The index found 91% of entrepreneurs expect their revenues to grow, and 88% believe their profits will also grow over the period of the next 12 months. However, there was a decline in the number of entrepreneurs who expected to seek external capital.
“Canadian entrepreneurs have shown a slow but steady increase in their hiring intentions over the past two years in spite of a rocky economic climate. While we did see a strong rebound in overall feelings about the economy from the last survey, their confidence is still not up to the levels we saw one-year ago. However, the vast majority of high growth entrepreneurs believe their revenues will increase and are confident about their core business potential," said Stewart Thornhill, Executive Director, Pierre L. Morrissette Institute for Entrepreneurship, at the Richard Ivey School of Business.
“Expectations for growth aside, one of the top issues keeping business owners awake at night is related to attracting and retaining the very top talent to their company – and that’s no easy feat,” explained Dennis Fortnum, Canadian Managing Partner for KPMG Enterprise. “Business owners recognize the more talent on the team, the greater the competitive edge – and in today’s economy everyone is looking for that edge. As the nature of the workforce changes, from an industrial worker to a service worker, to a knowledge worker, the leadership paradigms had to shift from command and control to participatory and collaborating leadership that engages all members of the organization to help the business grow and thrive. QuantumShift Fellows recognize the importance of this and its connection to future long term growth.”
“We see modest growth this year and we will achieve that by focusing and leveraging our specialized or niche products and divisions,” said Elaine Gerrie, Co-President and CEO for Gerrie Electric Wholesale Ltd. “We will grow through increasing market share in our traditional business.”
This is the fourth release of the semi-annual Ivey Entrepreneurs Index. For a detailed breakdown of the survey results please click here.
The Ivey Entrepreneurs Index is based on a short survey of five questions distributed to Fellows of QuantumShift™. Entrepreneurs are asked what they expect will happen in their private companies over the next 12 months, covering their outlook for the Canadian economy in general as well as prospects around revenue, profits, hiring, and borrowing.
The survey was distributed to 368 entrepreneurs whose companies have average revenue of approximately $75 million with an average of approximately 350 employees. Their businesses have achieved 31% average growth annually. The entrepreneurs surveyed are graduates of QuantumShift™. Co-founded by Richard Ivey School of Business and KPMG Enterprise, each year QuantumShift brings together 40 top Canadian entrepreneurs for a week-long leadership and executive development program.
About the Richard Ivey School of Business, Western University
The Richard Ivey School of Business at Western University is Canada’s leading provider of relevant, innovative and comprehensive business education. Drawing on extensive research and business experience, Ivey faculty provide the best classroom experience, equipping graduates with the skills and capabilities they need to tackle the leadership challenges in today’s complex business world. Ivey offers world-renowned undergraduate and graduate degree programs as well as Executive Development at campuses in London (Ontario), Toronto and Hong Kong. Visit www.ivey.ca.
About KPMG Enterprise
KPMG Enterprise™ is a network of professionals devoted exclusively to helping business owners and entrepreneurs build value and grow thriving enterprises in Canada. Why is that important for business owners and entrepreneurs? Based on their understanding and experience of what private companies face every day, KPMG Enterprise business advisers can provide proactive and effective advice about financial, business, and operational challenges, ultimately helping owners and entrepreneurs build value in their businesses and grow successful private enterprises. Visit kpmg.ca/enterprise.
QuantumShift™ is an intense and exclusive leadership development program for Canada’s most promising entrepreneurs, co-founded by the Richard Ivey School of Business and KPMG Enterprise in 2004. The program brings an elite group of 40 entrepreneurs together annually for a rigorous five-day developmental experience at the Ivey Business School in London, Ontario. Admission to QuantumShift is by invitation only selected from amongst hundreds of nominations annually. The curriculum explores topics that matter to high growth entrepreneurs. For further information about the program and its Fellows, visit kpmg.ca/quantumshift. Nominations for QuantumShift 2013 close December 7th, 2012. To nominate an entrepreneur, contact Donna Trifunovic at 416 228 7142.
For more information, please contact:
Ivan Langrish, Richard Ivey School of Business, 416 203 0664, firstname.lastname@example.org
Kathleen Killen, Senior Manager, Media Relations, 416 777 3447, email@example.com