In recent years, entrepreneurship in Canada has boomed to Silicon Valley levels. Local tech startups and inventors, rather than move south to California, are deciding to stay. The tech industry in Canada right now is extremely vibrant and open to innovation.
Canadian Entrepreneurship is on an Upward Bound Streak
According to a recent study by Global Entrepreneurship Monitor (GEM), Canadian entrepreneurship levels are one of the highest among G7 countries. Among industrialized nations, Canada only falls behind the United States on entrepreneurship levels. It’s far ahead of countries like Australia in this regard.
Early stage entrepreneurship is highest in Alberta, according to the GEM study. Nova Scotia, which has many rural townships, has the least entrepreneurial spirit. While entrepreneurship levels are high across Canada, there’s still room for improvement. The authors of the study also observed that the demographics of entrepreneurs are almost two-thirds male. More female entrepreneurs can certainly join the field.
Unlike in the United States, where startup founders are fresh-faced college graduates or dropouts, the peak age of entrepreneurs in Canada is between 45 and 64. Previous surveys had this age bracket down to between 30 and 40. Entrepreneurship levels also rise with education across all ages.
The GEM study also found high levels of social entrepreneurship among Canadians. Social entrepreneurship is a sub-category wherein founders and creators invest in projects with social, communal or environmental objectives.
Best Time to be a Young Canadian Entrepreneur
The GEM study concluded that Canadians have an open attitude towards entrepreneurship in general, hence the rising entrepreneurship levels in the country. Because of this willingness to embrace this, many young Canadians are considering becoming career entrepreneurs.
There are key differences between young people who want to be entrepreneurs and older entrepreneurs. Notably, older entrepreneurs tend to be more financially stable. A startup founder who is in his mid forties will most likely have personal savings funds to fall back on in case the venture fails. Young entrepreneurs, especially those who have graduated college, do not have this level of financial security.
Regardless, the vibrant entrepreneur scene in the country means that it’s the best time to be a young entrepreneur. However, as with all business, young people must first carefully consider and seek advice before setting off as an entrepreneur.
How to Become a Canadian Entrepreneur
Starting off as an entrepreneur can be difficult. You might want to look at good ways to invest your money so that you can grow in the future. Bad credit can be a hindrance to those who need loans to invest, but Refresh Financial has you covered.
Canadian entrepreneurship usually starts with having a business idea. Once an aspiring entrepreneur has a business idea, he or she should research that idea. For example, research would show how much customer demand there would be for the product, or what other companies are doing something similar. Once this initial research is done, and the idea is still viable, the entrepreneur should write a business plan.
The Canada Business Bureau offers a wide array of resources to help an aspiring entrepreneur write a great business plan. The website also provides information on practical matters such as registering a business, filing tax forms, and other legal matters related to being a business owner in the country.
Once these hurdles are passed, the entrepreneur should then seek funding. In Canada, most entrepreneurs finance their ideas using business loans. Entrepreneurs can also seek funds from private investors. Less commonly, but more effectively, aspiring entrepreneurs can also crowdfund the necessary amount on a site like Kickstarter.
Importantly, it’s highly advisable to seek advice from a veteran business owner before becoming a Canadian entrepreneur. Also, aspiring entrepreneurs are encouraged to network and find professional friends. Business is all about communication.
Aspiring entrepreneurs can also seek help from the business departments of their local governments. Some entrepreneurs may even be eligible for special assistance based on the location of the business.
Canada, in general, has a very open and embracing attitude towards new businesses. The government openly encourages young people to start businesses to serve a social, community or environmental need. There is also plenty of private and government support afforded to aspiring entrepreneurs. However, there’s one aspect of starting a business that most aspiring entrepreneurs struggle with: finding funding.