Study reveals high level of serial entrepreneurship as business owners looked to increase income
Canadians seized opportunity in the last two years with a rise in start-ups despite the social and economic challenges of the pandemic.
Research from Intuit, the firm behind Quickbooks, found that 24% of Canada’s small businesses were started since 2020 including many started by serial entrepreneurs.
Rising inflation requiring a boost in income was cited by 27% of new entrepreneurs with multiple businesses as their main reason for starting another business, compared to 16% of established business owners.
Becoming a business owner rather than an employee has paid off for almost two thirds of those who have started a business so far this decade: they report earning more than their average previous salary of $85,900.
However, money was less of a motivator than being their own boss with 82% of those who became business owners in the last two years saying the freedom is more important than salary and 73% saying they would never go back to a traditional job.
Three-quarters of Canadian small business owners have a full-time business (75%), while the remaining quarter consider their business to be a side-hustle (25%).
Optimism
The study also found that 90% of new Canadian entrepreneurs are optimistic about the success of their business citing growth within their industry (49%), an increase in sales over time (41%) and comfort using modern tech tools to run their business (38%).
"We're all at the beginning of a new chapter in our country, where massive shifts in the way we work, live and communicate are taking place before our eyes," said David Marquis, Vice President and Country Manager of Intuit Canada. "Canadian entrepreneurs aren't just experiencing this change, they're leading it. We're seeing many new businesses emerge despite economic and societal challenges and it's inspiring to see how adversity has paved the path for innovation and entrepreneurship to thrive."
