The Growth Story: Immigrant entrepreneurs help Canadian economy thrive
All across Canada, businesses have continued to grow and many entrepreneurs have been absolutely thriving in the Canadian market. The Business Development Bank of Canada (BDC) has recently released a new study about Canada’s immigrant entrepreneurs. So far, the prospects for immigrant business owners are very positive and seem to only be going up.
Canada’s population of entrepreneur newcomers has been steadily increasing over the past decade. There were 251,600 of these business owners in 2018, which is an increase of 22 per cent of the numbers more than a decade before in 2006. What’s more, statistics say that immigrants could account for more than 80% of the country’s population growth rate by 2032.
The data collected by the BDC shows that newcomers are two times more likely to start their own business compared to those born in Canada. Additionally, these businesses are the most likely to generate net jobs per enterprise, giving more employment opportunities for Canadians and newcomers alike. Immigrant entrepreneurs also find their jobs growing at a faster rate than their Canadian-born counterparts.
Despite the overall stresses of running a self-made business, about 90% of immigrant entrepreneurs reported that they felt satisfied with their professional life. BDC says that those interviewed enjoyed their work in managing their businesses. They also reported that were pleased with how their business had progressed and that every day they were highly motivated.
These business owners stated that they were motivated more by a passion for their business than they were by money. They also enjoyed and appreciated how their work made them feel independent, self-satisfied, and flexible. These factors of professional autonomy also made them more motivated and passionate about their business.
What Makes a Great Entrepreneur?
The BDC noted the traits of entrepreneurs more likely to succeed long-term in their self-made business endeavours. Resilience was noted as one of the most important traits, as startup business life is not easy. Statistics show that less than half of startup businesses make it to the ten-year mark, and about a third of them close up shop before their fifth year. But resilient and goal-oriented entrepreneurs who bounce back from obstacles are far more likely to run a successful business.
Business owners with sharp managerial skills were also found to be extremely successful. These managerial skills included leadership, innovation, communication skills, organization, networking, and employee management.
Technical skills were another factor for successful businesses, according to BDC. Entrepreneurs had more success if they were skilled in strategic planning, finances, human resource management, operations, as well as experience in sales and marketing.
There is a market for success in Canada for determined entrepreneurs. Statistics have shown that immigrant entrepreneurs help the Canadian economy. What’s more, the Canadian government has programs to help these business owners gain permanent residence. Business immigration programs are found in just about all of Canada’s provinces. This includes the Entrepreneur Immigration Streams in B.C. and Ontario, as well as the PEI Work Permit Stream.
Entrepreneurs who want to start their own business and immigrate to Canada can receive expert help from our team of skilled immigration consultants. Contact our team by email at email@example.com or by phone at +91 84486 30755.