While entrepreneurship has been pivotal to growth and prosperity of Canada, there are worrying signs that the appetite for starting new business might be slowing down.
Compared to 2000, only half as many Canadians are starting businesses today, according to the Business Develop Bank of Canada.
Entrepreneurship is a rewarding career path, but it can be extremely difficult.
While 90% of Canadian entrepreneurs report they are professionally satisfied, they are also more likely to develop problems with mental health compared to those employed by others, according to Made in Canada.
The study also cites that small businesses are more likely to have financial constraints than their larger rivals, and almost half of entrepreneurs report that accessing government funding is very difficult.
We believe public and private institutions must do more to increase opportunities for people to pursue entrepreneurship and provide more resources and supports for founders to succeed.
Entrepreneurs will drive the next phase of innovation
While we are not fortune tellers, it wouldn’t be controversial to say we live in uncertain times.
From economic downturns, global pandemics, political and geopolitical upheaval, and the introduction of new disruptive technologies, the world is changing.
If the past has taught us anything, it is that entrepreneurs are the ones who will drive innovation, diversification, adaptability, and self-sufficiency. It is entrepreneurs who will help countries like Canada build a more resilient economy.
And that resilience works on multiple levels:
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Talent Pool – With the coming age of innovation and disruption, Canada will have to prioritize entrepreneurship ecosystems that attract key talent, and retain home-grown talent.
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National Security - A strong Canadian startup ecosystem allows us to reduce reliance on foreign technology. This has become even more important as the alignment of global powers and allies has shifted.
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Job Creation – Across Canada, small and medium-sized business drive job growth that supports individuals, families and communities strewn across the world’s second largest country. Job creation is not only essential for economic growth, but is integral to providing dignity and security for Canadians to live their best lives.
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Societal Change – Entrepreneurs not only drive change across industries but also within larger society. Today, around the world, social entrepreneurs through a variety of business models are helping tackle issues of pollution, poverty, and disenfranchisement.
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