Mar. 14, 2012, Toronto — A new study from BMO Bank of Montreal reveals that the majority of Canadians have an appetite for entrepreneurship.
Seventy-six per cent of Canadians would start their own business,
according to the survey. But more than half of all Canadians (52 per
cent) identify having access to capital as the most significant barrier
to starting their own business. In addition, almost one-third of
Canadians say that translating ideas into a solid business plan and
finding customers are significant hurdles.
"Small and medium-sized businesses are a driving source of innovation
and job creation in our economy and despite some challenges in the
global economy, the Canadian entrepreneurial spirit appears alive and
well," said Cathy Pin, vice-president of commercial banking for BMO Bank
"In fact, these survey results mirror the conversations that we have
every day with business owners and potential owners. They are some of
the very reasons why we are making $10 billion available over the next
three years, to help entrepreneurs grow and create jobs" added Pin.
Given the opportunity to open a small business, one in six Canadians
would prefer to enter the food and hospitality sector (14 per cent), and
a similar proportion would start a business in the
arts/entertainment/recreation sectors - a choice that is more popular
among Albertans than those living in Manitoba and Saskatchewan (17 per
cent versus eight per cent). Overall, entrepreneurial Canadians are
interested in a diverse array of industries and sectors.
Quebecers (15 per cent) are most interested in opening a business in the
retail or service industries; residents of Saskatchewan are the least
interested, with just seven per cent mentioning these sectors.
The overwhelming prevalence of the Internet is opening new and exciting
avenues for small businesses to market, distribute their products and
services, and share information with other business owners in online
knowledge communities. The BMO study, conducted by Leger Marketing,
The survey was completed online from Jan. 23 to 25 using Leger
Marketing's online panel, LegerWeb, with a sample of 1,523 Canadians. A
probability sample of the same size would yield a margin of error of
+/-2.51 per cent ,19 times out of 20.
- When starting a new business, the ability to share knowledge is believed to be important by 86 per cent of Canadians
- Over 80 per cent of potential entrepreneurs in Canada also stated
that mentors would be valuable were they to start their own enterprise