Global Entrepreneurship Week: I Care
Because Canadian small businesses are all around you.
- Small businesses make up 98% of all businesses in Canada.i
Because small businesses create jobs.
- Small businesses employ 48% of the labour force in Canada.ii
Because the people you know are entrepreneurs.
- One in five (20 per cent) Canadians currently own or have owned a small business, while close to half (46 per cent) have thought about it.iii
Because Canada is a leader in entrepreneurship.
- Canada scored first (93%) among G20 countries for creating an entrepreneurial ecosystem through cooperation, public sector investments, hard and soft support for entrepreneurs and more. The United States is in second place at 74%.iv
Because entrepreneurs have confidence in Canada.
- Canada leads the pack in overall entrepreneurial confidence (percentage of respondents viewing their own country as providing the most favourable environment) and in the density of businesses (number of business registered per 1,000 people of working age).v
Because entrepreneurs give back.
- Small businesses give back to their communities through financial donations (74 per cent), goods and services donations (72 per cent) and sponsoring sports teams (59 per cent). vi
However, some things need to be done to improve support for entrepreneurs.
Make start-up and growth financing easier to get.
- Canada’s is in 7th place among G20 on availability of entrepreneurship financing. Our country’s public and private financing networks were long-term investments from public and private sectors are lagging behind other countries.vii
Reduce the paperwork.
- Out of the G20 countries, Canada rates fifth for least administrative burdens on start-ups.viii
Show that Canadians are innovative.
- Only sixteen per cent of young Canadians surveyed recently believed that the next big business idea or innovation would come from Canada. In comparison, 42 per cent believed that this big idea would come from Asia.ix
Emphasize entrepreneurship in schools.
- Over half of business owners (56 per cent) said they do not feel as though there is enough of an emphasis on starting a business as a career option in schools today..x
Remove the perceived roadblocks.
- Seventy-nine per cent of young Canadians surveyed considered it difficult to become an entrepreneur in Canada. The biggest barriers to entrepreneurship were cited as access to money (29 per cent), a good idea (28 per cent) and a strong network (14 per cent).xi
Canada has a good foundation to support entrepreneurship, but there is definitely room for improvement. The Canadian Youth Business Foundation (CYBF) is working hard to ensure that entrepreneurs have what they need to succeed. By bringing together a community of entrepreneurs, driving innovation and providing direct support through mentoring and financing to young Canadians starting their own businesses, CYBF is helping Canada become a leader in entrepreneurship around the globe.
November 14-22, 2011 is Global Entrepreneurship Week (GEW), an international movement designed to inspire millions of young people to embrace innovation, imagination and creativity through entrepreneurship. The Canadian Youth Business Foundation is the official host of GEW Canada.
Become a CYBF mentor, offer your support or start a business. You can make a difference!
i Small Business Research and Statistics (Industry Canada, July 2010)
ii Small Business Research and Statistics (Industry Canada, July 2010)
iii Entrepreneurship is widely respected among Canadians but small businesses still face big challenges: new report (Canadian Federation of Independent Business, HP Canada, Intel Canada, July 2011)
iv The Power of Many: Realizing the socioeconomic power of entrepreneurs in the 21st century (McKinsey & Company, October 2011)
v Entrepreneurs speak out The Nice Côte D’Azur 2011 Entrepreneurship Barometer (Ernst & Young, October 2011)
vi Insight on Entrepreneurship: Secrets of Entrepreneurial Success (CFIB, April 2011)
vii The Power of Many: Realizing the socioeconomic power of entrepreneurs in the 21st century (McKinsey & Company, October 2011)
viii The Power of Many: Realizing the socioeconomic power of entrepreneurs in the 21st century (McKinsey & Company, October 2011)
ix Entrepreneurship Attitudes and Perceptions Research (CYBF, Spin Master Ltd., April 2011)
x Insight on entrepreneurship: Entrepreneurs have no regrets (CFIB, May 2011)
xi Entrepreneurship Attitudes and Perceptions Research (CYBF, Spin Master Ltd., April 2011)
ix Entrepreneurship Attitudes and Perceptions Research (CYBF, Spin Master Ltd., April 2011)
