More Canadians seeking entrepreneurship as a path to career autonomy & financial security: RBC Poll

• Desire for entrepreneurship continues to trend high among Gen Z and Millennials
• Two in three business owners and aspiring entrepreneurs say they've peaked in their career and business ownership was or is their next step to thrive
• Business owners support starting businesses mid-career; 31 per cent say it's an ideal time to pursue a side venture
• Canadian business owners and aspiring entrepreneurs want more control over their career; 94% say 'being one's own boss' is the main incentive for entrepreneurship

TORONTO, Sept. 25, 2023 /CNW/ - A growing number of Canadians are turning to entrepreneurship as a way of fulfilling their financial, career and life aspirations, according to the 2023 RBC Small Business Poll.

The poll reveals that many Canadian business owners and aspiring entrepreneurs see business ownership as the logical next step to achieving professional growth, with two in three (65 per cent) saying they've peaked in their career, and business ownership was or is their next step to thrive. This rises to 71 per cent among those aged 35 to 54. Furthermore, almost half of the business owners and aspiring entrepreneurs (47 per cent) had or have a family history of entrepreneurship, which has provided them with a viable path to business ownership.

"The survey reveals a strong sentiment among Canadians regarding small business ownership. For many, entrepreneurship isn't just a curious side hobby; it signifies a forward-thinking approach to securing one's financial future while advancing professionally," says Don Ludlow, vice president of Small Business, Partnerships & Strategy, RBC. "This sentiment is particularly prevalent among younger Canadians who are increasingly contributing to a more dynamic and diverse entrepreneurial ecosystem in Canada with their creativity, innovation and willingness to challenge traditional norms."

Approximately a third of surveyed business owners (31 per cent) support starting a business mid-career, saying it's an ideal time to pursue a side venture or transition from a conventional job. This rises to 39 per cent among younger Canadians aged 18 to 34. Seventy-nine per cent of the business owners and aspiring entrepreneurs also reported they are exploring more ways to make money from a passion project or hobby, showing that more Canadians are valuing the opportunity to pursue their passions and introduce something meaningful to the market.

Leading motivations for entrepreneurship

Among several motivating factors, 94 per cent of Canadian respondents reported 'being one's own boss' as the main incentive for starting a business, while 78 per cent feel entrepreneurship is a suitable alternative to traditional nine-to-five desk jobs. Among younger Canadians aged 18 to 34, this sentiment increased to 84 per cent. Additionally, 59 per cent of overall respondents have big aspirations to scale their small business into a larger enterprise, (rising to 67 per cent among those aged 18 to 34 and 64 per cent among those aged 35 to 54).

Starting a small business or side hustle is also increasingly seen as a proactive strategy to strengthen financial security and prepare for retirement, especially as the economic environment continues to evolve. In fact, the survey reveals significant increases from 2022 poll results:

Responses among business owners and aspiring entrepreneurs	2023	2022
The chief aim for my small business is / would be to create a source of income on which I can support myself	91 %	77 %
Due to the rising cost of living, one income isn't as viable of an option as it used to be and a "side hustle" provides a secondary income that gives me more financial freedom and security	88 %	78 %
Have started/want to start a small business or side hustle because I am planning for my future or preparing for impending retirement and want an additional income stream	76 %	66 %

Desire for entrepreneurship soars in Quebec

The survey revealed a high drive for business ownership in Quebec, significantly above the national average. This points to a thriving entrepreneurial and innovation ecosystem in the region where Québécois are increasingly looking to convert passion projects into side hustles, continuing or considering entering family businesses, or seeing entrepreneurship as a logical next step to thrive in their career.

Responses among business owners and aspiring entrepreneurs	National	Quebec
I am exploring ways to make money from a passion project or hobby	79 %	94 %
I have/had a family history of entrepreneurship showing a viable path   to business ownership	47 %	59 %
I peaked in my role/job and small business ownership was/is the next step to thrive	65 %	80 %
I have a desire to start more businesses	50 %	47 %

Helping entrepreneurs start, manage, and grow their business

There are many facets to successfully starting, managing and growing a small business, beyond financial planning. As an organization deeply rooted in supporting and empowering small businesses, RBC has made it easier for Canadian entrepreneurs to navigate every stage of their business growth with unique solutions that go beyond traditional banking products and advice. Solutions offered by RBC and its collaborative partners include:

• Ownr: For entrepreneurs in Ontario, Quebec, Alberta and British Columbia, this is a quick and affordable way to register and incorporate their business online, while automating important legal and compliance filings
  
  
• Moneris: Moneris has a range of e-commerce services, online payment and shopping solutions to help entrepreneurs quickly and effectively build and manage their business. As an RBC merchant, you can get access to your money the next day, every day at no extra cost
  
  
• RBC Insight Edge™ for Small Business: A dashboard solution that offers subscribed retail businesses with real-time data insights around customer trends, competitive benchmarks and market intelligence to support business decisions
  
  
• Kobalt.io: A leading cybersecurity services provider enabling small and mid-sized businesses to access cybersecurity expertise and solutions to protect their business and customers in an increasingly digitally-enabled world
  
  
• Futurpreneur: For entrepreneurs aged 18-39 who want access to business resources, financing and mentoring. Futurpreneur Canada supports young entrepreneurs with an expert business mentor for up to two years and resources to help plan, launch, manage and grow their business
  
  
• Sherweb: A leader in cloud solutions and part of RBC's Go Digital™ program, Sherweb offers RBC business clients exclusive advice and solutions to support their adoption of cloud-based innovations and technologies to improve productivity, security and digital transformation
  
  
• The Founder's Journey Online Course: This free virtual course − offered by Western University's Morrissette Institute for Entrepreneurship, RBC Future Launch and The Globe and Mail, guides participants through the journey of successfully starting and growing a new venture

Entrepreneurs can access these, and many other solutions and business advice online through the RBC Starting a Business Hub at www.rbc.com/startingabusiness.

About the survey

The RBC Small Business Poll was conducted by Ipsos Canada from August 1-8, 2023. A total of 1,500 surveys were self-completed online by Canadian adults (Age 18+), represented in six different regions (British Columbia, Alberta, Saskatchewan/Manitoba, Ontario, Quebec and Atlantic Canada). Representative sample results are weighted to reflect the Canadian population. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3 percentage points had all Canadian adults been polled. The credibility interval will be wider among subsets of the population represented. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error, and measurement error.

About RBC

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 97,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

SOURCE RBC Royal Bank

Shivani Talwar, RBC Corporate Communications, [email protected]