Monday, September 05, 2011

What's Stopping You from Starting a Business?

Earlier this year (June 2011), I added a Post to this BLOG that mentioned some of the good research that the Canadian Federation of Independent Business (CFIB) has done. In a more recent study commissioned by CFIB, done in partnership with Hewlett-Packard (Canada) Co. and Intel of Canada, Ltd. - Angus Reid was commissioned to complete two opinion polls in order to better understand the public's opinions about small business. While many factors were addressed, it took an important look at aspects impacting entrepreneurship and conditions important to maintaining a vibrant small business sector in Canada.

Overall, the report highlights the high level of respect that the majority of Canadians place upon small business. Through the report, small businesses share a number of valuable insights related to the early stages of their development, and their plans for the future, including the use of technology

See the full report on the CFIB Website.  As of the date of this Post, it was located at:

One of the highlights included the following CFIB Question and assessment that came after 2,028 responses to the Angus Reid Forum poll.

Question: What prevents you from going into business for yourself?

CFIB Comments:  The answer is that there is much at stake in terms of financing and risk. The biggest barrier to business ownership was the lack of money (57 per cent). The public’s views are very much in line with findings from CFIB’s Banking Matters report, which shows that 61 per cent of business owners had trouble securing term financing or a loan from their bank. (CFIB, 2007)   The next biggest barriers are the amount of risk involved (40 per cent) and uncertainty about the success of the business (36 per cent).

Other reasons included:
   Lack of skills or knowledge (29 per cent)
   Lack of resources (22 per cent)
   Lack of time (21 per cent)
   Other (19 per cent)
   Lack of support from friends and family (5 per cent)

SO - What do you feel holds people back from starting the business of their dreams?

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