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New immigrants to Canada are more likely to start a business than the Canadian-borns, a study conducted by the Business Development Bank of Canada (BDC) has revealed. The businesses started by the new immigrants are also more likely to grow faster and create more net jobs per enterprise, according to the study.
The BDC study has further revealed that the new immigrants to Canada are twice as likely to take the effort to bring an entrepreneurial project to life. This may involve starting or acquiring a business or equipment or any other step that would turn a business proposal into reality.
In the year 2018, Canada had a total of 25600 newcomer entrepreneurs, which means a 22 per cent increase since 2006. By 2032, immigrants are expected to account for up to 80 per cent of Canada’s total population growth. So, BDC predicts that the number of successful immigrant entrepreneurs would continue to increase in the coming decades too. Besides new immigrants to Canada, the number of new entrepreneurs among women, Millenials and older Canadians is also increasing.
New immigrants to Canada and running a business
BDC study has found that though running a business is highly stressful, job satisfaction is high among entrepreneurs in Canada. Almost 90 per cent of the entrepreneurs who participated in the study admitted that they were enjoying what they do. They are motivated to work every day and satisfied in their business progress.
The study further found that it is not money alone that motivated the entrepreneurs. Independence, autonomy, flexibility, passion as well as self-fulfillment also made them satisfied.
Skills that contribute to success for new immigrants to Canada
The study has found that goal-oriented people who are resilient when faced with failures are setbacks and are not discouraged by failures are more likely to succeed as entrepreneurs. It requires a good dose of courage and hard work to start a business. If courage cannot be learned, the skills necessary to grow a business can, says the BDC study. They also found that an entrepreneur’s level of satisfaction was strongly connected to their level of managerial and technical skills. 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
- Innovation
- Networking
The study found that managerial skills in innovation and networking had a positive impact on sales growth. At the same time, innovation and organizational management skills significantly increased entrepreneurial satisfaction.
Canada has great opportunities in store for new immigrants, irrespective of whether they want to become a professional or entrepreneur. So if Canada immigration is on your mind, waste no time to realize your dream. As the first step, you may fill our free assessment form to explore your options.
