Canadian entrepreneurs’ new business registrations outperform all mature market G20 countries, according to Ernst & Young’s latest report, Entrepreneurs speak out: a call to action for G20 governments. The full report is available for reading on the Ernst & Young web site, with lots of searchable demographic information.
“Canada’s ideal environment and proactive frame of mind are setting the standard for entrepreneurial culture. In fact, 88% of survey respondents agree these qualities are putting the country on the map as a startup paradise,” says Colleen McMorrow, Ernst & Young’s Entrepreneurial Services Leader in Canada. “It’s imperative that countries around the world grappling with the effects of economic uncertainty follow suit and invest in their entrepreneurs.”
Canada offers young entrepreneurs low business startup costs, funding from public aid, a well-regulated banking sector, a highly educated workforce and a variety of coaching programs that go a long way in promoting entrepreneurship.
“Mentoring programs are a huge part of long-term entrepreneurial success,” says McMorrow. “Eighty percent of our respondents agree that tailored support is beneficial to young entrepreneurs in Canada, and 95% believe it’s efficient — that’s the highest percentage of any mature-market G20 country.”
Not only that, 88% of global respondents see success stories and coaching programs for entrepreneurs as key priorities to improve student perceptions of entrepreneurship as a career option over the next three years.
Enhancing communication around entrepreneurial success stories, promoting career opportunities offered by entrepreneurship and highlighting the role of entrepreneurs in creating new jobs are essential to developing a strong entrepreneurial culture.
The report also highlights five key pillars to build a successful enterprise environment:
- Entrepreneurship culture
- Education and training
- Access to funding
- Regulation and taxation
- Coordinated support between public agencies