Survey reveals high share of Canadians considering their own business
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There’s no denying the strength of Canada’s entrepreneurial spirit with a large share of adults wanting to shape their own financial and work destiny.
An Ipsos poll for RBC asked more than 2,000 Canadians across six different regions about their interest in owning their own business. It was conducted in July.
More than half (54%) said that they have thought about owning their own business and of those 56% have already begun to make money from a passion project, side jobs, or testing a new business idea.
"Many Canadians are taking the entrepreneurial steps to earn money outside of their regular income, but don't necessarily view themselves as small business owners in the traditional sense. Starting a business can take on many different forms, from a casual side-hustle to a more formal, planned commitment," says Jason Storsley, Vice-President, Small Business at RBC.
Where the entrepreneurial fire burns strongest
The RBC Small Business Poll found that Albertans have the highest business ownership aspirations (63%) while those in Quebec have the lowest (45%).
The top reason for wanting to run their own business was not about money; those in BC said it was about taking control of their career, while elsewhere it was the similar “being my own boss.”
But money is the top reason for encouraging would-be business owners to take the plunge; 61% said access to capital was the key, beating the 51% who said “having a great idea.”
Young Canadians want to be “self-made”
The desire to make and control their own work and wealth is strongest among young Canadians.
Almost two thirds of millennials (aged 18-34) are considering owning their own business and 59% who don’t own a business are supplementing their incomes with entrepreneurial activity.
Again access to capital is a leading factor while almost half of millennials say they need a better understanding of business fundamentals and 45% say they need a larger network.
"Equipping prospective entrepreneurs with the tools, knowledge and resources to help realize their business ownership aspirations will be key to creating a thriving economy and vibrant communities across Canada," adds Storsley.
