A recent study conducted by the Business Development Bank of Canada (BDC) has revealed that new immigrants to Canada are more likely to become successful entrepreneurs than Canadian-borns. According to the study, the businesses started by the new immigrants are also likely to grow faster and create more jobs.
The study further observed that the new immigrants to Canada are twice as likely to take the efforts to turn a business proposal into reality. These may involve starting or acquiring a business or equipment or any other step required to launch a new enterprise.
Canada had 25600 newcomer entrepreneurs in the year 2018, which means a 22 per cent increase since 2006. By 2032, immigrants are predicted to constitute 80 per cent of Canada’s total population growth. It indicates that the number of successful immigrant entrepreneurs would continue to rise in the coming decades too. The study found that the number of new entrepreneurs among women, Millenials and older Canadians was also increasing.
Entrepreneurship for new immigrants to Canada
Though running a business is highly stressful, job satisfaction is high among entrepreneurs in Canada, according to the study. Almost 90 per cent of the entrepreneurs who participated in the study said they were satisfied with what they do. They are motivated to work every day and satisfied in their business progress.
It is not about money alone. Independence, autonomy, flexibility, passion, as well as self-fulfilment, are also important factors that make entrepreneurs happy.
Skills and success in entrepreneurship
Goal-oriented people who are resilient when faced with failures are setbacks are more likely to succeed as entrepreneurs. Starting a new enterprise requires a lot of courage and hard work. If courage cannot be learned, the skills necessary to grow a business can, says the BDC study.
An entrepreneur’s level of satisfaction is strongly connected to their level of managerial and technical skills, found the study. The study assessed the following skills of the entrepreneurs:
- Financial management
- Sales and marketing
- Human resources management
- Operations management
- Strategic planning
They grouped the 11 managerial skills studied into the following four categories:
- Organizational management
- Leadership and people management
According to the study, managerial skills in innovation and networking have a positive impact on sales growth. Innovation and organizational management skills also contributed to increasing entrepreneurial satisfaction.
Canada is awaiting new immigrants, both professionals and aspiring entrepreneurs, with a lot of opportunities. If you wish to migrate to Canada, waste no time! Fill our free assessment form to explore your options.