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Entrepreneurship Booming in Canada

Monday, November 5, 2012

The idea of being your own boss is becoming increasingly appealing to many professionals across Canada, and as a result the number of entrepreneurs and small businesses in the nation is rapidly growing.

More Canadian workers are turning to entrepreneurship in their later years, with more than half of the baby boomer population starting or seriously considering opening their own small business, The Globe and Mail reports. These workers are drawn to the independence associated with being self-employed, the opportunity to make more money and a desire to gain personal achievements or pride. 

Between 2002 and 2008, an average of 100,000 small businesses were created each year, according to data compiled by Industry Canada. These companies employed more than 5 million workers in 2011, which makes up 48 percent of the labour force in the private sector.

The news source also reports that 67 percent of world-be senior entrepreneurs are considering business ventures unrelated to their current line of work. While there is some risk involved with stepping outside of a comfort zone, gaining a knowledge base with courses at a local college can provide the tools necessary for success and give workers a strong starting point for launching their business. 

How to Succeed
About 85 percent of small businesses survive the first full year of their existence, but sustained growth and success requires a well-thought-out business plan and a capable staff. As Canada's economy continues to rebound, more entrepreneurs are feeling confident about their business ventures. Alberta companies had the highest optimism rating, according to CBC News, with the majority of businesses in the province expecting strong returns in the immediate future.

These business benefit from the leadership of trained and experienced bosses, as well as innovative ideas from staff members. Challenges arise from details around financing and balancing personal budgets with business costs, but some of these concerns could be eased with educational courses providing insight on how to successfully run a business. Certain areas are often overlooked, such as human resources, marketing and financial planning, and professionals who take courses focusing on these fields can find themselves with a leg up on the competition.

Students interested in boosting their skills and knowledge can take business courses. To learn more about business programs like Accounting and Payroll Administrator or Payroll and Income Tax Practitioner at CDI College, fill out the form on the right.

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