Reference to the CFA’s Advocacy Update from June 16, 2022

New research indicates the pandemic spurred an entrepreneurial boom in Canada.

A survey by Intuit, a global tech firm that makes software like TurboTax and QuickBooks, shows nearly a quarter of small businesses in Canada were started in the last two years. The poll, conducted by Angus Reid, also found that new entrepreneurs are almost twice as likely to have multiple businesses. 

The survey found generation Zs and millennials (roughly speaking, adults aged 40 and younger) make up more than half the entrepreneurs that started new businesses. The flurry of entrepreneurial activity among younger Canadians during the pandemic reflects in part how technology is helping lower barriers to entry.

The survey also found

• 25 per cent of Canadian entrepreneurs polled consider their business to be a side hustle. 
• 63 per cent of new entrepreneurs earn more money as a small business owner than they did at their previous job.
• 90 per cent of new entrepreneurs said they still feel optimistic about the future.

DONATE TO THE CFA’S ADVOCACY EFFORTS!