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The Business Researcher Newsletter |
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June 28, 2007 Vol 10, No 3 |
Celebrating Our 10th Year! |
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| Introduction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Welcome to the third issue of 2007.
As always we have been busy over the last few weeks improving our services.
First and foremost we have just completed a design upgrade of the Stats Link Canada web site which will make it easier to navigate through all the many research guides and source lists we now have posted online.
Secondly, to help entrepreneurs understand the impact of seniors, Baby Boomers or Generation X in their particular market we have added age details to our two household spending profiles: Canadian Market Estimates and Canadian Household Spending Profiles. These new details are based on custom data retrievals from Statistics Canada. We have incurred the inital costs so that you can access this detailed data at an economical price.
Our Canadian Household Spending Profiles identify the spending habits of specific household types (e.g. baby Boomers) for the data year 2005. The data is compared and contrasted with the Canadian market as a whole so that you can observe spending priorities and market influences of your target market.
For example: Households between the ages of 50 and 64 years spend less on Bicycle repairs and Video games than the average Canadian household but more on Self-made alcoholic beverages and Garden supplies and services.
Our Canadian Market Estimates meanwhile examine among other household variables the market share of specific age groups for one particular product or service.
For example: Households between the ages of 35 and 49 years old lead all households with a 38.9% share of personal care expenditures.
For more information on these market research products see the Household Spending section of our Stats Link Canada web site. I hope you find this issue helpful. John White
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| Recent Polls & Surveys | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
View Stats Can Releases: Subscribers click here (Free Trial Version)
Agriculture Comprehensive picture of the agriculture industry across Canada MORE DETAILS: Stats Link Canada ID# 39264415. (Free Trial Preview)
% of Canadian households purchased an Organic product within the past year MORE DETAILS: Stats Link Canada ID# 39264408. (Free Trial Preview)
Arts, Culture & Recreation Annual TV and Radio statistical and financial summaries MORE DETAILS: Stats Link Canada ID# 13617. (Free Trial Preview)
# and % of Canadians used an RV (recreational vehicle) or a camper as accommodation MORE DETAILS: Stats Link Canada ID# 39264454. (Free Trial Preview)
How periodicals have fared between 1998 and 2003 MORE DETAILS: Stats Link Canada ID# 39264387. (Free Trial Preview)
Business & Financial Services Study on foreign outsourcing of services MORE DETAILS: Stats Link Canada ID# 39264445. (Free Trial Preview)
Profile of Management, scientific and technical consulting services. MORE DETAILS: Stats Link Canada ID# 39264437. (Free Trial Preview)
Construction / Real Estate Construction Labour Requirements from 2007 to 2015 for Canada and selected provinces MORE DETAILS: Stats Link Canada ID#
Canada:
39264482
(Free
Trial Preview),
Detailed report on renovations and home purchases in 2006 and intentions for 2007. MORE DETAILS: Stats Link Canada ID# 39264605. (Free Trial Preview)
Canadian rental market MORE DETAILS: Stats Link Canada ID# 39261239. (Free Trial Preview)
Effect of gasoline prices on summer cottage plans MORE DETAILS: Stats Link Canada ID# 39264532. (Free Trial Preview)
Survey of Canadians, Americans, Britons on new development in their community. MORE DETAILS: Stats Link Canada ID# 39264562. (Free Trial Preview)
Study looks at the condo market in Canada MORE DETAILS: Stats Link Canada ID# 39264425. (Free Trial Preview)
Survey on Canadian intentions to purchase a recreation property (cottage) MORE DETAILS: Stats Link Canada ID# 39264423. (Free Trial Preview)
Report analyzes and forecasts trends on new, resale and rental housing markets MORE DETAILS: Stats Link Canada ID# 39261240. (Free Trial Preview)
Residential and Non-residential construction expenditures, by Region and Province, 1997-2006 MORE DETAILS: Stats Link Canada ID# 39264506. (Free Trial Preview)
Economic Indicators Outlook for Global and Canadian Economies MORE DETAILS: Stats Link Canada ID# 39264441. (Free Trial Preview)
Education Study examines how governments support post-secondary students MORE DETAILS: Stats Link Canada ID# 39264533. (Free Trial Preview)
