MONTREAL, Canada – A new study by the Business Development Bank of Canada (BDC) shows that Canada’s entrepreneurial landscape is growing diverse thanks to immigrants. According to the study, newcomers are more likely to start a business that grows quickly and creates more net jobs than Canadian-born citizens.
BDC says that immigrants are twice as likely to take steps to bring an entrepreneurial idea to life. In 2018, an increase of 22 percent since 2006 was seen in the number of newcomer entrepreneurs.
Immigrants are expected to make up 80 percent of the whole population of Canada by 2032. BDC projects this trend will continue to fuel the entrepreneurship landscape in the country over the next decades. “As Canada becomes increasingly diverse, its entrepreneur class will follow suit,” BDC writes. Additionally, more women, millennials and older Canadians are embarking on entrepreneurial pursuits.
While running a business is highly stressful, 90 percent of the entrepreneurs said they were professionally satisfied, enjoy managing their business and motivated to work. They also reported being motivated more than just money. Flexibility, independence, autonomy and passion, and self-fulfillment were top motivators.
“The success of our clients is also our success. We make their transition smoother and easier and help them grab the opportunities presented to them,” said Anthony Haiden, chief executive (CEO) of Montreal Management Consultants Est., a dynamic firm that provides the most outstanding and exceptional professional services for application for Immigration to Canada, USA, Economic Citizenship to Dominica, St Kitts & Nevis and other Caribbean Countries.
However, owning a successful business is not easy. Financial insecurity, lack of benefits compared to those employed and overwhelming stress are just one of the struggles three-quarters of the entrepreneurs who were surveyed have to face. “Roughly a third of new businesses go under within five years, and less than half are still open after ten years.”
However, certain acquirable skill-sets contribute to entrepreneurial success and satisfaction.
BDC found there is a strong link between an entrepreneur’s level of satisfaction and their level of managerial and technical skills.
The technical skills BDC assessed included:
- Financial management
- Sales and marketing
- Human resources management
- Operations management
- Strategic planning
They grouped the 11 managerial skills studied into the following four categories:
- Organizational management
- Leadership and people management
Managerial skills in innovation and networking positively influenced sales growth. Innovation and organizational management skills significantly increased entrepreneurial satisfaction.