Around 24% of Canadian small businesses were formed in the last two years, despite facing many obstacles from the COVID-19 pandemic, according to a study done by Intuit Canada. ."Canadian entrepreneurs aren't just experiencing this change, they're leading it,” said Intuit Canada vice president and country manager David Marquis in a Tuesday press release. .“We're seeing many new businesses emerge despite economic and societal challenges and it's inspiring to see how adversity has paved the path for innovation and entrepreneurship to thrive.”.The study said Canadian entrepreneurs who launched their businesses in the last two years were almost twice as likely to have multiple businesses compared to owners who started them before (51% versus 29%). Intuit Canada said 27% of new entrepreneurs with multiple businesses said they created more than one to boost their income because of inflation, versus 16% of established business owners. .The main reasons for entrepreneurs having multiple businesses are the desire to have several income sources (57%), an interest in various industries (46%), and to challenge themselves (34%). .According to the study, 75% of entrepreneurs run their business full time, and the remaining 25% consider it a side hustle. .Entrepreneurs who held a different job before starting their business had an average salary of $85,900, said the study. It said 63% of respondents earn more money as a small business owner than at their previous job. .The study went on to say the majority of entrepreneurs who started their businesses during the pandemic are optimistic about their success (90%) and feel prepared for the future (85%). These entrepreneurs said they are confident about the future because of growth within the industry (49%), rising sales (41%), and comfort with modern technology to run their businesses (38%). .“With the right tools and technology, we are hopeful that this growing generation of entrepreneurs will continue to prosper," said Marquis. .Canadian small business owners borrowed an average of $170,000 to try and survive during the pandemic, said the Canadian Federation of Independent Business (CFIB) in 2021. .Across Canada, a total of $135 billion was borrowed, with each small business gaining an average of $169,992 in debt. .“My little not-for-profit association took 78,000 calls from business owners last year to try to provide them with guidance and support: 78,000,” said CFIB CEO Dan Kelly. .“And these calls are dark.”
Around 24% of Canadian small businesses were formed in the last two years, despite facing many obstacles from the COVID-19 pandemic, according to a study done by Intuit Canada. ."Canadian entrepreneurs aren't just experiencing this change, they're leading it,” said Intuit Canada vice president and country manager David Marquis in a Tuesday press release. .“We're seeing many new businesses emerge despite economic and societal challenges and it's inspiring to see how adversity has paved the path for innovation and entrepreneurship to thrive.”.The study said Canadian entrepreneurs who launched their businesses in the last two years were almost twice as likely to have multiple businesses compared to owners who started them before (51% versus 29%). Intuit Canada said 27% of new entrepreneurs with multiple businesses said they created more than one to boost their income because of inflation, versus 16% of established business owners. .The main reasons for entrepreneurs having multiple businesses are the desire to have several income sources (57%), an interest in various industries (46%), and to challenge themselves (34%). .According to the study, 75% of entrepreneurs run their business full time, and the remaining 25% consider it a side hustle. .Entrepreneurs who held a different job before starting their business had an average salary of $85,900, said the study. It said 63% of respondents earn more money as a small business owner than at their previous job. .The study went on to say the majority of entrepreneurs who started their businesses during the pandemic are optimistic about their success (90%) and feel prepared for the future (85%). These entrepreneurs said they are confident about the future because of growth within the industry (49%), rising sales (41%), and comfort with modern technology to run their businesses (38%). .“With the right tools and technology, we are hopeful that this growing generation of entrepreneurs will continue to prosper," said Marquis. .Canadian small business owners borrowed an average of $170,000 to try and survive during the pandemic, said the Canadian Federation of Independent Business (CFIB) in 2021. .Across Canada, a total of $135 billion was borrowed, with each small business gaining an average of $169,992 in debt. .“My little not-for-profit association took 78,000 calls from business owners last year to try to provide them with guidance and support: 78,000,” said CFIB CEO Dan Kelly. .“And these calls are dark.”
