Entrepreneurship is a great dream for many Canadians. And with the recent pandemic changing the world of work, many of us have been somewhat forced into starting a side business or freelancing to help make ends meet.
The reality of entrepreneurship is hard, and many Canadians aren’t ready for it – and that’s okay! You may be ready for it later on, after life circumstances change or small business training teaches you the necessary skills you don’t have yet.
How can you find out if you’re ready to be an entrepreneur?
Download GoForth’s free Self-Assessment for Entrepreneurs to see if now is a good time to start your small business journey. We can’t predict if you’ll be a success, but taking an honest look at your situation right now will help you figure out your odds. Take your time and do as much research and training as you can before you strike out on your own – it may make all the difference to your success.
With so many of us working from home these days, the small business landscape has changed. Maybe your team is slowly starting to return to the office, or maybe you’re exploring the idea of remote working in the future. Maybe you’ve become inspired to start a home-based business of your own.
Our GoForth Experts have fielded lots of questions about home-based businesses over the years, and have answers about topics such as zoning, permits, the home-based business lifestyle – and more! Here are a few home-based business questions our expert entrepreneurs have answered:
Now that it’s a new year – and a new decade – we wanted to take stock of the state of small business in Canada. Here are seven recent statistics about Canadian small businesses.
Of the employer businesses in Canada, 1.18 million (97.9%) were small businesses, with 1-99 employees.
Ontario had the highest number of small businesses at 429,852, followed by Quebec (243,029) and British Columbia (184,075).
Nearly three out of four Canadian businesses have 1−9 employees.
The majority of private sector employees are employed by small businesses: 69.9%.
From 2011 to 2015, small businesses contributed 40.8% to Canada’s GDP.
In 2017, women-owned businesses (at least 51% of shares owned by women) made up 15.6% of Canada’s small and medium enterprises (SMEs).
Canada is one of five countries in which women entrepreneurs reported high levels of innovation.
Industry Canada. (November 2019). Key Small Business Statistics.
Statistics Canada. (April 2019). Key Small Business Statistics.
Global Entrepreneurship Monitor. GEM 2018 / 2019 Women’s Entrepreneurship Report.
At GoForth, we know that many entrepreneurs take a few tries to find a small business idea that sticks – nearly half of all small businesses opened in Canada each year don’t make it to their fifth birthday.
However, that doesn’t mean that failure is necessarily a bad thing. Failure in some form is experienced by all entrepreneurs at some point. It may be a fairly minor setback, or it may be a more major situation.
At GoForth Institute, we take pride in staying on top of the latest developments. In 2018, we refreshed our course content in response to sea changes in business and in society. We’ve also updated our comprehensive Entrepreneur Library, featuring a wide variety of articles on topics from customer experience, to finding the break-even point, to social entrepreneurship, to Lean Start-up – and more!
Comprehensive free small business resources for Canadians
Check out our updated Entrepreneur Library today – and while you’re at it, enjoy our other free small business resources: Getting Started Guides, checklists, business calculators, essential links, and templates!