Entrepreneurship stats for 2023
November is Entrepreneurship Month and so far we’ve looked at a few inspiring entrepreneur stories and the role of failure in entrepreneurship. Today, we’re going to delve into 5 interesting entrepreneurship statistics for 2023 with a specific focus on aspiring (or new) entrepreneurs - but there are some great resources for current entrepreneurs as well!
Let’s get started!
988,400 women in Canada were self-employed as of 2022
SongBird is a woman-owned business and we love that there are almost a million other women out there who are self-employed and even more who hope to start their own businesses. Here’s another interesting fact, The Women’s Entrepreneurship Knowledge Hub reports that the number of women-owned businesses is growing despite the challenges and impact of the pandemic.
If you’re a small business woman in Canada or even just starting your entrepreneurial journey, we encourage you to check out Canadian Small Business Women (CSBW) - a community founded by a woman, for women. CSBW helps women connect with, teach, and inspire each other and they provide resources for women in business. Having communities, resources, and support like CSBW can be invaluable when having your own business.
Over half of boomers report that they have already started or are thinking about starting a small business before retirement
If you needed a reminder that it’s never too late to start a business, this is it. Over 50% of boomers (those born between 1946-1964) have already started a small business or are thinking about it - so whether you’re 37, 57, or 77 (and maybe even older), it’s not too late to start a business that you’re passionate about - don’t let age deter you! The main takeaway here is that you can start a business at any age.
45% of Canadian business owners report facing mental health challenges
People start their own business for various reasons, it could be that they want to be their own boss or view it as having more freedom, it could be because they want to pursue a specific passion, maybe they have a skill/hobby they want to monetize, whatever the case may be - it’s important to remember that although being an entrepreneur is rewarding, it is also demanding and challenging. It can be taxing on your physical and mental wellbeing, in fact, almost half of Canadian business owners indicated facing mental health challenges. If you’re currently an entrepreneur and you’re struggling with mental health, we encourage you to ask for help. For a list of national, provincial, and territorial resources, click here.
Despite all the challenges entrepreneurs face, 90% of Canadian entrepreneurs are professionally satisfied
Despite the challenges that Canadian entrepreneurs face, such as mental health challenges as listed above, a whopping 90% consider themselves to be satisfied professionally. So if you’re thinking that starting that side hustle may make you happy - you’re probably right!
Over one-half of entrepreneurs start with less than $5,000 in capital
If you’re an aspiring entrepreneur, you may think it takes thousands, if not tens or hundreds of thousands to get started and it certainly helps to have a lot of money to help get you started and established. But more than one-half of entrepreneurs start with less than $5,000 in capital - so it’s possible to start small and grow from there.
Are you interested in becoming an entrepreneur? Here are 3 more blogs you may want to check out:
3 Questions Every Entrepreneur Should Ask Before Launching a Business
3 Reminders that entrepreneurship success doesn't happen overnight
Starting your own business but don’t really know how to start? We can help! Book your free 20 minute consultation by clicking here.