today’s businesses require more capital than they did a few years ago.
This close result suggests that financial resources remain a major concern for entrepreneurs. Higher operating expenses, borrowing costs, wages, insurance premiums, and inventory costs continue to place pressure on many small businesses.
Rather than replacing financial considerations, adaptability appears to complement them. Business owners increasingly recognize that access to capital is important, but using those resources effectively in a rapidly changing environment may be just as critical.
Skills and Technology Continue to Grow in Importance
Beyond adaptability and capital, respondents also highlighted the growing importance of expertise and technology.
More than one in five business owners (20.9%) believe today’s entrepreneurs need greater skills or specialized expertise to succeed. Meanwhile, 10.9% identified technology as the biggest new requirement.
These responses suggest that modern business ownership increasingly demands continuous learning. From adopting AI tools and digital marketing platforms to understanding cybersecurity and data analytics, entrepreneurs are expected to master a broader range of competencies than in previous years.
Recent research similarly shows that small businesses continue to invest in digital capabilities while placing greater emphasis on workforce skills and technology adoption to remain competitive.²
Success Requires More Than One Ingredient
One of the most interesting aspects of the survey is how evenly responses were distributed among several different factors.
Unlike many business surveys where one issue overwhelmingly dominates, this question produced a balanced set of responses. Adaptability, capital, skills, technology, and even stamina all received meaningful support.
The results suggest that business owners no longer view success through a single lens. Financial resources remain important, but so do the ability to pivot, learn new skills, embrace technology, and maintain the resilience required to navigate an increasingly complex business landscape.
Final Takeaway
Running a small business is becoming less about relying on a single advantage and more about balancing multiple strengths. While capital remains a fundamental requirement, adaptability has emerged as the quality business owners value most in today’s environment. As markets, technology, and customer expectations continue to evolve, entrepreneurs who can quickly adjust while continuing to invest in skills and innovation may be best positioned for long-term success.
Footnotes
- World Economic Forum. Future of Jobs Report. https://www.weforum.org/reports/the-future-of-jobs-report/
- U.S. Chamber of Commerce. Empowering Small Business: The Impact of Technology on U.S. Small Business. https://www.uschamber.com/small-business/empowering-small-business-the-impact-of-technology-on-u-s-small-business/
Related: 97% of Small Business Owners Would Recommend Entrepreneurship