Home Breadcrumb caret Industry News Breadcrumb caret Industry Many clients want to be their own boss Millennials are especially entrepreneurial By Staff | September 20, 2018 | Last updated on September 20, 2018 2 min read © FogStock/FogStock Collection / Thinkstock More than half of Canadians have thought about owning a business and, of that group, 56% are already on their way, says an RBC small business poll that surveyed more than 2,000 Canadians. Some of those are making money from passion projects (28%), taking on side jobs (20%) or testing out new business ideas (8%), the survey said. Many of these people don’t view themselves as budding business owners, said Jason Storsley, vice-president of small business at RBC, in a release. “Starting a business can take on many different forms, from a casual side-hustle to a more formal, planned commitment,” he said. Through a provincial breakdown, the poll highlights that Albertans are ahead of the pack, with 63% of respondents from that province saying they’ve thought about owning a business. Ontario is next at 57%, followed by B.C. (55%), while Quebec is at the bottom of the list at 45%. Across nearly all provinces, the main reason cited for wanting to own a business was people wanting to be their own boss, the poll says. To get off the ground, 61% of aspiring business owners said access to financial capital would be key, more than having a great idea (51%). Of those who already own a business, 30% said understanding the fundamentals of business administration is crucial as well. Millennials want to be self-made The entrepreneurial bug appears to be even more prevalent among millennials: 63% of respondents aged 18 to 34 said they have thought about starting a business. Twenty-eight percent make money through a passion project, while 11% are testing out business ideas. While one-quarter (24%) aren’t sure how to get started, nearly half (49%) say they need better understanding of how to run a business. Alongside securing capital, millennials place the most importance on their network and connections (45%) and how much support and advice they’ll have access to while running their businesses (41%). Also read: Cut capital gains tax to finance entrepreneurs: Fraser Institute Small business owners get relief from EI premium rates Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo