More than half of Canadians (57 per cent) are entrepreneurs at heart and have thought of owning their own business, according to a recent RBC Small Business survey.
While one-third (36 per cent) of Canadians who have thought of owning a business have actually started one, 84 per cent of those who have not started a business say they would rather work for themselves than for someone else.
“Entrepreneurs play a key role in our economy by creating jobs, stimulating growth and encouraging innovation and creativity,”said Sarah Adams, vice-president, Small Business, RBC.
For those who have not started their own business, the following were cited as top barriers:
• No capital/start-up money, 44 per cent
• Need steady/reliable income, 38 per cent
• Fear of failure, 29 per cent
• Did not know how to start, 28 per cent.
The survey also found of those who started their own business, 40 per cent saved their own money; 35 per cent started small or with a side business to test the waters; 28 per cent got moral or financial support from family/friends; and 21 per cent contacted a financial institution/accountant/lawyer.