Entrepreneurial skills

Entrepreneurial skills

Understanding the entrepreneurial skills necessary for success is important. It’s interesting to see what the current statistics say about entrepreneurs throughout Canada, and what they may have in common. Here is what we found….

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.

The annual number of small business start-ups in Canada sits at 95,000.

98% of businesses in Canada are small businesses.

Nearly 87% of Canadian exporters are small businesses.

Toronto takes the 11th spot as the best city in the world to start a business. The reason? It has a strong startup ecosystem for entrepreneurs. Three other Canadian cities hit the top 100, including Vancouver (19th), Montreal (34th), and Victoria (95th).

Toronto is in 8th spot as one of the favourite cities to start a tech company.

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
Canadian Entrepreneur
image: © tryama, adobestockphoto.com

Entrepreneurial skills in Canada

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
  • On average they have a longer workday than those who are employed. That typically translates into an additional 5 hours
  • A higher likelihood of having a conscientious nature than the general population
  • Many Canadians say life balance and overall lifestyle is the motivating factor to starting 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. This includes kids in kindergarten. The GEM also suggests 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
  • On average, entrepreneurs are more comfortable with ambiguity than most people. When most people would quit, they continue to take risks.

Entrepreneurial skills for 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

Tenacity tops the charts as one of the most important characteristics. It’s the ability to get up and fight another day despite failure. This is often the difference between those who are successful and those who ultimately fail. Failure is seen as a challenge to overcome and not the end of the journey.

Passion

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 times

Jay Friedlander, College of the Atlantic and Babson College

Tolerance for ambiguity

Nothing is guaranteed, especially 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.

Self-belief

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.

Flexibility

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. Losses were cut immediately when it was obvious that a product wasn’t working.

Source: Entrepreneur Magazine

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