A recent study carried out by the Business Development Bank of Canada (BDC) reveals that immigrants more likely to start a business and create jobs than those born in Canada.
The BDC study found that the entrepreneurial rate among newcomers is more than double the rate for people born in Canada, meaning immigrants are twice as likely to take steps to bring an entrepreneurial project to life.
In 2018 the number of newcomer entrepreneurs grew to 251,600, a 22 per cent increase since 2006.
With immigrants expected to account for up to 80 per cent of Canada’s population growth by 2032, BDC projects this trend will continue to fuel entrepreneurship in Canada over the next decades.
“As Canada becomes increasingly diverse, its entrepreneur class will follow suit,” the BDC study noted.
Along with immigrants, more women, Millennials and older Canadians are also embarking on entrepreneurial pursuits, the study found.
The BDC study also revealed that a high number of entrepreneurs gain satisfaction from their business ventures.
Around 90 per cent of entrepreneurs said they were professionally satisfied. Overall, they enjoy managing their business, they are motivated to work every day, and they feel satisfied with their business progress.
Many entrepreneurs also state they are motivated by more than just money. Independence, autonomy, flexibility, as well as passion and self-fulfilment, were among the top motivators driving entrepreneurship.
However, starting a business venture is fraught with problems. Three-quarters of the entrepreneurs surveyed said they had to deal with financial insecurity, overwhelming stress, and lack of benefits compared to those employed by a company.
What’s more, roughly a third of new businesses go under within five years, and less than half are still open after ten years.
Article published 15th November 2019