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In the last few decades we have seen an unprecedented rise in Candian Entrepreneurship which has led to innovation, job creation and economic growth. Canadian firms have been investing in research and development as well which in turn helps in export growth. Canadian firms have been competitive in world markets and exports make a considerable contribution to the Gross Domestic Product of Canada.
Entrepreneurial activity is carried out by small and medium sized enterprises with women making a solid contribution every year. Higher Education, age and experience also affect the way business is carried out by these entrepreneurs and we have seen a rise in the number of diverse immigrants become business owners in the past 3 decades or so.
Another positive trend to be noted is that three quarters of small business owners in Canada started their business from scratch. Since Entrepreneurship triggers economic growth, this has a marked effect on the economy of the surrounding areas.
The role of government is important in helping small businesses by reducing taxes and giving manufacturers subsidies. Canadian Entrepreneurial performance globally has been very competitive. Angel investors, incubators and venture capitalists are good motivation for thriving young entrepreneurs looking to make it big in larger Canadian cities.
Entrepreneurship also affects regional growth compared to other variables such as education and employment and the government should focus on scaling these small self owned businesses to become larger enterprises. Also, in some studies it is mentioned that Canada now ranks second to the United States on the list of the world’s most entrepreneurial countries.
Not only profit is the central motive for Entrepreneurs to be creative and endure risks whilst running a business sometimes at the expense of leaving lucrative careers to start their own business, there are other non profit factors too like giving back to the community or assisting the disabled or funding college education through charity and trust funds.
Researched and written by Ali Shahrukh