The entrepreneurial landscape in Canada is growing increasingly diverse thanks to immigrants, a new study by the Business Development Bank of Canada (BDC) show.
Newcomers to Canada are more likely to start a business that grows more quickly and creates more net jobs per enterprise than the Canadian-born population, according to the study.
The BDC says the entrepreneurial rate among newcomers is more than double the rate for people born in Canada, meaning immigrants are twice as likely to take steps to bring an entrepreneurial project to life.
This could be looking into starting a business or acquiring a business, or equipment— anything that could get a business off the ground.
In 2018 the number of newcomer entrepreneurs grew to 251,600, a 22 per cent increase since 2006.
With immigrants expected to account for up to 80 per cent of Canada’s population growth by 2032, BDC projects this trend will continue to fuel entrepreneurship in Canada over the next decades.
“As Canada becomes increasingly diverse, its entrepreneur class will follow suit,” BDC writes.
Along with immigrants, more women, older Canadians are also embarking on entrepreneurial pursuits.
About 90 per cent of entrepreneurs said they were professionally satisfied. Overall, they enjoy managing their business, they are motivated to work every day, and they feel satisfied with their business progress.
Entrepreneurs also report being motivated by more than just money. Independence, autonomy, flexibility, as well as passion and self-fulfilment, were the top motivators driving entrepreneurship.
Managerial skills in innovation and networking positively influenced sales growth. Innovation and organizational management skills significantly increased entrepreneurial satisfaction.