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The secrets to business success


July 7, 2011
By Amanda Ryder

July 7, 2011 – A recent survey from the Canadian Federation of Independent Business (CFIB)
of 8,900 businesses shows entrepreneurs credit employees (62 per cent),
customer loyalty (60 per cent) and hard work (59 per cent) for the
success of their businesses.

July 7, 2011 – A recent survey from the Canadian Federation of
Independent Business (CFIB)
of 8,900 businesses shows entrepreneurs credit employees (62 per cent),
customer loyalty (60 per cent) and hard work (59 per cent) for the
success of their businesses. The results provide a unique insight into
what makes business successful by asking business owners themselves what
works.  

"While most studies focus mainly on the personal characteristics of
the successful entrepreneur, this is a one-of-a-kind, insider's
perspective into the winning recipe for a business venture – and it
speaks volumes about the character of small business owners that they
give top billing to their employees and customers," said CFIB president,
Catherine Swift. Survey comments focused on the importance of honesty
and fairness: "conduct your affairs in an honest and open manner to
build a good client base and good community image," said one business.
"Always treat your employees fairly, and then in the tough times they
will be there by your side," said another.

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Other important elements of success include the product(s)/service(s)
(54 per cent), passion for what I do (34 per cent), innovation (18 per
cent), family support (17 per cent), and defined business plans (11 per
cent). "Clearly there is much more to running a successful business than
just having a business plan," said CFIB's vice-president of research
Doug Bruce.

The results also show that entrepreneurs are deeply connected to
their communities and contribute in a number of ways, including
employing locals (85 per cent), financial donations (74 per cent),
donating goods or services (72 per cent), sponsoring sports teams (59
per cent), promoting local charities (47 per cent) and donating their
time (47 per cent).

"It's no wonder that businesses give back so generously to their
communities when they credit the community of employees and customers
for their success. Communities and small business thrive together,"
concluded Bruce.

The Secrets of Entrepreneurial Success is the first in a series of short reports on entrepreneurship. The series commemorates CFIB's 40th anniversary and celebrates 2011 as the federally designated Year of the Entrepreneur. To view the report, please visit www.cfib.ca


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