Entrepreneur Survey

small business

Ernst & Young has issued a survey of its Entrepreneur of the Year finalists, profiling the best practices of these highly successful entrepreneurs. Some of the highlights:

    The majority (65%) compete based upon being the high quality provider. Only 15% differentiate their companies based on lowest cost.
    Over 70% of revenue comes from existing customers, with only 30% coming from new customers. Penetration of existing customers is key.
    Banks (34%) and family/friends/self (32%) are the primary sources of funding for these successful entrepreneurs. Only 8% are funded by venture capital.
    85% have a written business plan covering 1-to-3 years.

The best practices survey is insightful reading. Download it here.

Tip of the hat to colleague Don Iannone over at Economic Development Futures for putting me on to this useful study.

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Anita Campbell Anita Campbell is the Founder, CEO and Publisher of Small Business Trends and has been following trends in small businesses since 2003. She is the owner of BizSugar, a social media site for small businesses.