But many novice entrepreneurs say they are worried about the financial side
The unique position that many Canadians have been in during the pandemic has ignited their entrepreneurial spirit.
With incomes covered by government programs, often coupled with the free time provided by furlough, the ability starting a new business – perhaps as a side hustle – has never been easier, despite uncertain markets.
A new report from Intuit Quickbooks Canada reveals that almost 2 million Canadians started a business in the last year with 39% of them doing so due to spare time. However, almost one quarter did so because of the financial pressures caused by the pandemic.
Despite challenging market conditions, this cohort of entrepreneurs and aspiring entrepreneurs are optimistic for the future, and their spirit is seen as a vital component of Canada’s economic recovery.
"It's exciting to see that the entrepreneurial spirit in Canada is alive and well. Although COVID-19 has undoubtedly disrupted the lives of Canadians, with disruption often comes opportunity," said David Marquis, Vice President and Country Manager of Intuit Canada. "This could not be more true for entrepreneurs. And as we all begin to move forward, I think the millions of newly enterprising Canadians will be the key to our recovery."
Money worries
Driving the entrepreneurial spirit is money; almost 7 in 10 respondents cited this, while freedom was mentioned by around half.
But while making money is the goal, managing finances is seen as a challenge with 46% of respondents worried about this aspect of running their own business.
However, only one third of those polled said they are using an accounting service or professional.
A recent report also highlighted the additional challenges faced by Canada’s Black entrepreneurs who often find it hard to access capital to grow their businesses.