Survey of parents whose children attend private schools in Ontario MORE DETAILS: Stats Link Canada ID# 39264374. (Free Trial Preview)
Training and learning spending in Canada MORE DETAILS: Stats Link Canada ID# 39264353. (Free Trial Preview)
Report examines student debt in Canada MORE DETAILS: Stats Link Canada ID# 39264534. (Free Trial Preview)
Environment Global attitudes on climate change (includes Canadian results) MORE DETAILS: Stats Link Canada ID# 39264351. (Free Trial Preview)
Health Detailed Survey of Canadians’ use of alternative medicine MORE DETAILS: Stats Link Canada ID# 39264447. (Free Trial Preview)
Health indicators for each health region in Canada MORE DETAILS: Stats Link Canada IDs#
14417
(Free
Trial Preview),
14418. (Free
Trial Preview),
14419. (Free
Trial Preview)
Report on facilities for the aged, facilities for persons with mental disorders (nursing homes) MORE DETAILS: Stats Link Canada ID# 39264469. (Free Trial Preview)
Divorce and subsequent depression among Canadians MORE DETAILS: Stats Link Canada ID# 39264446. (Free Trial Preview)
Report on drug expenditure in Canada 1985-2006. Includes: Prescription & Non-prescription drug expenditure by source of finance. MORE DETAILS: Stats Link Canada ID# 39264440. (Free Trial Preview)
Injury hospitalizations in 2006 MORE DETAILS: Stats Link Canada ID# 39264398. (Free Trial Preview)
Hospitality Report on American travellers' perceptions of Canada MORE DETAILS: Stats Link Canada ID# 39264522. (Free Trial Preview)
Survey on local governments’ perspectives on community tourism development across Canada MORE DETAILS: Stats Link Canada ID# 39264455. (Free Trial Preview)
Average number of vacation days Canadians receive each year MORE DETAILS: Stats Link Canada ID# 39264508. (Free Trial Preview)
Quarterly survey of traveller accommodation outlook MORE DETAILS: Stats Link Canada ID# 39260713. (Free Trial Preview)
Information Technology Information Security Readiness of Canadian Business Stats Link Canada ID# 39264583. (Free Trial Preview)
Survey of Canadian business managers and executives on IT security. MORE DETAILS: Stats Link Canada ID# 39264552. (Free Trial Preview)
Global report on software piracy. MORE DETAILS: Stats Link Canada ID# 39264435. (Free Trial Preview)
Survey of emerging software companies MORE DETAILS: Stats Link Canada ID# 39264545. (Free Trial Preview)
Internet Survey on the use of social networking sites, blogging and gaming. MORE DETAILS: Stats Link Canada ID# 39264573. (Free Trial Preview)
Internet voting in the 2006 MORE DETAILS: Stats Link Canada ID# 39264557. (Free Trial Preview)
Justice & Security Public opinion survey on crime and security MORE DETAILS: Stats Link Canada ID# 39264550. (Free Trial Preview)
Manufacturing Survey of Canadian manufacturers on performance and expectations MORE DETAILS: Stats Link Canada ID# 39264456. (Free Trial Preview)
Market Family median income by family type and metropolitan area MORE DETAILS: Stats Link Canada ID# 39264458. (Free Trial Preview)
Income in Canada MORE DETAILS: Stats Link Canada ID# 39261816. (Free Trial Preview)
Time use of teenagers MORE DETAILS: Stats Link Canada ID# 39264442. (Free Trial Preview)
Marriage by education levels of husband and wife. MORE DETAILS: Stats Link Canada ID# 39264438. (Free Trial Preview)
Survey of high net worth Canadians MORE DETAILS: Stats Link Canada ID# 39264419. (Free Trial Preview)
Other Services Collection of statistics related to weddings in Canada MORE DETAILS: Stats Link Canada ID# 39264510. (Free Trial Preview)
Profile of personal services sector MORE DETAILS: Stats Link Canada ID# 39264403. (Free Trial Preview)
Primary & Energy Sector Inventory of Canada's greenhouse gas emissions MORE DETAILS: Stats Link Canada ID# 39264481. (Free Trial Preview)
Small Business / Entrepreneurship Small Business Outlook MORE DETAILS: Stats Link Canada ID# 39264530. (Free Trial Preview)
Trade Monthly retail sales figures for large retailers in Canada by detailed commodity grouping MORE DETAILS: Stats Link Canada ID# 4647. (Free Trial Preview)
Average weekly retail fuel prices in Canada by city MORE DETAILS: Stats Link Canada ID# 39264564. (Free Trial Preview)
Profile of the greenhouse, sod and nursery industries MORE DETAILS: Stats Link Canada ID# 39264459. (Free Trial Preview)
Ready-to-eat (RTE) meal market in Canada MORE DETAILS: Stats Link Canada ID# 39264471. (Free Trial Preview)
Transportation Road motor vehicle registrations - 2006 MORE DETAILS: Stats Link Canada ID# 39264471. (Free Trial Preview)
