Entrepreneurship Grows Despite Pandemic

Despite COVID-19s impact on the economy, entrepreneurship is on the rise, attributed to community support for small businesses and online, says the ‘RBC Small Business Poll.’ More than half (55 per cent) of Canadians say they have thought about owning a business and 24 per cent say they started a business during the pandemic. Optimistic about the prospect of entrepreneurship, 58 per cent agree that COVID-19 created opportunities for small businesses, attributed to the fact that 33 per cent witnessed new businesses beginning during the pandemic. This is particularly significant among millennials (48 per cent) and Gen Z (53 per cent). “We're hearing countless stories of entrepreneurs who are finding ways to turn these challenges into new opportunities for growth and change," says Don Ludlow, vice-president of small business, partnerships and strategy, at RBC. "The entrepreneurial spirit is stronger than ever and business ownership is increasingly being seen as a viable career path for many Canadians in light of the opportunities created by the pandemic.”