According to a nice infographic from the Business Development Bank of Canada (BDC), “small business is big in Canada”.
Nearly all of Canada’s businesses have less than 100 employees: 98.2 percent, to be exact. Furthermore, small- and medium-sized businesses make up over half of Canada’s gross domestic product (GDP).
The infographic further revealed that one in 10 Canadians own a business and that there are 835,100 entrepreneurs in Canada, while women lead over a third of the nation’s small- and medium- sized businesses (conversely, men are twice as likely to start a business in Canada than women).
Apparently the most entrepreneurial people in Canada are male immigrants between 25 and 44 who live in British Columbia. 35 percent of small- and medium-sized businesses are located in Ontario, 21 percent are in Quebec, and just 7 percent are in the Atlantic provinces.
Interestingly, the top industry attracting new entrepreneurs in Canada is construction, followed by accommodation and food services. Business services businesses came in third place.
70 percent of Canadian entrepreneurs identified access to capital as key to their success.
The BDC also proactively suggested three steps to success for Canadian businesses. First, they suggested investing in technology, as only 60 percent of Canadian businesses plan to invest in technology, but when they do, 83 percent obtain a positive return. Then they suggested developing an online presence, as 80 percent of Canadians research online before buying. Finally, the BDC encouraged expansion through exporting, as 86 percent of exporting companies are “seizing the opportunity abroad” with less than 100 employees.