TORONTO, April 14 /CNW/ - A new 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.
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
"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,"
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
As Canada's largest association of small- and medium-sized businesses,
CFIB is Powered by Entrepreneurs™. Established in 1971, CFIB takes
direction from more than 108,000 members in every sector nationwide,
giving independent business a strong and influential voice at all
levels of government and helping to grow the economy.
SOURCE CANADIAN FEDERATION OF INDEPENDENT BUSINESS
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