Small business is growing in Canada. As a company that helps small businesses grow and realize their dreams, there’s nothing more exciting for us than seeing growth in the small business sector across the country. That’s why this article on the growing Canadian entrepreneur community from Biv.com makes everyone at Spokal look forward to what’s coming our way.
The article cites a recent report from CIBC that claims a huge boom is coming for small businesses in Canada. Benjamin Tal, deputy chief economist at CIBC, says that over the next decade we may see the strongest activity in the startup community in Canadian history!
“The gradual shift to a strong culture of individualism and self-betterment; the role of technology in driving the transition from boardrooms to basements; the more global and interconnected markets that require greater specialization, flexibility and speed; as well as small business friendly demographic trends are among those forces that are likely to support a net creation of 150,000 new businesses in Canada in the coming 10 years.”
Small Business Is Growing In Canada
Here are some of the highlights from the CIBC self-employment report:
- BC has the most startups in Canada
- Being self-employed is a choice – only 20% of people start a business because they can’t find a job. Guess the old Stanford saying is true: “It’s better to invent a job than find one.”
- 70% of businesses are started by men, although women tend to be more successful (you’ll have to read the report to figure out how they determine success, I think they mean financially)
- We found this one surprising: the fastest-growing segment of new business owners are those over 50 years, accounting for nearly 30% of startups. Awesome!
- The fastest growing business sectors are educational services and health care – excited to share that our neighbors, Thinkific, are part of this dynamic group (they do online education programs for professionals)