Entrepreneurial Drive Remains Strong

The rapidly evolving small business landscape has hardly detracted Canadian entrepreneurs from turning their ideas into reality, says a poll from RBC. While business ownership may have started for a variety of reasons during the pandemic, many began as a result of opportunities that were created by changing market conditions and consumer expectations. Among those who started a business or know someone who did, the majority of respondents say the pandemic provided an interesting opportunity (75 per cent). Many business owners say that they started their business based on a shift in priorities or sense of purpose (76 per cent) or the need to replace lost income (71 per cent). With a shuttered economy, there was also more time and a stronger reason to formalize their business (74 per cent) by officially registering their operations or opening a business banking account.