The annual RBC Small Business Poll reveals that the proportion of Canadians considering starting their own business rose to 51% this year, marking a five percentage point increase from 2023 – and an encouraging rebound following a previous two-year decline.
Don Ludlow
“Historically, we’ve observed strong interest across Canada in starting and owning businesses, and it’s promising to see that a significant number of Canadians in 2024 are aspiring entrepreneurs,” said Don Ludlow, vice president of Small Business, Partnerships and Strategy, Royal Bank of Canada. “As our economy evolves, we are seeing a growing number of Canadians seriously considering entrepreneurship as they recognize there are more diverse pathways than before to make the jump. Our survey shows that many are eying opportunities to gradually transition to entrepreneurship, and they need continued support to turn their ideas into reality and to build the next generation of businesses.”
According to the RBC Poll, most (72%) aspiring entrepreneurs are already exploring different tracks to gradually transition to business ownership, including:
Current Pursuits of Aspiring Entrepreneurs | |
Finding ways to make money from a passion project or hobby | 31 % |
Exploring ways to make money outside of, and in addition to my regular job, | 28 % |
Taking on side jobs in addition to having a full-time job to earn extra cash | 19 % |
Exploring ways to transition from full-time work to contract or freelance work, | 13 % |
Having a business idea that’s being tested independent from current | 8 % |
Findings from the RBC poll also revealed that, in recent years, Canadians have placed more emphasis on pursuing their passions, particularly as traditional job security weakens and many are prioritizing flexibility in their work-life balance, it said.
“Compared to 2019, Canadians are less likely to say ‘making more money’ is a motivation for owning their own business, with this number falling three percentage points from 90% to 87%. Rather, small business owners and aspiring entrepreneurs cited meaningful work (93%) over making more money (87%) as their main motivation.
“The poll highlights that a substantial proportion of small business owners launched their ventures to achieve more flexibility, with 46% stating they wanted to spend more time at home with their children, and 40% aiming to care for aging parents. Aspiring entrepreneurs reported similar motivations, with Gen Z and Millennials particularly interested in the greater autonomy and sense of purpose offered by entrepreneurship.”
Key Motivations for Aspiring Entrepreneurs | ||||||||||
Gen Pop | Gen Z | Millennial | Gen X | Boomer | ||||||
Strongly | Strongly/ | Strongly | Strongly/ | Strongly | Strongly/ | Strongly | Strongly/ | Strongly | Strongly/ | |
Do more meaningful work | 44 % | 93 % | 60 % | 94 % | 46 % | 95 % | 40 % | 92 % | 29 % | 92 % |
Make more money | 43 % | 89 % | 56 % | 88 % | 45 % | 91 % | 45 % | 91 % | 23 % | 91 % |
Mario Toneguzzi
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. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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