Young business owners are running ventures alongside full-time jobs, as new data reveals money and mentorship gaps remain the biggest hurdles to starting a business in Canada
A wave of entrepreneurially minded young Canadians is reshaping how business ownership looks.
Two separate studies released this week paint a detailed picture of Gen Z's relationship with entrepreneurship. An RBC Small Business Poll, conducted by Ipsos Canada surveyed 3,137 Canadian adults and found that two-thirds (66 per cent) of Gen Z Canadians have considered owning a business, more than any other generation.
A separate survey commissioned by Shift Canada and conducted by Nanos Research polled 996 Canadians aged 18 to 34 and found that 65 per cent either plan to become an entrepreneur or are open to the idea.
Both studies converge on a significant structural trend, that young Canadians are increasingly building businesses alongside, rather than instead of, traditional employment.
The side hustle is now a business strategy
According to RBC's poll, 46 per cent of Gen Z business owners are operating a side hustle while also working a full-time job. A further 32 per cent of Gen Z Canadians who do not yet own a business aspire to start a side hustle. This dual-income model reflects both the economic pressures this generation faces and their preference for financial flexibility over all-in risk.
"Small businesses are the backbone of Canada's economy, and the next generation of entrepreneurs will help shape its future," said Amy Childs, Vice President, Small Business and Partnerships, RBC. "Gen Z is showing that business ownership doesn't have to follow a traditional path, with success increasingly defined by flexibility, financial stability and independence."
The RBC data also shows how Gen Z defines success differently from prior generations. Forty-two per cent of Gen Z Canadians associate entrepreneurial success with being able to support themselves or their family, and 35 per cent link it to building long-term wealth. Autonomy and passion-driven income also rank highly: 33 per cent want to be their own boss, and 31 per cent want to turn a passion into income.
More traditional markers such as scaling a company are less prominent, with only 27 per cent pointing to business growth as their primary benchmark for success.
Money and mentorship remain stubborn barriers
Despite the optimism, both studies identify significant structural obstacles that advisors may be positioned to help address.
The Nanos Research survey, commissioned by Shift Canada, found that nearly two in three young Canadians aged 18 to 34 (64 per cent) cite a lack of money to get started as the single biggest barrier to entrepreneurship.
Women are disproportionately affected, with 70 per cent identifying capital access as the top obstacle compared to 57 per cent of men. Economic uncertainty ranked second at 55 per cent, followed by fear of failure at 52 per cent and a lack of mentorship support at 42 per cent.
This aligns with what RBC's poll found on affordability: 42 per cent of Gen Z Canadians surveyed cited the high cost of living as the most commonly cited barrier to entrepreneurship.
The Nanos survey found that 22 per cent of young Canadians identified experienced mentorship and guidance as the single most important non-financial support for aspiring entrepreneurs - ranking above emotional and family support (17 per cent) and entrepreneurship education (11 per cent).
Among those who had a parent or guardian who ran a business, the figure rose to 31 per cent, suggesting that lived experience sharpens awareness of what support is most valuable.
Advisors with small business clients in their book have an opportunity to facilitate those connections, not just through referrals, but by positioning themselves as a trusted resource in a young client's broader entrepreneurial support network. As wealth professionals who have worked with established business owners know, the planning conversation is rarely just about numbers.
Technology accelerates entry but raises expectations
Both surveys highlight the role of technology in lowering barriers to entry for this generation. RBC's poll found that 85 per cent of Canadians surveyed agree digital platforms and technology have made starting a business feel more accessible, with the same proportion of Gen Z business owners expressing confidence in using technology to run their venture.
However, there is a more complicated dimension. Eighty-three per cent of Gen Z business owners told RBC that entrepreneurs today are expected to learn and adapt to technology more than previous generations, and 63 per cent feel pressure to adopt artificial intelligence tools to stay competitive.
The Nanos Research survey found that 38 per cent of young Canadians aged 18 to 34 view AI as making business riskier rather than less, with only 11 per cent seeing it as risk-reducing.
Wealth Professional has previously reported on how younger Canadians are approaching financial planning and the working world with markedly different expectations than prior cohorts.
The RBC Small Business Poll was conducted by Ipsos Canada from June 27 to July 6, 2026. The Shift Canada survey was conducted by Nanos Research from July 28 to 31, 2026.
