One size does not fit all Canadian entrepreneurs, according
to annual RBC surveyAlmost 900,000 Canadians hope to be their own boss by next year
TORONTO, September 28, 2007 — Some 3.3 million
Canadians, representing all walks of life, plan to start a
business within the next five years, and approximately 900,000
are looking to be their own boss by the end of 2008. This
is according to RBC's annual small business survey, which
compared the responses of aspiring entrepreneurs with those
of entrepreneurs already running their own businesses.
The RBC/Ipsos Reid survey also shows some interesting contrasts
between the backgrounds of existing entrepreneurs and would-be
entrepreneurs. For example, while over one-fifth (21 per cent)
of existing entrepreneurs responded that they had previously
held executive / managerial positions, only 15 per cent of
those planning to set up their own businesses come from an
executive / managerial background. Furthermore, while only
9 per cent of existing entrepreneurs cited previous experience
in blue collar / labourer work, 13 per cent of would-be entrepreneurs
are emerging from blue collar / labourer backgrounds.
"What we're seeing is that anyone who wants to be, feels
it is possible with or without management experience. This
is likely due to the strong appeal of being your own boss
and the wide array of support tools and expertise readily
available to help," said Kris Depencier, head of Small
Business Client Strategy for RBC. "Even better, these
resources can be tailored to meet the needs of Canadian business
owners. One size does not fit all, and Canadian entrepreneurs
no longer have to contend with an 'off the shelf' approach
when they seek out support."
According to the RBC survey, emerging entrepreneurs are
also subtly shifting their preferred industry focus. Of the
top three industries targeted by would-be entrepreneurs in
2005, personal services/arts/crafts has now dropped from 17
per cent to 15 per cent; retail is down from 13 per cent to
11 per cent; and business services/communications/management
consultant has fallen from 11 per cent to 8 per cent. Meanwhile
Internet/online services (a new aspiring entrepreneurs category
in this year's survey) was cited as industry of choice by
12 per cent of Canadians planning to establish their own enterprise.
"Finding a niche that you are passionate about and believe
in is a big part of successfully starting, growing and sustaining
your own business," advised Depencier. "If you're
thinking about starting up a business, do your homework, learn
from existing entrepreneurs, and take full advantage of the
resources that are now available."
Canada's entrepreneurs: Industry of choice
(presently owned or planning to own) |
| Industry |
Existing |
Aspiring |
|
|
| Business services/consulting |
14% |
8% |
|
|
| Personal services/arts/crafts |
9% |
15% |
|
|
| Construction/trades/manufacturing |
9% |
7% |
|
|
| Retail |
8% |
11% |
|
|
| Finance/insurance/real estate |
8% |
4% |
|
|
| Professionals |
6% |
3% |
|
|
| Travel/hospitality including restaurants |
3% |
9% |
|
|
| Transportation |
3% |
3% |
|
|
| Wholesale |
3% |
3% |
|
|
| Childcare/daycare |
3% |
1% |
|
|
| Telecommunications sales/service |
2% |
2% |
|
|
| Entertainment |
2% |
1% |
|
|
| Internet/online services |
N/A* |
12% |
|
|
| Other |
15% |
10% |
|
|
| * Industry category not included |
Canada's entrepreneurs: By the numbers |
| Region |
Existing Entrepreneurs |
Aspiring Entrepreneurs |
| |
2005 |
2007 |
2005 |
2007 |
| BC |
19% |
18% |
18% |
17% |
| Prairies |
19% |
18% |
21% |
19% |
| Ontario |
39% |
41% |
41% |
39% |
| Quebec |
17% |
19% |
12% |
19% |
| Atlantic |
6% |
4% |
7% |
7% |
Gender |
| Male |
52% |
56% |
56% |
54% |
| Female |
48% |
44% |
44% |
46% |
Age |
| 18-34 |
15% |
14% |
30% |
30% |
| 35-54 |
47% |
51% |
51% |
55% |
| 55+ |
39% |
34% |
19% |
15% |
Marital Status |
| Married |
55% |
61% |
47% |
49% |
| Domestic Partnership |
13% |
14% |
15% |
18% |
| Single |
14% |
12% |
23% |
22% |
| Widowed |
3% |
1% |
2% |
1% |
| Separated/Divorced |
14% |
11% |
13% |
10% |
Household Income |
| Under $25K |
15% |
13% |
22% |
9% |
| $25- $<45K |
22% |
16% |
21% |
16% |
| $45- $<70K |
24% |
25% |
22% |
23% |
| $70- $<100K |
19% |
22% |
20% |
22% |
| $100K+ |
20% |
24% |
15% |
30% |
These are some of the findings of an RBC poll conducted by
Ipsos Reid between July 27 and August 3, 2007. The online
survey is based on a randomly selected representative sample
of 3,806 adult Canadians of which 2,253 owned small or medium-sized
businesses (entrepreneurs) and 1,553 aspire to own small or
medium size businesses (aspiring entrepreneurs). With a representative
sample of this size, the results among entrepreneurs are considered
accurate to within ± 2.1 percentage points, and among
aspiring entrepreneurs ± 2.5 19 times out of 20, of
what they would have been had the entire adult Canadian population
been polled.
RBC delivers a wide range of financial services and practical
advice to small and medium-sized businesses and their owners.
RBC is Canada's leading financial institution for small business,
serving one in four small businesses. Entrepreneurs - existing
and aspiring - can visit www.rbcroyalbank.com/business/resources
for practical advice and information about starting, owning
and managing a small business.
- 30 -
Media Contact:
Judi Levita (416) 974-8810
|
