Even before the pandemic, Canadians have proven themselves an especially entrepreneurial bunch.
An October 2019 report from the Business Bank of Canada concluded that there are more than 1.1 million small and mid-sized businesses in Canada, accounting for the vast majority of private-sector jobs: 90 percent. Small- and mid-sized businesses “are the backbone of our economy,” the report said, adding that “Canada is one of the most entrepreneurial nations in the world,” relying more heavily on small businesses than even the U.S.
Now, more than a year after the start of the global Covid-19 pandemic, Canada’s entrepreneurship is flourishing more than ever.
Findings from Intuit QuickBooks Canada suggest that entrepreneurship in Canada has boomed through the pandemic, with one in five Canadians (21 percent) starting a business within the past year.
This represents close to two million Canadians — more than the population of Calgary, one of Canada’s largest metropolitan areas.
The Future of Entrepreneurship in Canada Report, which polled Canadians, including current and aspiring entrepreneurs, about why they decided to start a business in the last 12 months. The primary reasons were an increase in spare time because of the pandemic (39 percent), financial pressures from the pandemic (23 percent), or as a result of being laid off (19 percent).
While it’s exciting to see so many Canadians embracing the entrepreneurial spirit, they’ll need to focus on learning and growing to succeed in the long-term, said Tom Jakobek, CEO and founder of construction firm KBNJ Consulting Inc.
“Self-employment is a great thing, but it’s not an easy thing, either,” Tom Jakobek said. “Most entrepreneurs fail at creating a business that lasts more than a few years. To achieve real longevity and self-sufficiency, entrepreneurs need to constantly learn new skills and work harder than everyone else.”
Jakobek, who has founded multiple businesses, said there are a few things that budding Canadian entrepreneurs should keep in mind.
Find Your Community
Every entrepreneur needs a mentor, and having one can make or break the success of your business, Jakobek said.
That means finding like-minded people in your own community and learning from their experiences. Not only will this help you avoid the pitfalls that can end a business venture before it gets off the ground, but mentors can give insight about challenges you never considered, and provide solutions so you don’t have to live through the same mistakes they did.
Perhaps most importantly, connecting with other entrepreneurs is a great way to create business partnerships that are mutually beneficial, Jakobek said. No entrepreneur needs to do everything by themselves.
Find Challenges
Entrepreneurs don’t get to rest on their laurels. That’s more important now than ever, Jakobek said, as technology evolves faster than ever, requiring all industries to adapt or die.
To stay up-to-date, Jakobek suggests one of the most old-school methods of self-learning: read a book. It’s easy to get lost in the myriad of online articles (like this one) telling entrepreneurs how to think and behave, but few things encourage creativity and innovation like reading, Jakobek said.
“Books push us to expand our thinking, and embrace new ideas, which is at the heart of successful entrepreneurship,” Jakobek said. “Read everything you can, too. Not just business books, but anything that expands your understanding of what you’re already passionate about.”
Find the Right People
Smart entrepreneurs find other smart people to help bring their vision to fruition, Jakobek said.
As your business grows, you’ll need other talented people to ensure you can meet the challenges that only increase with the success of your business. More clients mean more work means more employees are needed to get the job done.
“No business succeeds based only on the efforts of a single person, no matter how brilliant they are or how hard they work,” Jakobek said.
Your business can only prosper with the right people at the helm.
As David Marquis, Vice President and Country Manager of Intuit Canada, said in the company’s report, Canada is growing fast and the opportunities for new successful businesses are here to stay.
“It’s exciting to see that the entrepreneurial spirit in Canada is alive and well. Although COVID-19 has undoubtedly disrupted the lives of Canadians, with disruption often comes opportunity,” Marquis said in the report. “This could not be more true for entrepreneurs. And as we all begin to move forward, I think the millions of newly enterprising Canadians will be the key to our recovery.”
