A growing number of Canadians, particularly within the Gen Z and Millennial demographics, are turning to entrepreneurship as a means to achieve their financial and career aspirations, according to the 2023 RBC Small Business Poll. The survey, backed by the Royal Bank of Canada (TSX:RY), indicates a robust trend towards business ownership as a next step for those who feel they have reached their peak in their current careers.
The poll, conducted from August 1-8, 2023, surveyed 1,500 Canadian adults and found that two in three business owners and aspiring entrepreneurs believe they've peaked in their careers. Of these respondents, 65% view business ownership as the logical progression to thrive professionally. This sentiment is even stronger among those aged 35 to 54, with 71% seeing entrepreneurship as their next step.
Interestingly, almost half of the business owners and aspiring entrepreneurs (47%) have a family history of entrepreneurship, which they see as a viable path to business ownership. Moreover, 31% believe mid-career is an ideal time to start a business or pursue a side venture. This perception rises to 39% among younger Canadians aged between 18 and 34.
Don Ludlow, vice president of Small Business, Partnerships, and Strategy at RBC, highlighted the significance of these findings. "Entrepreneurship isn't just a curious side hobby; it signifies a forward-thinking approach to securing one's financial future while advancing professionally," Ludlow said. He noted that this sentiment is especially prevalent among younger Canadians who are contributing to a dynamic and diverse entrepreneurial ecosystem with their creativity and innovation.
The survey also revealed that 'being one's own boss' is the main incentive for starting a business for 94% of respondents. Furthermore, 78% see entrepreneurship as an appropriate alternative to traditional nine-to-five desk jobs. This sentiment increases to 84% among Canadians aged 18 to 34.
The survey also pointed to a significant increase in the desire for entrepreneurship in Quebec, with responses significantly above the national average. This trend suggests a thriving entrepreneurial and innovation ecosystem in the region, with Quebecois increasingly looking to convert passion projects into side hustles or considering entrepreneurship as a logical next step in their career.
RBC provides support for entrepreneurs through various initiatives and services, including Ownr for business registration and incorporation, Moneris for e-commerce services, and RBC Insight Edge™ for Small Businesses, which offers real-time data insights. Other collaborations include Kobalt.io for cybersecurity services and Futurpreneur for young entrepreneurs seeking business resources, financing, and mentoring.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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