Entrepreneurs Make Millionaires

Every day at Synergy Merchant Services, we have the pleasure of speaking to business owners from all over Canada. As many reports have confirmed, small business owners have become the backbone of the national economy. We are proud to have a hand in assisting these entrepreneurs reach their various goals to grow their businesses.

Of course, it must feel good to run your own business and to know that you are the boss. You are in charge and what you say goes. Now, this is not an easy job. But for those who are in this position, you are likely aware of the many benefits that come with it. If you really want to be in control of your success, you’ll want to go into business for yourself.

At least this is what QMI Agency reported yesterday in an article that reveals that most of the millionaires in Canada became so fortunate by starting their own businesses. Being “self-made”, apparently, is the way to get rich! QMI notes that a recent poll conducted by BMO Harris Private Bank found that only 6 per cent of Canadian millionaires inherited their riches.

The survey – which polled Canadians with over $1 million in investable assets – also discovered that 80 per cent of respondents believe they have attained greater wealth than their parents. In addition, just over 75 per cent feel that they are either the same or better off than they were before the global recession hit.

Said BMO Harris Private Banking Head and senior vice-president, Andrew Auerbach: “These findings speak to the strong entrepreneurial environment in which we live. They reveal a culture of drive and determination among Canadians and recognize that we live in a country where self-made success is encouraged and rewarded.”

It would appear clear then that going the way of the self-made entrepreneur is a fairly adequate path to success and fortune. The responsibility should not be underestimated though. Our many relationships with business owners all over the country have taught us that becoming a success in any industry is no easy feat.

Perhaps, this is why the survey also found that 42 per cent of respondents are worried about the ability of their children to manage their inherited fortunes. Added Auerbach: “This underscores the need for Canadians, regardless of income level, to make financial literacy a priority for our kids.”