Canadian Immigrant - November 2023

Despite a population that has reached 40 million, Canada has 100,000
fewer entrepreneurs than it did 20 years ago, finds a study conducted
by BDC, Canada’s Bank for entrepreneurs, in collaboration with the
Université de Montréal Innovation Centre and Millénium Québecor.
Alarming decline, but immigrants may provide a solution
This general trend is alarming. By 2022, only 1.3 out of 1,000 people
had started a business, compared to 3 out of every 1,000 in the year 2000.
“This is worrying because entrepreneurship is crucial to the economy,
fueling innovation and economic growth,” points out Pierre Cléroux,
BDC’s vice-president of research and chief economist.
The report identifies several factors contributing to this decline,
including low unemployment, high wages, an aging population and a
more complex business environment.
ENTREPRENEURSHIP
Entrepreneurs are vital for Canada’s
economic growth
An opportunity for immigrants to maximize skills for success
MONEY & BUSINESS
Cléroux highlights an important opportunity for Canada’s economy:
immigrant entrepreneurs. He says, “Business ownership rates are generally
higher among immigrants than among the Canadian-born population.
So, their contribution continues to be vital to our economy, contributing
to its diversity, innovation and competitiveness.”
Crucial skills
The report also highlights a sad fact: one-third of new businesses close
their doors within five years. “This situation shows the gap between the
intention to start a business and entrepreneurial success,” says Cléroux.
“To close this gap, it is important for entrepreneurs to acquire essential
skills to launch and grow their businesses, especially in an increasingly
complex business environment.”
The report identifies four distinct groups of skills needed to succeed in
business: the most crucial being grit and relationship skills, which prove
essential at all stages of a company’s growth.
1. Grit and relationship skills
2. Marketing and finance
3. Leadership and people skills
4. Operational administration skills
For Daniel Jutras, rector of the Université de Montréal, this shows how
important it is to better prepare those who want to start a business. “With
the work that has been done by BDC and Université de Montréal, we now
have solid and valuable information with which we can develop training
programs that address the concrete challenges faced by entrepreneurs,
and that meet the needs expressed by our students. And that’s what all
academics do: use reliable data to generate knowledge and pass it on,” he
adds.
It is worth noting that BDC’s research carried out in collaboration with
Université de Montréal has shown that business success is not linked
to innate abilities, but that these skills can be actively developed and
nurtured.
Free resources to develop key skills
For business owners looking to develop key entrepreneurial skills,
BDC curated a collection of insightful articles with input from industry
experts. For tips on how to become a better leader, how to communicate
more effectively, or how to grow a business network, visit www.bdc.ca/
entrepreneurial-skills.
Jean Philippe Nadeau is Senior Advisor, External
Communications, with BDC.
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