At GoForth Institute, we like to keep an eye on the state of entrepreneurship in Canada. Here are six facts we dug up that show how Canadian small businesses are faring:
- 98% of businesses in Canada are small businesses.
- 55.1% of Canada’s firms are micro-businesses – or have fewer than five employees
- 80% of small businesses survive one year, but only 72% survive two years. Just half of small businesses survive to their fifth year.
- Of Canada’s 1.1 million small businesses with employees, 87.4% have fewer than 20 employees.
- Small businesses create almost 70% of all jobs in the private labour force.
- Nearly 87% of Canadian exporters are small businesses. Small businesses are responsible for $68 billion, or about 25% of Canada’s total value, of exports.