More than a third of Canadians who have considered starting a new business say not having enough savings holds them back.
Vancouver, BC [April 26, 2023] – Canadians who have thought about entrepreneurship are primarily moved by the promise of doing something they enjoy and not having to report to anyone, a new Research Co. poll has found.
In the online survey of a representative national sample, 44% of Canadians say they have considered starting or operating a business of their own.
Canadians aged 18-to-34 are significantly more likely to have pondered entrepreneurship (54%) than their counterparts aged 35-to-54 (47%) and aged 55 and over (28%).
Canada’s prospective entrepreneurs are looking at a wide range of industries for their new businesses, including hospitality and food (13%), technology (10%), finance and business services (also 10%), entertainment and recreation (8%) and arts and fashion (also 8%).
When asked about their motivations for starting a new business, more than half of Canada’s prospective entrepreneurs mention doing something they enjoy (53%) and being their own boss and not reporting to anyone (52%).
More than a third of Canada’s prospective entrepreneurs also envision earning more than they currently do (40%) and having flexibility and work-life balance (35%). Fewer are motivated by a sense of adventure (23%), providing a new service or creating something new (18%) and managing and mentoring others (6%).
“Almost two-in-five Canadian women who are considering entrepreneurship (39%) are encouraged by flexibility and a better work-life balance,” says Mario Canseco, President of Research Co. “More than two-in-five men who have considered starting or operating a business of their own (43%) see themselves making more money than now.”
When asked what is holding them back from starting a new business, almost two-in-five of Canada’s prospective entrepreneurs (38%) say they do not have enough savings.
More than a quarter of Canadians who have considered starting or operating a business of their own are worried about the risks involved (33%) and their lack of experience (28%). Fewer are held back because they are happy with their current job situation (20%), not knowing if the service or product is viable (also 20%), not knowing how to get started (also 20%), difficulties to secure proper financing (18%), dealing with too much regulation and bureaucracy (also 18%) and lacking the time to develop and implement a plan (15%).
Canada’s prospective entrepreneurs aged 18-to-34 are more likely to say that they are held back due to complications to secure financial backing (25%) than their counterparts aged 35-to-54 (19%) and aged 55 and over (11%).
Methodology: Results are based on an online study conducted from March 10 to March 20, 2023, among 2,000 Canadian adults, including 883 who have considered starting or opening a business of their own. The data has been statistically weighted according to Canadian census figures for gender and region. The margin of error, which measures sample variability, is +/- 2.2 percentage points for the entire sample and +/- 3.3 percentage points for the sample of prospective entrepreneurs, nineteen times out of twenty.
For more information on this poll, please contact:
Mario Canseco, President, Research Co.778.929.0490 [e] email@example.com