Being your own boss worth the stresses: CIBC poll

But a BMO survey of entrepreneurs reveals what keeps them up at night.

Entrepreneurs are confident about self-employment.

Entrepreneurs are confident about self-employment.

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.

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