Forty per cent of non-business owners
demonstrating entrepreneurial behaviour
TORONTO, Sept. 20, 2018 /CNW/ - Entrepreneurial spirit is
alive and well in Canada with more
than half (54 per cent) of Canadians saying 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 (28 per cent), taking on side jobs
when they need money (20 per cent) and testing out a new business
idea (8 per cent).
"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."
Business ownership aspirations strong across the
country
Albertans lead the country when it comes to business
aspirations, with 63 per cent saying they have thought about owning
a business, six percentage points higher than Ontario.
|
Have thought of
owning a business
|
National
|
54%
|
BC
|
55%
|
Alberta
|
63%
|
SK / MB
|
52%
|
ON
|
57%
|
QC
|
45%
|
Atlantic
|
53%
|
In British Columbia, the number
one 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.
Business owners have a secret to getting a business off the
ground – prospective business owners take note
The majority of non-business owners (61 per cent) said that
access to financial capital would be the number one factor that
would encourage them to start a business, ahead of having a great
idea (51 per cent). However, for those who already own a business,
only 25 per cent said that access to financial capital was an
encouraging factor, and placed far more emphasis on having a great
idea (48 per cent) and understanding the fundamentals of business
admin (30 per cent). Owners and non-owners agreed that attracting
and retaining customers is the biggest challenge in business
ownership.
Millennials feeling the drive to be 'self-made'
Almost two-thirds (63 per cent) of Canadians aged 18 to 34 have
thought about owning a business, and 59 per cent of millennials who
don't already own a business are engaging in entrepreneurial
activity to supplement their income. This includes:
- 28 per cent who are currently finding a way to make money from
a passion project or hobby; and
- 11 per cent who are already testing an idea for a
business.
A further 24 per cent say that they wish they had a side-hustle
but don't know how to get started.
What would encourage more millennials to start? While access to
financial capital and a great idea are two major factors,
experience and connections are important for realizing their
business ownership dreams. Many feel they need a better
understanding of business fundamentals (49 per cent), a stronger
network (45 per cent) and access to ongoing support and advice (41
per cent) before they can start a business venture.
"Equipping prospective entrepreneurs with the tools, knowledge
and resources to help realize their business ownership aspirations
will be key to creating a thriving economy and vibrant communities
across Canada," adds Storsley.
The RBC Small Business Poll was conducted by Ipsos Canada from
July 6 -15, 2018. More than 2,000
surveys were completed online by Canadian adults, represented in
six different regions (British
Columbia, Alberta,
Saskatchewan/Manitoba, Ontario, Quebec and Atlantic
Canada). Representative sample results are weighted to
reflect the Canadian population. The precision of Ipsos online
polls is measured using a credibility interval. In this case, the
poll is accurate to within ±2.5 percentage points had all Canadian
adults been polled. The credibility interval will be wider among
subsets of the population represented. All sample surveys and polls
may be subject to other sources of error, including, but not
limited to, coverage error, and measurement error.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 84,000+ employees who bring
our vision, values and strategy to life so we can help our clients
thrive and communities prosper. As Canada's biggest bank, and one of the largest
in the world based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 16 million clients in Canada, the U.S. and 34 other countries. Learn
more at rbc.com.
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through donations, community investments and employee volunteer
activities. See how at rbc.com/community-sustainability.
SOURCE RBC Royal Bank