Small business owners happier than a year ago

 

 

 

Financial Post July 5, 2011

 

 

 

 

 

Small business owners are happier than they were a year ago, despite working longer hours and having to cope with a strong dollar, says a poll released Tuesday by TD Canada Trust.

Photograph by: Fotolia, Fotolia

OTTAWA — Small business owners are happier than they were a year ago, despite working longer hours and having to cope with a strong dollar, says a poll released Tuesday by TD Canada Trust.

The survey of 402 small business owners in Montreal, Toronto, Vancouver and Calgary was conducted by Environics Research in mid-spring and found that 66% considered themselves “very happy,” compared with 63% a year ago.

The reasons for their satisfaction derive from the motivations that brought them into becoming entrepreneurs in the first place, such as being one’s own boss, controlling one’s destiny and making more money, according to the survey.

“In 2011 we saw an increase in the happiness levels of small business owners compared with the previous year. When owners are optimistic, they tend to be more likely to invest in their business by boosting spending and hiring, which is great for their local communities,” the survey said.

Tempering their mirth, however, was the impact of the soaring loonie. Thirty-six per cent of those that export said the dollar is affecting their profits and 22 per cent have seen a fall in demand from customers abroad.

Nevertheless, the overall results were recorded despite small business owners having to put in slightly longer hours to achieve their goals. The survey found that small-business owners work an average of 48.7 hours a week, up from 47.8 hours recorded in 2010.

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