Building wealth through entrepreneurship is proving good for wellbeing too
Canada’s entrepreneurial spirit is alive and well and helping not only to build wealth but positively impact wellbeing too.
A new survey from Interac Corp. reveals that while financial gain is the top motivator for most side hustles, more than half of respondents say they are receiving an unexpected boost from running their own business.
Nearly half of Canadian entrepreneurs said more of those in their personal networks have started a side hustle in the past year, and 40% are currently considering at least one other idea for a new venture.
Their first memorable sale, first profit, and paying a salary for the first time are among the key milestones that upcoming entrepreneurs said gave them great satisfaction, although the research found that things are not always positive.
Lack of knowledge
Lacking financial knowledge or guidance to grow is a key issue with just 15% having high confidence in their abilities to manage their business finances from day one and 49% noting that they found it hard to access the right information.
"Entrepreneurs have long been, and will continue to be, a driving force of Canada's economy, yet we are hearing that almost half of those polled say they have had challenges accessing financial tools, tracking finances, and generally finding the advice or information they need to start or grow their business," said William Keliehor, Chief Commercial Officer, Interac Corp.
Three quarters of poll participants intend to continue their side hustle alongside their main job, and almost two in 10 plan to go all in, turning their passion project into their career.
Interac has launched a ‘From Dollar One’ hub to provide useful resources for entrepreneurs.
