Kelowna firms score high in "Happiness is being Boss"

This morning reading online I came across an article about.......a TD Small Business Happiness Index that found people in Vancouver and Kelowna are happier than their counterparts in other Canadian cities when it comes to owning and running their own businesses rather than being an employee.

According to the TD Small Business Happiness Index, 91 per cent of small business owners in Kelowna and 90 per cent in Vancouver are happier owning and running their own business than working for someone else.

The survey, which examined attitudes and behaviours of small business owners in a dozen urban centres throughout North America, including seven in Canada, revealed 61 per cent of Vancouver small business owners and 58 per cent in Kelowna describe their lives in general as "very happy."

While the levels in that particular sub-section of the "happiness" index were lower in Kelowna and Vancouver -- the only B.C. cities profiled in the survey -- they were still similar to the rest of the country.

However, it's not all peaches and cream, with Vancouver business owners more likely to work longer hours than the national average, and to have a greater concern about the economy.

In Vancouver, a quarter of those surveyed work 50-59 hours a week, with 40 per cent working more than 60 hours.

As well, 91 per cent of Vancouver owners say owning a small business makes it hard to keep their mind off work, with other top challenges being managing cash flow, and recruiting and retaining staff.

"The main challenge for Vancouver is the long hours and limited time off," Alec Morley, senior vice-president, small business banking, TD Canada Trust, said in an interview Tuesday.

"The next [challenge] is the stress that comes from being 100-per-cent responsible. You're carrying the risk. It's your company."

But Morley said the index demonstrates that small business owners enjoy a sense of control and freedom that they don't generally realize when working for someone else. "Despite the recent economic downturn and the continuing challenges of managing and growing a business, the personal satisfaction small business owners report illustrates one of the key advantages of owning your own company."

So why are B.C. small business owners such a happy bunch?

Part of the reason is virtually every business owner in both B.C. cities (100 per cent in Kelowna, 97 per cent in Vancouver) said that owning a small business gives them a sense of pride and accomplishment.

As well, about 90 per cent in both cities said their businesses give them the opportunity to volunteer or make donations to charities, sports teams and events.

Business owners in both cities (Kelowna 90 per cent, Vancouver 82 per cent) had a great connection with their employees, and a strong connection to their customers (Vancouver 76 per cent, Kelowna 74 per cent).

Morley believes their findings reflect the quality of life on the West Coast. "If you have the independence and flexibility to structure your business around everything B.C. has to give, then life can be good. I'd say you [also have] a high number of new Canadians in Vancouver and there's a sense of great satisfaction and pride in coming to a new country and starting your business."

Morley said 19 per cent of B.C.'s working population own a small business -- the highest rate in Canada -- compared with 16 per cent nationally.

According to the index, Vancouver small business owners are most likely in Canada to say the greatest benefit of small business ownership is the ability to set their schedule (21 per cent). They also enjoy being their own boss (18 per cent) and being the decision-maker (18 per cent).

Fully three-quarters of Vancouver owners (80 per cent in Kelowna), expect they will still be running their business in five years time.

The index conducted by Environics Research surveyed 1,213 small business owners with between five and 50 employees between May 13 and June 15, including 101 small business owners in Vancouver and 100 in Kelowna.

(prepared by Brian Morton/Vancouver Sun)

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Small Business Happiness Index

Are you happier owning and running your own business?

Kelowna: 91 percent

Vancouver: 90 percent

Calgary: 89 percent

Toronto: 87 percent

Saskatoon: 85 percent

Ottawa: 84 percent

Montreal: 80 percent

Miami: 92 percent

Chicago: 90 percent

Los Angeles: 89 percent

New York: 88 percent

Boston: 84 percent

Top challenges of ownership

- Managing cash flow

- Recruiting, retaining staff

- Working longer hours with limited time off



HAPPINESS is a good reason to invest/live in Kelowna!

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