Most entrepreneurs find more time for family and vacations
TORONTO, Oct. 22, 2014 /CNW/ - Eight in 10 Canadian entrepreneurs say their financial situation is the same or better since they quit working for someone else and made the move to self-employment, finds a new CIBC (TSX: CM) (NYSE: CM) poll.
The tradeoff is that almost half of these entrepreneurs report working longer hours and having higher stress levels. However nine out of 10 entrepreneurs say that even with these factors, they are satisfied with their personal quality of life.
Key findings of the poll include:
- 80 per cent of business owners say their financial situation is the same or even better than when they worked for someone else, with 26 per cent saying it is much better
- 91 per cent of entrepreneurs say they are satisfied with their personal quality of life
- 46 per cent work longer hours compared to when they were working for someone else, with 48 per cent saying they have higher stress levels
"While it's encouraging to see that the move to entrepreneurship is paying off, it's important that business owners look long term to ensure a sustainable balance in their business and personal lives," says Shelley Swanlund, Vice President, Business Banking and Head of Small Business, CIBC. "Ongoing pressures from increased work hours and higher stress levels can impact future performance and should be factored in when developing business plans."
Entrepreneurs following their hearts and don't plan to become employees again
Entrepreneurs say that their top reasons for starting a business were to be their own boss (49 per cent) and to do something they love (47 per cent). More than half (56 per cent) would not ever consider going back to work as an employee for someone else.
"It's good to see Canadian entrepreneurs doing something they love, while enjoying greater financial success and personal satisfaction," says Ms. Swanlund. "This bodes well for their continued satisfaction as business owners."
Despite working longer hours, many entrepreneurs still find time for family and vacations
About two-thirds of entrepreneurs (65 per cent) say they are taking the same amount or more vacation time compared to when they were employed by others. On the family front, 84 per cent of business owners enjoy the same or more family time than before they ran their own businesses.
"Entrepreneurs are telling us that now is a good time to be a small business owner," notes Ms. Swanlund. "The key is to build a good team of partners and advisors to help you work through the challenges. Anyone thinking of making the move to self-employment can talk to CIBC's dedicated small business advisors to help guide you through starting and running a business."
KEY POLL FINDINGS
Percentage of Canadian business owners who rate their financial situation as the same, or better now, compared to before they became a business owner, by region:
The poll was conducted by Leger through a Web survey conducted from September 15 to 19, 2014 among a representative sample of 800 owners / C-level managers of businesses, of all sizes, located in Canada, excluding the public sector and NGOs. Using data from Statistics Canada, the results were weighted according to business size (number of employees) and region, to ensure a sample representative of the entire population under review. The associated margin of error for a probabilistic sample of the same size is +/-3.47%, 19 times out of 20.
CIBC Small Business Services
For more than 140 years, CIBC has been providing small business owners with the advice, services, and support they need to thrive and grow. CIBC recognizes that the business and personal finances of small business owners are often intertwined, which can present both opportunities and challenges. We believe that the best advice comes from someone who understands your needs as a business owner and as an individual.
CIBC provides small business owners with the services of a dedicated CIBC Small Business Advisor, who acts as a single point of contact for all small business owner needs. This experienced professional is committed to understanding the business and the industry in which small business owners operate, as well as their personal financial goals. CIBC business advisors work with small business owners to find integrated solutions to help them achieve their vision for their business and their life.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
For further information:
Caroline Van Hasselt, Director, External Communications, 416-784-6699 or [email protected]