Canadian entrepreneurs say that doing something they are passionate about and getting to be their own bosses are what drives them when running their businesses, according to a BMO survey released this morning.
More than 80% of respondents reported passion as their key driver when running their own businesses.
“Finding something you love doing is a common key to success in business – almost as important as translating ideas into practice or developing a customer base,” said Steve Murphy, BMO’s senior vice-president, commercial banking.
“Owning and operating your own business can be time-consuming. At the same time, being your own boss can give you greater flexibility in your life and also provide an opportunity to build something truly unique.”
The key motivators were found to be:
- doing something they are passionate about: 81%;
- being their own bosses: 78%;
- making money: 76%; and
- enjoying the challenge of owning a business: 71%.
The survey found that business owners work, on average, 51 hours per week, with one in five reporting that they work more than 60 hours weekly.
Some 70% of respondents said they would like to scale back their work hours to spend time with family.
