Canadian entrepreneurs are feeling increasingly upbeat about the country's economy and their own business prospects, according to the latest Ivey Entrepreneurs Index.
Ninety-two per cent of entrepreneurs surveyed last month said they expect their revenues to climb in the next year, up from 87 per cent in a similar survey in October, 2010.
As well, 89 per cent expected growth in their company's profit, up from 84 per cent in the previous survey.
In addition, 89 per cent expect economic growth in the next 12 months, up from 69 per cent in the last survey.
As far as hiring goes, 80 per cent expect to bring on additional employees, up slightly from 78 per cent last October. Only 32 per cent expect to seek external capital, down from 40 per cent last fall.
"The net increase in overall optimism about the Canadian economy reflected in the spring, 2011, index, relative to fall, 2010, captures the forward-looking view of Canadian entrepreneurs. They see positive prospects for their own businesses and they expect growth in the overall economy," said Stewart Thornhill, executive director of the Pierre L. Morrissette Institute for Entrepreneurship at the Richard Ivey School of Business at the University of Western Ontario, in a release accompanying the survey results.
"Entrepreneurs are critical drivers of economic growth in Canada, so it's heartening to see business confidence and their optimism on the rise," added Dennis Fortnum, national leader of KPMG Enterprise, in the release.
The semi-annual index is based on survey results from 280 entrepreneurs at companies averaging $30-million in revenues and 380 employees. They are graduates of a leadership and executive development program co-founded by the Ivey school and KPMG Enterprise.