Canadian Entrepreneurs Feel More Motivated to Run their Business than in 2019
The passion for running a business remains strong amongst Canadian entrepreneurs, according to a new survey by Vistaprint. More than half (54%) of Canadian small business owners are more motivated to run their company in 2020 than they were one year ago, compared to just 10% who feel less motivated. Nearly two-thirds (61%) say they have never lost the motivation to run their business.
The study by Vistaprint, which offers professional marketing products, design and services for small businesses, explores the level of motivation amongst Canadian entrepreneurs, the factors that influence their motivation and what they can do to rekindle the passion for their business.
Flexible work hours, the opportunity to pursue their passion, being in charge of their destiny and enjoying greater job satisfaction are the top reasons Canadian entrepreneurs say they love running their businesses.
While the findings paint an overall positive picture of small business motivation, running a business can come with some rough patches. More than one third (39%) of entrepreneurs admit losing the motivation to run their company – of those, 40 per cent say they have lost motivation at least once per year. Nearly a quarter (24%) of those surveyed have even considered closing their business over the last year.
Top reasons Canadian entrepreneurs lose their business mojo include:
- Lack of a regular or stable salary
- Poor work-life balance
- High stress levels
- A lower than expected earning potential
“The start of a new business is not unlike the beginning of a new relationship in that there is usually a honeymoon phase that continues to feed your passion,” says Vistaprint North America Market Lead Erin Shea. “Long-lasting relationships and businesses, however, both require a lot of work and can come with a few rough patches. Because we’ve worked with more than 17 million small businesses around the world, we’ve gained a deep understanding of the challenges entrepreneurs face. Whether through small business marketing advice, products or design solutions, Vistaprint strives to alleviate as many of those hurdles as possible. This helps small business owners to spend more time doing what they love and achieve their small business dreams.”
Pouring blood, sweat and tears into a business for an initially limited financial return can be demotivating, but it’s important for entrepreneurs to stay optimistic. According to the survey, a positive outlook is key to helping founders regain the passion for their business. Owners should also remind themselves why they started their company in the first place and set new goals. Many entrepreneurs started their business to pursue a passion and remembering this can help to keep the spark alive when the going gets tough.
The research also explores external trends that can influence motivation amongst business owners. The top three motivation boosters include:
- Growing expectations of customers
- Increased personalization in marketing
Conversely, political change, automation, and economic change are most likely to zap small business motivation.
“Overall, small business owners are well positioned to meet rising consumer expectations in 2020,” adds Shea. “Whether it’s spending a little longer creating a quality product or customer experience, going the extra mile to show their appreciation and building brand loyalty, or keeping returning customers updated on new and exciting happenings with their brand, the passion for what they do and who they serve is what will inevitably drive success for small business owners in Canada.”
Notes to editors:
About the study
Results are based on a Vistaprint survey of 509 Canadian small business owners (0-10 employees) conducted in February 2020.
Vistaprint is a global e-commerce brand empowering millions of Canadian small business owners to professionally promote their business with quality printed and digital marketing products at an affordable price. Our world-class online design studio allows customers to easily customize their products including business cards, marketing materials, signage, promotional products, apparel, websites, digital marketing, cards and stationery at https://www.vistaprint.ca. Our patented printing technique allows us to maximize efficiency and consistently deliver quality and value to customers. Vistaprint is a Cimpress (Nasdaq: CMPR) brand. Vistaprint and the Vistaprint logo are trademarks of Cimpress plc or its subsidiaries. All other brand and product names appearing on this announcement may be trademarks or registered trademarks of their respective holders.