The majority of small business owners in British Columbia admit they would have done things differently when they started their companies, according to the results of a Scotiabank poll released October 22.
The poll found that 56% of B.C. entrepreneurs regret some of the actions they took when they first started their businesses. The top two things they wish they had done differently are better estimating the number of hours they would need to put into their businesses (24%) and not trying to do everything all at once (17%).
“Small business owners bring their unique mix of passion, innovation and vigor to the often challenging reality of running a successful small business,” said John Roberts, Scotiabank vice-president of small business.
“Sometimes this same passion can create overly optimistic assumptions, particularly if they are trying to do everything themselves.”
The survey found that when it came to getting advice about starting their businesses, 25% of owners spoke to family and friends and 33% spoke to their accountants, while 27% did not seek any advice at all.
Other survey findings included:
- 53% of B.C. entrepreneurs say the best thing about being a small business owner is being one’s own boss, while 31% cite having creative control as being their favourite aspect;
- the average age of respondents when they started their companies was 42; and
- the biggest obstacle they faced when starting their businesses were finding customers (25%), having access to credit (19%), managing cash flow (19%) and balancing family and business (18%).
