The landscape of entrepreneurship in Canada is growing more diverse thanks to newcomers, a new study by the Business Development Bank of Canada (B.D.C) reveals.
Immigrants to Canada are more likely to begin a business that grows faster and generates more net jobs per business than the Canadian-born individuals, as per the study.
The BDC states the entrepreneurial rate among immigrants is higher than double the rate for individuals born in Canada, indicating newcomers are twice as likely to take measures to produce an entrepreneurial project to life.
In 2018 the number of immigrant entrepreneurs increased to 251,600, a 22% rise since 2006.
Newcomers were expected to consider for up to 80% of Canada’s population increase by 2032, BDC predicts this trend will remain to fuel entrepreneurship in Canada over the following decades.
As Canada grows more diverse, its entrepreneur group will follow suit, BDC states. Along with newcomers, women, Millenials, and older Canadians are also starting on entrepreneurial pursuits.
BDC observed at entrepreneurs' job satisfaction and found that while running a business is extremely stressful, entrepreneurs often say feeling professionally fulfilled.
About 90% of entrepreneurs told they were professionally fulfilled. Overall, they enjoy running their business, they are excited to work every day, and they feel happy with their business development.
Entrepreneurs also describe being driven by more than simply money. Independence, flexibility, autonomy, as well as enthusiasm and self-fulfillment, were the best motivators encouraging entrepreneurship.
The road to maintaining a victorious business is not simple, however. Three-fourths of the entrepreneurs examined told that they had to deal with economic insecurity, overwhelming stress, and the absence of advantages related to those employed by a firm.
Approximately one-third of new businesses go beneath in five years, and less than 50 percent are still open later ten years.
However, specific acquirable skill-sets provide to entrepreneurial success and fulfillment.
Goal-oriented individuals who prove flexible when faced with failure and difficulties, and who do not get depressed in the face of difficulty, are more likely to thrive as entrepreneurs.
BDC found there is a powerful link within an entrepreneur’s level of fulfillment and their level of managerial & technical skills.
The tech skills BDC evaluated included: