Business Growth: Why Business Owners Are Growing

In recent years, there has been a great change in the world of work. More people than ever before are turning to business, moving away from regular jobs in order to build something of their own.

This increase in business ownership is not limited to a certain demographic – it is widespread, with people from different backgrounds, industries and experience levels entering the business world. In Canada, this trend is particularly prominent, and entrepreneurs are growing at an unprecedented rate.

But what is driving this increase? Why do so many people choose to pursue business?

Changing Job Status

The traditional job market, once considered the pinnacle of stability, has become less attractive in recent years. Economic disruptions, mass recessions, and the rise of the gig economy have caused many people to rethink the security of traditional jobs. With remote work and technology lowering barriers to entry, more people are embracing entrepreneurship to build their financial future and pursue their passions.

In Canada, this trend is even more pronounced. Recent data, such as RBC’s 2024 Small Business Poll, presented by Don Ludlow, Vice President of Small Business, Partnerships and Strategy, RBC, shows that many Canadians prefer to start their businesses, they are motivated by a combination of factors including. flexibility, financial independence, and the ability to manage their career paths.

As Ludlow pointed out, “The entrepreneurial spirit in Canada is stronger than ever, and we’re seeing more people who want to make their own way, from all walks of life.” This is not just a movement among a select few; it is a broad, nationwide approach.

Why Many People Become Entrepreneurs

RBC’s 2024 Small Business Poll highlights a significant shift in the drivers of business in Canada. A remarkable 93 percent of current and prospective business owners cited meaningful work as the main reason for starting a business, outpacing 87 percent motivated by making more money. This reflects a broader trend towards purpose-driven business, where human satisfaction and motivation are more important than financial gain.

More than that, Flexibility plays a large role in the decision to start a business as 46 percent of small business owners are motivated by the desire to spend more time at home with their children, while 40 percent are motivated by the need to take care of elderly parents.

These facts highlight how business is becoming a vehicle for Canadians to achieve personal and professional balance, allowing them to balance their work with their family responsibilities and personal values.

How Cross-Border Cooperation Can Boost Economic Growth and Innovation

Canada and the US share one of the largest trade relationships in the world, with billions of dollars in goods and services exchanged each year. As Canadian businesses grow, they open up new markets for US companies to invest in, partner with, or compete with. This increase in business activity can also lead to the development of new industries and markets that benefit both nations.

The bottom line is that business is no longer reserved for a select few; it has become an accessible way for people from all walks of life. The support of the Canadian government, along with the leveling capabilities of technology, has made starting a business more possible than ever before.