RBC poll shows 51% of Canadians considering starting a business, prioritizing meaningful work
The annual RBC Small Business Poll shows that 51 percent of Canadians are considering starting their own business in 2024, reflecting a five-point increase from 2023.
This follows a two-year decline in entrepreneurial interest.
Don Ludlow, vice president of Small Business, Partnerships and Strategy at RBC, states, “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.”
Ludlow emphasizes that Canadians are increasingly viewing entrepreneurship as a viable path due to more diverse opportunities available today.
The RBC Poll highlights that 72 percent of aspiring entrepreneurs are already exploring ways to transition into business ownership.
These pursuits include finding ways to make money from passion projects or hobbies (31 percent), exploring side jobs outside of their regular employment (28 percent), or taking on additional work to supplement their full-time jobs (19 percent).
Furthermore, the poll reveals that Canadians are focusing more on purpose-driven work, prioritizing meaningful work over financial gain.
While 87 percent still identify “making more money” as a motivating factor, 93 percent of respondents cite a desire for more meaningful work aligned with their values.
Gen Z and Millennials, in particular, express a strong interest in entrepreneurship as a way to gain flexibility, autonomy, and a sense of purpose.
The survey also notes that 46 percent of small business owners launched their ventures to spend more time with their children, while 40 percent aimed to care for aging parents. These motivations resonate with aspiring entrepreneurs, especially younger generations.
RBC offers a range of tools and solutions to help entrepreneurs start, manage, and grow their businesses. Solutions include:
- Ownr®: A streamlined platform for registering and incorporating businesses in Ontario, Quebec, Alberta, and British Columbia.
- Moneris‡: Unified payment solutions for in-store and online merchants, with access to funds the next day at no extra cost.
- RBC Insight Edge™ for Small Business: A dashboard providing real-time data insights to help with business decision-making.
- Xero‡: Online accounting software to automate tasks such as invoicing, payroll, and bank reconciliation.
- Futurpreneur‡: Resources, financing, and mentoring for entrepreneurs aged 18-39.
- Sherweb‡: Cloud-based solutions that enhance productivity and security for businesses.
- The Founder's Journey Online Course: A free course guiding new entrepreneurs through the process of starting and growing a business.
