June 12, 2013, Toronto — Canadian business owners say doing something
they are passionate about and being their own boss are the top reasons
why they are running their own businesses.
The new report, titled the BMO Psychology of Business Owners report,
is part of a series that examines personal finance, investing and
business behaviours among Canadians and the resulting effects of those
behaviours.
The latest poll shows the psychological traits of
business owners – what makes them tick and how they got to where they
are today.
What it takes
Business owners attributed
their success to a number of qualities. One-fifth (21 per cent) pointed
to their ability to think outside the box, while 17 per cent cited a
competitive nature. Ten per cent said their success comes from remaining
calm under pressure; the same number cited the ability to bounce back.
Other attributes included obsession with details (nine per cent), being a
workaholic (nine per cent) and preferring to be in control (six per
cent).
"Small businesses are the backbone of the Canadian
economy," said Dan Kelly, president and CEO of the Canadian Federation
of Independent Business (CFIB). "These findings are consistent with
CFIB's own research, and demonstrate that Canadian entrepreneurs are
hard-working, resourceful, and care deeply about their communities."
Driven to success
Respondents said the key motivators for starting a business were:
- Doing something they are passionate about (81 per cent)
- Being their own boss (78 per cent)
- Making money (76 per cent)
- The challenge of owning a business (71 per cent)
"Finding
something you love doing is a common key to success in business –
almost as important as translating ideas into practice or developing a
customer base," said Steve Murphy, senior vice-president for commercial
banking with BMO Bank of Montreal. "Owning and operating your own
business can be time consuming. At the same time, being your own boss
can give you greater flexibility in your life and also provide an
opportunity to build something truly unique."
Working overtime
Nearly
one in five business owners (18 per cent) work 60 hours or more per
week, with an average of 51 hours a week; however seven out of 10
indicated they would like to scale back their work hours to spend more
time with family.
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