Entrepreneurs are a leading source of job creation, with 50% of Canadian entrepreneurs expecting to increase their global workforce this year, finds an EY survey.
“Once again the numbers show the benefit of empowering, supporting and celebrating our entrepreneurs. They continue to rise above economic challenges and plan for creating jobs, not just in Canada, but globally as well,” says Colleen McMorrow, EY partner and national Entrepreneur Of The Year program director in Canada.
The survey shows Canadian entrepreneurs are enthusiastic about the economy, with 68% reporting confidence in the economic direction of Canada and 55% reporting confidence in the economic direction of the global economy. These numbers are close to those of the U.S., where 70% of entrepreneurs are confident about the domestic economy and 58% are confident about the global economy.
There is, however, clear geographical deviation, with China (95%), India (90%) and Middle East/North Africa (90%), showing the highest confidence in the global economy. Meanwhile, France (52%), Australia (51%) and Japan (49%) show the lowest, which is a reflection of overall economic conditions in those geographies
Also, young entrepreneurs aged 18 to 25 are ambitious, with 59% planning to run their own businesses at some point in their careers. A “hands-on” internship and mentoring from a leading entrepreneur are the most likely ways to help these youth fulfill their goals (33% and 32%, respectively). But only 27% of Canadian youth say they get enough support from local entrepreneurs, compared to 36% globally.