If you want to grow your micro-business (defined as a business with fewer than five employees), you might consider some of the findings of a survey by Statistics Canada.
1. The Findings
According to “Growth Determinants of Micro-Businesses in Canada” (Evangelia Papadaki and Bassima Chami, Small Business Policy Branch, Industry Canada), the survey by Statistics Canada revealed the following:
Micro-businesses get much of their advice from family, friends, customers and suppliers. Accountants are more commonly consulted for business advice than lawyers and bankers.
Completion of high school was cited as a factor for growth in the micro-business. Perhaps surprisingly, college or university education was discounted as a factor for success.
Age or sex of business owners did not affect business growth. Nor was being an immigrant a significant factor.
For growth, being willing to delegate, assume risk, and share ownership all seemed to be factors for success.
Expansion of the local market was more important for growth than the export market for the micro-business.
Growth micro-businesses innovate and engage in...
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