A new survey from GoDaddy shows three-quarters of post-secondary aged Canadians have or plan to start their own business.
The survey found that one-in-two Gen Z Canadians (53%) feel that their generation is better equipped to start a business than previous generations, with 63% stating they believe technology makes it easier for them to start a business. Among this tech-savvy entrepreneurial demographic, three-in-four (77%) respondents either have their own business, or plan to start one.
“Canada’s youth are tomorrow’s innovators and entrepreneurs, and we’re inspired by their continued drive and optimism for entrepreneurship,” said Young Lee, Canada Market Lead at GoDaddy. “GoDaddy is committed to providing the tools and resources to help make entrepreneurship more accessible than ever, so Canadians can feel confident turning their business ideas into reality.”
Myriam Provost, owner of Atelier Renouveau by Myriam and GoDaddy customer based in Varennes, Quebec, said technology made it possible to bring her dream of an upcycled furniture design business to life. She started painting and restoring furniture in November 2021 and in less than two years, has built her hobby into a thriving small business that applies her passions for design and sustainability.
“Launching my website was a key turning point in my business journey, and as a designer I needed it to reflect my artistic style – GoDaddy made it easy,” she said. “Today I use my website to showcase my latest work, and I plan on adding e-commerce to my website in the future so customers can easily purchase or request custom pieces.”
- When thinking about future career options, young Canadians say a secure income and work/life balance is significantly more important than autonomy or job security: The top three factors to consider when evaluating future career choices were secure income (49%), work/life balance (38%) and passion (32%). Younger respondents (18-21) were more likely to report that passion is more important than financial security (38%) while older respondents (22-26) saw financial security as more important (67%).
- Money doesn’t talk – In total, three-in-four (76%) were willing to take up to a 26% salary cut to do work they were passionate about.
- On the future of tech, Canadians are more concerned than any other market about artificial intelligence (AI), even though they are using it at far higher rates: Almost 2 in 3 Canadians are already using AI tools, making their adoption significantly ahead of other English-speaking markets (63% versus 50%; other markets surveyed include Australia, United Kingdom and United States), but over half (56%) are worried about AI’s impact on their future.
- When building a career or business, Gen Z Canadians are committed to long-term growth: 68% of Gen Z understand building a business takes time, and that it may take over a year to see success. Almost six-in-10 (58%) are willing to fail and try again, and 50% state they are willing to take short-term financial losses to achieve long-term success.
- On barriers to entrepreneurship, lack of financial resources (61%) was reported as the biggest barrier to starting their own business: Lack of confidence or fear of failure was second highest, with young women more likely to report confidence as a barrier than young men (50% of women versus 38% of men). Other factors included lack of skills or expertise (37%), not enough time (26%) and lack of support (22%).
- Mental health continues to be top of mind for young Canadians: In all regions surveyed (Canada, Australia, United Kingdom, and United States), while there has been some improvement in mental health in 2023, it appears to have only been experienced by men. Women are almost as likely to say their mental health has declined as improved.
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)
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