The road to entrepreneurship in Canada
The road to entrepreneurship is a challenging one and fraught with many challenges. That’s why it’s so interesting to dig a little deeper to see what the current statistics are for enterpreneurs throughout Canada, and what they may have in common. Here are the latest stats….2.7 million Canadians count themselves as self-employed. A new study on entrepreneurship finds Canada has one of the highest levels among the Group of Seven countries. 130,000 new small businesses are created every year in Canada. Only 35% will still be around 5 years in. 98% of businesses in Canada are small businesses. Nearly 87% of Canadian exporters are small businesses. Toronto is ranked as the 11th best city in the world with a strong startup ecosystem for entrepreneurs. Three other Canadian cities hit the top 100, including Vancouver (19th), Montreal (34th), and Victoria (95th). Research has also found that women in Canada are more likely to start a business than in any other nation worldwide. Women are not starting businesses out of necessity but mainly because they wanted to create their own roles, and were very good at identifying possible future trends Click To Tweet
“One-third of women reported that 25 per cent or more of their customers are outside the country”Source: Folio.ca
The new Canadian Career
Global Entrepreneurship Monitor (GEM) suggests that Canadians have an embracing attitude toward entrepreneurship and that many are turning to it as a career path.
The Canadian Entrepreneur
- Delays gratification and has a stick-with-it personality
- Works on average 5 hours longer than people employed by other companies
- Higher likelihood of having a conscientious nature than the general population
- Many Canadians say that choosing their life balance and overall lifestyle was the main reason they started a business
- Over half of Canadians would like to start their own business
- Those with an education in business, or with previous experience starting a business are more likely to be successful. That success translates into 80 to 90% versus 35% for those without that experience.
Other facts about the Canadian Entrepreneurial journey…..
- The Global Entrepreneur Monitor (GEM) recommends teaching entrepreneurial skills at an early age. They are suggesting teaching kids in kindergarten, while also encouraging more girls/women to consider this career option
- The age of starting a business has shifted from the 20’s or 30’s, to the 40’s
- Research has found that on average, they tend to be more comfortable with ambiguity than most people. They don’t mind taking risks when most people would simply quit.
Traits of successful entrepreneurs
Successful entrepreneurs seem to have many characteristics in common. Here are the top 4 traits that are consistent among the top entrepreneurs on a global scale.
Tenacity tops the charts as one of the most important characteristics an entrepreneur can have. The ability to get up and fight another day despite failure is often the difference between those who are successful and those who ultimately fail. Failure is seen as a stepping stone by successful entrepreneurs and a learning experience to those who are able to overcome difficult times.
Studies show that passion will carry business owners through the late hours of the night, or through turbulent times. Entrepreneurs who are creating a business with the belief that they can change the world are often the ones who survive Click To Tweet It is this passion for creating change that pushes them forward.
Most entrepreneurs I know believe they will change the world. There’s an excitement and belief in what they’re doing that gets them through hard timesJay Friedlander, College of the Atlantic and Babson College
Tolerance for ambiguityNothing in life is guaranteed and certainly nothing in business. Becoming comfortable with the discomfort of not know how things will shake out is essential to moving forward in tough times Click To Tweet To act without being dissuaded by the possibility of humiliation, and the fear of bankruptcy is crucial for future success.
Taking calculated risks, and staying in a confident state of mind is important to moving forward. Believing that you can handle the current and future unknown ‘surprises’ in business is an important strength.
Having the ability to pivot when a current plan, service or strategy isn’t working is important. The Co-Founder of Apple, Steve Jobs, had many product failures under his belt. He was also quick to cut his losses when he realized that a product wasn’t working.
Source: Entrepreneur Magazine