In our entrepreneurship surveys, we set out to learn more about Canadian small business owners. We ask questions about their goals, frustrations, and most recently, their motivations—and what we found out was surprising.
Our data shows that entrepreneurship can be attainable at any point in Canadians’ lives, regardless of professional background or educational experience. In our current landscape of economic uncertainty, especially emerging from pandemic restrictions, it seems the passion of Canadian entrepreneurs is as strong and resilient as ever. We also found that the lure of taking charge of your own future, whether it starts at childhood or after years in the workforce, remains a driving force behind the Canadian entrepreneurial spirit—in fact, an overwhelming majority said they wish they started their own business earlier.
Well, there’s no time like the present, so let’s dive into the survey results:
- 45.9 per cent of respondents held a corporate job before starting their own business
- 16 per cent of respondents were shift workers, 8.8 per cent were unemployed
- Just over half (51.1%) of entrepreneurs went to school related to their current business and 46.3 per cent did not
- 51 per cent are more optimistic about their business plans now than compared to six months ago
There is no ‘right time’ for entrepreneurship
Many factors come into play when entrepreneurs start their own business, but overwhelmingly, small business owners wish they had started sooner rather than later. In fact, a whopping 85.4 per cent of Canadian entrepreneurs wish they had started their business earlier than they did.
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“What is so fascinating is that we also see it takes over half (51.6%) of them less than a year to go from ideation to business registration,” said Shadi McIsaac, CEO and Co-Founder of Ownr.
“At a time where we hear warnings everywhere about exercising caution, what we are actually seeing from small business owners is that the risk is not from starting your own business – but from waiting too long to do so. Every second counts when it comes to an opportunity to redefine your livelihood on your own terms.”
When we try to pinpoint which stages in life Canadians aspire to entrepreneurship, the data shows little consensus and seemed to run throughout any age. However, the survey did reveal the top two life stages were when Canadians were already in a full-time career (45.1%) and as a young kid (20.9%).
Entrepreneurship is not just a means to an end
While most (60.1%) Canadian entrepreneur respondents are hoping to be able to provide for themselves or dependents through their own business, 29.7 per cent noted that financial factors did not motivate them to start their business. Instead, the top three reasons for starting their own business were to gain more purpose in life (27.4%), more flexibility in day-to-day schedule (20.1%) and creative freedom (19.6%). Starting their own business to gain an additional revenue source ranked fourth (18.8%).
“It is inspiring to see how Canadians are taking small business ownership as a way to create a fulfilling, meaning