Employees, loyal customers and hard work are essential key ingredients to business success

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 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

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

For further information:

To arrange an interview, please contact Meghan Carrington or Adam Miller at 416 222-8022 or email public.affairs@cfib.ca

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