Immigrants are more likely to become entrepreneurs, study shows
According to the study carried out by the Business Development Bank of Canada (BDC), compared to individuals born in the country newcomers more likely to launch a business in Canada. Statistics reveal that immigrants contribute more to the growth of new positions in the job market than people born in Canada and they are more likely to become entrepreneurs.
Thanks to newcomers, Canada sees an increasing and diverse growth in the entrepreneurial field, new research by the BDC shows. According to the statistics, immigrants in Canada tend to create new businesses that grow faster and creates more occupations per firm than the population born in Canada.
The Business Development Bank of Canada states that the entrepreneurial rate for the population grown in Canada is more than two times less compared to immigrants. This, in turn, means that newcomers are willing twice to take all the necessary steps in order to launch an entrepreneurial project.
This could involve launching a business or obtaining a business – anything that could give life to a business.
Compared to 2006, 2018 saw a 22% increase in the number of immigrant entrepreneurs which increased to 251,600.
BCD expects that the trend will keep developing entrepreneurship in Canada during the upcoming ten years. Let us note that, by 2032 newcomers are expected to account for up to the majority of the country’s overall population. Also, as Canada gets continuously diverse, this will also reflect in entrepreneur class.
BDC also analyzed the job satisfaction of entrepreneurs. It revealed that although owning a business was quite stressful, entrepreneurs oftentimes felt satisfied.
Roughly 90% of entrepreneurs have been reportedly said to be professionally satisfied. In general, these people enjoy running their companies and have the motivation to work every day. Accordingly, every single progress in their business also brings satisfaction within.
Additionally, entrepreneurs say that profit is not the only means that motivates them. Entrepreneurship in Canada is also boosted by independence, flexibility and as well as ambition.
However, running a successful business is not an easy task. According to the respondents, approximately three-quarters of the entrepreneurs have reportedly had financial insecurities which also included a lot of stress.
In average, a third of new business fails within 5 years of period and less than half are still running during the following decade. However, some attainable skills can positively contribute to the entrepreneurial success of individual businesses.
Generally, individuals with a goal-oriented mind tend to be more flexible when they experience failures and setbacks. Accordingly, more entrepreneur businesses succeed to grow and sustain when they don’t get discouraged when they face problems.
Another finding of BDC reveals that the degree of satisfaction of the entrepreneur and his management and technical skills are strongly connected