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Losing a job is the spark for a business startup for some entrepreneurs.
Fifteen per cent of small businesses were launched after their founders were laid off, according to new research from Hiscox Inc., an insurer that specializes in small business.
Another 21 per cent struck out on their own because they wanted to live the dream, and 29 per cent wanted to be their own boss, according to the survey of 304 U.S. business owners, partners and decision makers in companies with up to 249 employees that was done by Opinium Research LLP for Hiscox.
And, the survey found, it really is about building a better mousetrap, rather than being original: Eighty per cent of respondents said the idea they had for their business was not new but improved on what was already out there.
In what ways? More than half -- 51 per cent -- said they were offering a higher-quality product or service than competitors, rather than lower prices. Another 20 per cent said they differentiated themselves with face-to-face meeting time with clients.
About a quarter of those surveyed said they believed they had a "million-dollar idea" when they founded their company.
After taking the leap, more than two-thirds said they were still confident in their rich idea.
How to create a great company name
Made-up words are good; short is really sweet; and if it sticks in your brain, it's probably a winner.
Those, at least, are some of the qualities that Inc. offers up in naming five characteristics common to creating great company names.
It's never too late to change a moniker if a better one comes to mind, Inc. points out. You probably know Xerox, but does the Halloid Company ring a bell?
Canadians among Inc. top 30 under 30 honorees
Drum roll please: Inc.'s new top 30 under 30 list includes at least three Canadians: Kristaps Ronka and Hussein Fazal Matthew, the co-founders of AdParlor Inc., which creates and manages ad campaigns on Facebook; and Matthew Corrin, the founder of Freshii, the soup-and-salad restaurant chain whose first outlet opened in Toronto, and which, since its 2005 launch, has grown to more than 50 locations in several countries.
Year of the Entrepreneur: Five down, five to go
Manitoba has become the fifth province to proclaim 2011 as the Year of the Entrepreneur, joining Ontario, Saskatchewan, Nova Scotia and British Columbia.
"Our entrepreneurs play a critical role in Manitoba's economy," said Peter Bjornson, Manitoba's minister of entrepreneurship, training and trade in a release. "It's our goal to deliver business support services effectively and efficiently in order to foster a business environment that enhances competitiveness and encourages growth."
"Whoo hoo!" tweeted Canadian Federation of Independent Business president Catherine Swift after the announcement. "Now we have the feds and 5 provinces on board. 5 more to go!"
EDITOR'S PICKS FROM REPORT ON SMALL BUSINESS
S is for success
When businesses think about how they'd like their growth to look on a graph, they picture a nice smooth curve or an arrow straight line heading up. But the picture of growth that really rings true for high-performing businesses is a series of S-shaped curves, marching ever upward, according to Paul Nunes, executive director of research for the Institute for High Performance at the management consulting firm Accenture.
From the ROSB archives
The office as we know it may be changing but it's a stretch to think that it will altogether disappear, Mark Evans wrote in a column last June that looked at some of the alternatives to the cubicle farm.
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