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Canada's entrepreneurs offer words of wisdom to aspiring
small business owners - RBC survey
Top 10 tips on how to successfully start your own business
TORONTO, October 16, 2007 — Canada's existing
entrepreneurs have some well-earned words of wisdom to offer
the 3.3 million aspiring entrepreneurs across the country
who are planning to start a business within the next five
years, according to the annual RBC Small Business Survey.
"The key piece of advice from Canada's veteran entrepreneurs
is 'do your homework' before you open up your new business,"
said Rina Pillitteri, director, Small Business Client Strategy
for RBC. "When successful small business owners look
back on what helped them get off the ground, it's the fact
that they knew what they were facing - they researched who
their competition was, they understood what gaps they could
fill in the marketplace, and they delved into the likes and
dislikes of their potential customers. They also networked
to find out as much as they could from other entrepreneurs."
The top ten pieces of advice existing entrepreneurs have
for people hoping to start up a business, according to RBC's
survey:
- Know your competition (51 per cent)
- Develop a business plan (50 per cent)
- Research the market (49 per cent)
- Network, develop alliances (45 per cent)
- Take time for marketing (38 per cent)
- Seek out mentors (35 per cent)
- Spend time defining the needs your business will meet
(35 per cent)
- Survey potential customers (34 per cent)
- Do homework about where to locate your business (34 per
cent)
- Join clubs/associations (32 per cent)
"Aspiring entrepreneurs can uncover amazing tips and
insights by talking to current business owners before getting
swept up in the fast pace and excitement of starting up,"
added Pillitteri. "Also, seeking out a mentor can help
you save time as well as money, and the advice they offer
could mean the difference between success and failure."
The RBC survey, which compared the responses of aspiring
entrepreneurs with those of existing entrepreneurs, suggests
Canada's emerging entrepreneurs may not need to be as focussed
on obtaining financing as they think they need to be. In fact,
while half (51 per cent) of Canada's aspiring entrepreneurs
expect that one of their biggest challenges will be getting
enough money to start their business, only one in five current
entrepreneurs recalls getting initial financing as a challenge.
For existing business owners, the biggest start-up challenges
were finding clients or developing their market (48 per cent),
keeping a steady workload (31 per cent), working long hours
(28 per cent), and dealing with government bureaucracy and
regulations (21 per cent).
RBC's 2007 Small Business Survey also reports a majority
(61 per cent) of Canada's small business owners appear to
be satisfied with the way they started their businesses -
if they had it all to do over again, they would not change
a thing. Of the 39 per cent who said they would do things
differently, 61 per cent would start at a younger age and
58 per cent would get more financial advice.
"Whether or not it's a new entrepreneur or a veteran,
every small business owner is bound to face a unique set of
challenges," noted Pillitteri. "That's why it's
extremely important to do your initial research, develop your
business plan and seek out the ongoing, customized support
you need to meet your business goals and your customers' needs."
These are some of the findings of an RBC poll conducted by
Ipsos Reid between July 27 and August 3, 2007. The online
survey is based on a randomly selected representative sample
of 3806 adult Canadians of which 2,253 owned small or medium-sized
businesses (entrepreneurs) and 1,553 aspire to own small or
medium size businesses (aspiring entrepreneurs). With a representative
sample of this size, the results among entrepreneurs are considered
accurate to within ± 2.1 percentage points, and among
aspiring entrepreneurs ± 2.5 19 times out of 20, of
what they would have been had the entire adult Canadian population
been polled.
RBC delivers a wide range of financial services and practical
advice to small and medium-sized businesses and their owners.
RBC is Canada's leading financial institution for small business,
serving one in four small businesses. Entrepreneurs - existing
and aspiring - can visit www.rbcroyalbank.com/business/resources.html
for practical advice and information about starting, owning
and managing a small business.
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Media Contact: Judi Levita, (416) 974-8810
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