QuickBooks Survey Reveals Nearly 2 Million Canadians Launched A Business In The Last 12 Months

Today, Intuit QuickBooks Canada launched The Future of Entrepreneurship in Canada Report, capturing findings from Canadians including current and aspiring entrepreneurs. 

The report reveals that among Canadian entrepreneurs, one in five (21%) started their business within the past year. This represents close to two million Canadians (1.9M) – more than the population of Calgary, one of Canada’s largest metropolitan areas.  

Despite a challenging year, the majority of Canadian entrepreneurs (73%) and aspiring entrepreneurs (76%) say they are optimistic for the future. Confidence from entrepreneurs is a positive sign for the country’s immediate post-pandemic recovery.  

Other notable findings include: 

  • Digital is the future: While 41% of Canadian entrepreneurs sell exclusively offline, more sell online, and 22% sell through both channels. Among the businesses started up over the past year, 3 in 4 sell online, and over half sell exclusively online. 
  • Financial management gap: Managing finances is one of the largest challenges for entrepreneurs, yet only one-third of Canadian entrepreneurs (33%) are using an accounting service or professional for support. 
  • Canadian entrepreneurs need support to succeed: Three-quarters (76%) say that running their own business is stressful and half (49%) agree there are not enough mental health resources for entrepreneurs. 
  • Canadians are resilient: 72% of Canadians who launched a new business in the last year say they started theirs as a “side hustle” in the wake of COVID-19. 
  • What’s driving entrepreneurship now: While money is the number one driving force for entrepreneurship, freedom and flexibility also push entrepreneurs. Key motivators from entrepreneurs include: 
    • Being your own boss (58%)  
    • Setting your own hours (56%) 
    • Doing something meaningful (50%) 

The full report is available here.

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