Being your own boss worth the stresses: CIBC poll
But a BMO survey of entrepreneurs reveals what keeps them up at night.
TORONTO — Two bank reports highlight the risks and rewards of being an entrepreneur. A CIBC poll of 800 owners/C-level managers of businesses of all sizes finds 80% of them say their financial situation is the same or better since they made the move to self-employment, but a BMO poll finds 60% are concerned about retirement and cash flow.
The CIBC survey reveals that although almost 50% of its respondents report working longer hours and having higher stress levels, yet 90% are nonetheless satisfied with their personal quality of life.
Here are some key findings:
• 80% say their financial situation is the same or even better than when they worked for someone else, with 26% saying it’s much better.
• 91% are satisfied with their personal quality of life.
• 46% work longer hours compared to when they were working for someone else, with 48% saying they have higher stress levels.
• Their top reasons for starting a business were to be their own boss (49%) and to do something they love (47%).
• 56% would not ever consider going back to work as an employee for someone else.
• 65% say they are taking the same amount or more vacation time compared to when others employed them and 84% enjoy the same or more family time.
Meanwhile, the BMO Wealth Institute found 60% of Canadian business owners are concerned with being able to retire from their businesses, as well as managing cash flow in profitable and challenging times.
Other top concerns include:
• Identifying income options from business profit (56%)
• Paying too much tax (51%)
• Handling the business if a key employee quits or leaves (47%)
• Taking care of family members if incapacitated (44%)
• Managing business succession planning (39%)
The BMO report, Entrepreneurs: Definitely Not Your Ordinary Business Owners, also notes 75% of entrepreneurs are focused on making improvements in their business operations and 56% are seeking to grow their business aggressively.
Sixty-nine per cent do not have a formal written succession plan in place.