Workplace Detailed survey on employer-sponsored health plans and employment conditions. MORE DETAILS: Stats Link Canada ID# 39264597. (Free Trial Preview)
Study examines workaholics in Canada MORE DETAILS: Stats Link Canada ID# 39264405. (Free Trial Preview)
Survey of pre-retirees and retirees on their expectations/experiences with retirement MORE DETAILS: Stats Link Canada ID# 39264442. (Free Trial Preview)
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| Get the News First! Newswires | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earlier this year I wrote an article about using Periodical Databases to find relevant information in the media (See "Info-Success" with Periodical Databases). Another way to access media information is to go straight to the source. Newswires are the primary means that public companies, associations, unions, and not-for-profits release information to the media and the public at large. News releases are generally designed to either peak media interest with a news story or fulfill corporate regulations on financial disclosure. The "news teasers" include details of an event, poll, survey, study or report. They are usually bristling with keywords related to the topic at hand and so relevant information is relatively easy to find. For example if we search on "Dental Hygienists" in Marketwire we find highlights from a survey conducted by the Canadian Dental Hygienists Association which include:
Corporate releases are generally not as dense in keywords but each includes a paragraph which describes the nature of the company in question. This is where you will likely get a keyword match. So for example if we search on "coffee shop" in Canada Newswire, one of the first results is Tim Hortons. Our keywords matched the descriptive paragraph:
Whenever you use media sources for business research, make sure you follow up with any references to find further or more detailed information. From the dental hygienist news release identified above click on the link to the Canadian Dental Hygienists Association web site. Once at the site (or any site for that matter) look for sections identified as "resources", or "publications". In this case, under publications we find a detailed profile of dental hygienists in Canada which includes many data tables such as:
If you have found a news release that is related to a corporation such as Tim Hortons, following up with the organization itself or go to SEDAR (http://www.sedar.com) and look at their annual report or Initial Public Offering (IPO) for further insight into the company and its marketplace. For example the latest Tim Hortons annual report includes:
For more information on using annual reports and IPOs see our previous article: Research from the Trenches: Annual Reports & IPOs. There are two principle newswires available to Canadian researchers: Canada Newswire and Marketwire (formerly CCN Matthews). Both have their own search engines. Your best strategy when searching newswires is to start with keywords that are not very complicated. The search engines are fairly basic so by keeping your search to one or two words at a time you will dramatically increase your chances of info-success. Search on words that identify your industry, your target market or your product/service. Also search on major competitors, industry leaders, brand names etc. If you find you are not having any success with your keywords you can always use Google to create more complex searches. Go to Google's advanced search page (http://www.google.ca/advanced_search) and in the "Domain" field enter either newswire.ca or marketwire.com (whichever of the sites you want to search). You can then take advantage of all the advanced search features available from Google Make sure you search both newswires as they contain different releases. In general, Canada Newswire has more Canadian statistical content while Marketwire has a more global focus. Finally search our Stats Link Canada Source Lists. We track the release of Canadian polls, surveys, studies and reports as they are annouced in Canada Newswire and Marketwire and follow-up with the original source to provide a comprehensive catalogue of the latest Canadian statistics. For a description of some of the latest additions to our Source Lists see "Recent Polls & Surveys" article above.
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| Ten Year Profile: Optimism among Entrepreneurs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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As part of our 10th anniversary celebrations we are
going to devote one article in each issue of the BR Newsletter to
exploring trends in small business and entrepreneurship in Canada over
the last 10 years.
