Profit or Passion: BMO Report on Psychology of Business Owners Reveals What's Fuelling Canadian Entrepreneurs

TORONTO, ONTARIO--(Marketwired - June 11, 2013) - Canadian business owners say doing something they are passionate about and being their own boss are the top reasons why they are running their own business, according to the BMO Psychology of Business Owners Report released today.

The report, conducted by Pollara, is part of a Psychology series from BMO that examines personal finance, investing, and business behaviours among Canadians and the resulting effects.

The latest poll shows the psychological traits of business owners - what makes them tick and how they got to where they are today.

What it Takes

Business owners attributed their success to a number of qualities. One-fifth (21 per cent) pointed to their ability to think outside the box, while 17 per cent cited a competitive nature. Following that, 10 per cent said their success comes from remaining calm under pressure; the same number cited the ability to bounce back. Other attributes included obsession with details (9 per cent), being a workaholic (9 per cent) and preferring to be in control (6 per cent).

"Small businesses are the backbone of the Canadian economy," said Dan Kelly, President and CEO of the Canadian Federation of Independent Business (CFIB). "These findings are consistent with CFIB's own research, and demonstrate that Canadian entrepreneurs are hard-working, resourceful, and care deeply about their communities."

Driven to Success

Respondents said the key motivators for starting a business were:

• Doing something they are passionate about - 81 per cent
• Being their own boss - 78 per cent
• Making money - 76 per cent
• The challenge of owning a business - 71 per cent

"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, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "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."

Working Overtime

One in five business owners work 60 hours or more per week, with an average of 51 hours a week; however seven out of ten indicated they would like to scale back their work hours to spend more time with family.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $555 billion as at April 30, 2013 and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.