Do you personally know an entrepreneur who has launched a business in the last two years? Will there be any good business opportunities in the next six months? Do you have the abilities and qualifications needed to launch business? Would fear of failure prevent you from launching your own business? Is it cashflow or the lack of funds? Is the creation of a business a desirable career goal? Does success in business earn you social status and respect? Do successful businesses get good media exposure? Are you ready to be in business for yourself… do you have no choice because you are already in it? We need a society in which Canadians aspire to be active owners and entrepreneurs, not just passive investors, Our culture needs to place more value on entrepreneurial-type risk taking, Our educational system needs to teach more about entrepreneurial-type risk taking and how to finance your business. Most businesses get their initial funds from friends and family, family businesses and support within families should be a course we take in University or within Grade School… instead we are taught to ask strangers for jobs and strangers for money. Canada is a nation of entrepreneurs where 97% of our Nations businesses are categorized as Small business.

These are some of the findings of an RBC poll conducted by Ipsos Reid between July 27 and August 3, 2007.

The top ten pieces of advice existing entrepreneurs have for people hoping to start up a business, according to a survey by RBC Financial Group which compared the responses of aspiring entrepreneurs with those of existing entrepreneurs:

• Know your competition (51 percent)
• Develop a business plan (50 percent)
• Research the market (49 percent)
• Network, develop alliances (45 percent)
• Take time for marketing (38 percent)
• Seek out mentors (35 percent)
• Spend time defining the needs your business will meet (35 percent)
• Survey potential customers (34 percent)
• Do homework about where to locate your business (34 percent)
• Join clubs/associations (32 percent)

DOES Ipsos Reid investors ask about Family of investment… probably not, but this is a vital consideration of call entrepreneurs.

“Small Business Ownership Fun, But Long Hours”, NBC5.com, October 22, 2007.

The Ipsos Reid Study polled 900 Canadian small business owners on behalf of HP Canada with the results reviewed by the Canadian Federation of Independent Business (CFIB).

Findings:

• 63 percent of the responders said they are motivated to continue with their small business because they find the work enjoyable.
• 59 said they stick with it because of the independence the job brings.
• 42 percent said they put in more than 53 hours of work a week.
• 44 percent said the work was more demanding than they expected.

The small business owners reported a number of specific challenges, from finding new customers and markets (59 percent) to dealing with finances (47 percent) to handling government regulations and paperwork (42 percent).

The small business owners reported a number of specific challenges, from finding new customers and markets (59 percent) to dealing with finances (47 percent) to handling government regulations and paperwork (42 percent).

“In a separate poll of 1,842 adult Canadians, the study found that 97 percent of the responders view entrepreneurs as highly motivated, 93 percent said they are innovative, 92 percent said they believe they are reliable, and 96 percent said that they perform quality work.”

This is proof that Canadian’s invest in small business every day, with their own business, with their family, and with their friends because… Canadians believe in entrepreneurship!!!

If you ask your friends or family for funds, be sure to document it, www.documentyourloan.com

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