A new survey from the Canadian Federation of Independent Business (CFIB) shows that business owners in British Columbia credit employees (64 per cent) and customer loyalty (64 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 Laura Jones, Vice-President of Western Canada.
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 hard work (56 per cent), product(s)/service(s) (56 per cent), passion for what I do (31 per cent), innovation (19 per cent), family support (15 per cent), and defined business plans (13 per cent).
The results also show that entrepreneurs are deeply connected to their communities and contribute in a number of ways, including employing locals (90 per cent), financial donations (76 per cent), donating goods or services (77 per cent), sponsoring sports teams (55 per cent), donating their time (50 per cent and promoting local charities (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,” said Jones.
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