Canadian Entrepreneurs Dish Out Free Advice on
How to Grow a Business
Other advice that entrepreneurs would give to small business owners looking to grow their business includes: seeking help and advice (28%), aggressively soliciting clients (25%), conducting market research (25%), getting financial advice before going into business (23%), arranging financing and credit (16%), starting the business at a young age (15%), investing in advertising and promotion (15%), putting money into the business (13%), or starting the business at an older age (7%). Just 3% say their advice would be to never start one's own business, while 4% would give some other piece of advice.
Thinking about some of the challenges that they faced when they first started up their own business, a majority (60%) say that finding clients, developing their market, and keeping a steady workflow was among their top-three challenges. Four in ten (39%) say that work-life balance issues like long hours and time management to ensure time with family and friends was among their top-three challenges, and one in three (33%) say that accounting and tax filing was among their biggest challenges.
But small business owners don't stop there when it comes to sharing some of the challenges they experienced. Others say that their challenges included: dealing with the government and bureaucracy when registering their business (27%), getting enough money to start the business (26%), keeping up with technology (17%), developing a business plan (16%), feeling isolated (16%), dealing with banks (15%), sourcing materials and products (14%), human resources (9%), finding qualified advisors (4%) or some other challenge (7%).
These are some of the findings of an Ipsos Reid poll conducted between July 29 and August 8, 2011, on behalf of RBC. This online survey of 1,400 entrepreneurs, who were either self-employed or owned their own small business, was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's national online panel. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted, probability sample of this size, with 100 per cent response rate would have an estimated margin of error of 1773 per cent, 19 times out of 20.
For more information on this news release, please contact:
Sean Simpson
Associate Vice President
Ipsos Reid
416.572.4474
[email protected]
About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
About Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.
Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe. Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2010, Ipsos generated global revenues of e1.140 billion ($1.6 billion U.S.).
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