Canadians have strong entrepreneurial spirit, says RBC poll

By The IJ Staff | September 20 2018 09:30AM

Photo: Freepik

More than half of Canadians say they have thought about owning their own business according to the 2018 RBC Small Business Poll. “Of those who have considered owning a business, 56 per cent are already putting their entrepreneurial skills to use by making money from their passion project,” the poll indicated.

The survey also revealed that 20 per cent of those who have considered owning a business have taken on side jobs when they needed money and eight per cent are testing out a new business idea.

"Many Canadians are taking the entrepreneurial steps to earn money outside of their regular income, but don't necessarily view themselves as small business owners in the traditional sense. Starting a business can take on many different forms, from a casual side-hustle to a more formal, planned commitment," says Jason Storsley, Vice-President, Small Business at RBC. "Regardless of what path is right for your business, putting the appropriate disciplines in place from the start, like proper accounting and marketing practices, will allow you to focus on growing your business."

Albertans in the lead

The poll showed that Albertans lead the country when it comes to business aspirations with 63 per cent saying they have thought about owning a business. This is six percentage points above Ontario.

In B.C., the top reason cited as a motivation to own a business “was to have control over one's career, while all other regions in Canada cited being their own boss as the top reason for wanting to own a small business,” says RBC.

Access to financial capital

Sixty-one per cent of non-business owners said that access to financial capital would be the number one factor that would encourage them to start a business. This was ahead of having a great idea at 51 per cent.

However, for those Canadians who already own a business, only 25 per cent said that access to financial capital was an encouraging factor. Business owners placed more emphasis on having a great idea (48 per cent) and understanding the fundamentals of business admin (30 per cent). Meanwhile, owners and non-owners agreed that attracting and retaining customers is the biggest challenge in business ownership, says RBC.