Intuit Canada’s newest study reveals the upside of entrepreneurship. While small business ownership can be challenging, life is good overall for Canada’s entrepreneurs; four in five (79 per cent) are happier, and 65 per cent are less stressed now than when they worked for someone else.
Intuit’s research also reveals that Canadian entrepreneurs aren’t in it for the money. Only 13 per cent of Canadian small business owners (SBOs) started their own businesses because they wanted to increase their earnings – so why do they take the leap?
- One third (33 per cent) of Canadian SBOs were motivated to start their own businesses because they wanted to be their own bosses
- One in five (21 per cent) sought a better work-life balance
- Slightly more than half (57 per cent) feel their work-life balance has improved since starting out on their own
- Only 17 per cent of SMB owners would ever consider working for someone else again
- 45 per cent feel better about their financial futures since becoming an SMB owner.
The study also showed that that time really does equal money, according to the day-to-day realities of Canada’s most successful entrepreneurs*:
- More than half (56 per cent) of SBOs whose companies have generated over $250K in revenue wake up at 6 a.m. or earlier.
- Two thirds (67 per cent) of these entrepreneurs work more than 50 hours per week
- Two in five (41 per cent) check email or start thinking about work within 10 minutes of waking up.
Additional survey findings:
- Cash flow remains the number-one stressor for SBOs, with 32 per cent citing it as the main worry keeping them up at night
- More than half (65 per cent) of Canada’s SMB owners get six to seven hours of sleep per night
- Eighty-nine percent of Canadian entrepreneurs check their email and/or start thinking about their within one hour of waking up, and one in five do so within a mere ten minutes
- One quarter (26 per cent) of SBOs work16 or more weekends per year
*Most successful SBOs/entrepreneurs are defined as those with companies generating more than $250K and drew incomes of $100K or more last year
SURVEY METHODOLOGY
2015 Intuit Small Business Landscape Study
- From August 10 to August 13, 2015, an online survey was conducted among 828 randomly selected Canadian small business owners who are members of the Angus Reid Forum panel or partnering networks.
- All qualified respondents are employed full-time/part-time/self-employed and own a business with zero to 99 employees.
- Discrepancies in or between totals are due to rounding.
There’s an eBook with the survey results available here.
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Intuit study reveals the real reasons Canadians Choose To Be Entrepreneurs
Intuit Canada’s newest study reveals the upside of entrepreneurship. While small business ownership can be challenging, life is good overall for Canada’s entrepreneurs; four in five (79 per cent) are happier, and 65 per cent are less stressed now than when they worked for someone else.
Intuit’s research also reveals that Canadian entrepreneurs aren’t in it for the money. Only 13 per cent of Canadian small business owners (SBOs) started their own businesses because they wanted to increase their earnings – so why do they take the leap?
The study also showed that that time really does equal money, according to the day-to-day realities of Canada’s most successful entrepreneurs*:
Additional survey findings:
*Most successful SBOs/entrepreneurs are defined as those with companies generating more than $250K and drew incomes of $100K or more last year
SURVEY METHODOLOGY
2015 Intuit Small Business Landscape Study
There’s an eBook with the survey results available here.
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This entry was posted on February 16, 2016 at 11:31 am and is filed under Commentary with tags Intuit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.