Detailed tables will be included at the end of each article. A certain degree of optimism is necessary to become a successful entrepreneur. If you are not optimistic about launching a successful business you will not start one in the first place. And once you are in business, if you are not optimistic that you can overcome the latest challenge or set-back you will simply abandon your venture and move on. Canadians by nature are optimistic entrepreneurs. In any given year more than 1 million Canadian adults are taking tangible actions to start a new business with an additional 600,000 actually running a new business that is less than 4 years old. The vast majority of these entrepreneurs are starting a business because they see an opportunity for success and so have chosen self-employment. In fact the Canadian ratio of opportunity-based new businesses to necessity-based is 6 to 1. For many however entrepreneurship does not turn out as they imagined. The opportunity they believed they saw is not realized. The problem does not stem from their business idea but rather their initial overconfidence. Half of Canadians believe they have the skills necessary to start a successful business. This perception among the general population reveals an ambition likely beyond ability. Some entrepreneurs expect phenomenal success from simply "opening their doors". 13.6% of new business owners expect to run high growth firms with 20 or more employees within first five years of operation. In reality only 9% of all established businesses fall into this category. In fact only 1 out of 3 new businesses even survive 5 years with less than 1 in 5 making it to their tenth anniversary. Even many of those who do survive find they are not achieving the success they hoped for. Studies show that except for the top quartile of entrepreneurs, you are financially better to remain an employee than to start a new business. Rather than being optimistic, many of these entrepreneurs are overconfident in their own abilities. Optimism is based on an understanding of a business' environment and recognizing its true opportunity and potential. It is rooted in on-going market research and business intelligence. Overconfidence on the other hand is based on overestimating one's own abilities, oftentimes to the extent that entrepreneurs believe they will succeed regardless of current and forecasted conditions. It is nothing but a misinformed hunch. Optimism is using your umbrella while it rains but keeping your sunscreen in your pocket. Overconfidence is believing you will not get wet when the forecast is for rain and there are raindrops already marking the pavement. Over the last ten years there has been
an interesting fluctuation in small business optimism. It is
almost as if there has been a maturing in the sector. All the various social, political and economic
disruptions that have rapidly changed the world have tempered small
business owners. . Many Canadians
now recognize the difference between optimism and overconfidence and
take entrepreneurship more seriously. |
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Back in January 1997, Canadian small business owners were bursting with
confidence. More than two thirds of businesses were expecting revenue
growth over the next twelve months and more than half planned to expand
their workforce. Ten and a half years later, optimism still exists
but Canadian entrepreneurs are a bit more cautious. While a
majority still expect revenue growth in the coming year, 40% expect it
to remain the same and a majority of businesses (52.3%) are planning on
maintaining their current staffing levels. |
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One possible explanation for this is that Canadians are approaching entrepreneurship more seriously. Less people are starting a business on a hunch and those that are starting a business are not rushing in overconfident. They are starting businesses in which they have justifiable optimism. This trend away from overconfidence is again seen in the CFIB Quarterly Business Barometer. Historically Canadian small and medium sized businesses over-estimate their financial performance for the coming year when compared with the percentage of business that actually reported better at the end of the year. In 2003 the net difference between those who expected better/much better performance and those that indicated they actually achieved that level of performance in 2003 was +24. This indicates that more people expected better performance than achieved it. By 2007 the net difference is at its lowest in 5 years (+14). While there is still a high level of optimism, Canadian small business owners are demonstrating a better perspective on what to expect in the coming months. It is not that they are becoming more pessimistic rather more are expecting the same performance and those that are predicting better performance appear to be more accurate in their assessment. Likewise fewer entrepreneurs are being surprised by unexpected weaker performance. In 2002 11% expected weaker conditions while 29% actually reported experiencing such conditions. This was a net difference of -18. By 2007 this difference is nearly cut in half (-11). This again demonstrates a better understanding of business conditions.
One of the joys of working with new entrepreneurs and small business owners is sharing in their optimism. Ten years of experience however has taught me to recognize overconfident entrepreneurs. It has nothing to do the their business ideas and everything to do with their business attitude A few common research personality types I have seen include:
All of these "business researchers" have a common trait. They are so convinced that their idea will overcome reality that research is considered irrelevant. If we happen to provide them with data contrary to their market expectations, they are quick to dismiss whatever source(s) used as "Too old, "Too broad" or my personal favourite "But my business is different." You cannot be a successful entrepreneur without having optimism. You must however recognize optimism is not simply what you hope for. Optimism is based on understanding. Join the trend of optimistic entrepreneurs. Be realistic in your approach and enjoy the success.
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The latest results from
the Global Entrepreneurship Monitor demonstrate a similar caution among
entrepreneurs. When 2006 data is compared with 2000 it is evident
that there has been a substantial drop in the percentage of Canadians
actively trying to launch their own business and yet the percentage of
new business owners has actually grown. 