A growing number of Canadians, particularly within the Gen Z and Millennial demographics, are turning to entrepreneurship as a means to achieve their financial and career aspirations, according to the 2023 RBC Small Business Poll. The survey, backed by the Royal Bank of Canada (TSX:TSX:RY), indicates a robust trend towards business ownership as a next step for those who feel they have reached their peak in their current careers.
The poll, conducted from August 1-8, 2023, surveyed 1,500 Canadian adults and found that two in three business owners and aspiring entrepreneurs believe they've peaked in their careers. Of these respondents, 65% view business ownership as the logical progression to thrive professionally. This sentiment is even stronger among those aged 35 to 54, with 71% seeing entrepreneurship as their next step.
Interestingly, almost half of the business owners and aspiring entrepreneurs (47%) have a family history of entrepreneurship, which they see as a viable path to business ownership. Moreover, 31% believe mid-career is an ideal time to start a business or pursue a side venture. This perception rises to 39% among younger Canadians aged between 18 and 34.
Don Ludlow, vice president of Small Business, Partnerships, and Strategy at RBC, highlighted the significance of these findings. "Entrepreneurship isn't just a curious side hobby; it signifies a forward-thinking approach to securing one's financial future while advancing professionally," Ludlow said. He noted that this sentiment is especially prevalent among younger Canadians who are contributing to a dynamic and diverse entrepreneurial ecosystem with their creativity and innovation.
The survey also revealed that 'being one's own boss' is the main incentive for starting a business for 94% of respondents. Furthermore, 78% see entrepreneurship as an appropriate alternative to traditional nine-to-five desk jobs. This sentiment increases to 84% among Canadians aged 18 to 34.
The survey also pointed to a significant increase in the desire for entrepreneurship in Quebec, with responses significantly above the national average. This trend suggests a thriving entrepreneurial and innovation ecosystem in the region, with Quebecois increasingly looking to convert passion projects into side hustles or considering entrepreneurship as a logical next step in their career.
RBC provides support for entrepreneurs through various initiatives and services, including Ownr for business registration and incorporation, Moneris for e-commerce services, and RBC Insight Edge™ for Small Businesses, which offers real-time data insights. Other collaborations include Kobalt.io for cybersecurity services and Futurpreneur for young entrepreneurs seeking business resources, financing, and mentoring.
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