A growing number of Canadians are turning to entrepreneurship as a way of fulfilling their financial, career and life aspirations, according to the 2023 RBC Small Business Poll.
RBC said the poll reveals that many Canadian business owners and aspiring entrepreneurs see business ownership as the logical next step to achieving professional growth, with two in three (65 per cent) saying they’ve peaked in their career, and business ownership was or is their next step to thrive. This rises to 71 per cent among those aged 35 to 54. Furthermore, almost half of the business owners and aspiring entrepreneurs (47 per cent) had or have a family history of entrepreneurship, which has provided them with a viable path to business ownership.
“The survey reveals a strong sentiment among Canadians regarding small business ownership. For many, entrepreneurship isn’t just a curious side hobby; it signifies a forward-thinking approach to securing one’s financial future while advancing professionally,” says Don Ludlow, vice president of Small Business, Partnerships & Strategy, RBC. “This sentiment is particularly prevalent among younger Canadians who are increasingly contributing to a more dynamic and diverse entrepreneurial ecosystem in Canada with their creativity, innovation and willingness to challenge traditional norms.”
RBC said approximately a third of surveyed business owners (31 per cent) support starting a business mid-career, saying it’s an ideal time to pursue a side venture or transition from a conventional job. This rises to 39 per cent among younger Canadians aged 18 to 34. Seventy-nine per cent of the business owners and aspiring entrepreneurs also reported they are exploring more ways to make money from a passion project or hobby, showing that more Canadians are valuing the opportunity to pursue their passions and introduce something meaningful to the market.
Responses among business owners and aspiring entrepreneurs
The chief aim for my small business is / would be to
Due to the rising cost of living, one income isn’t as viable of an
Have started/want to start a small business or side hustle because
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