We've entered a new era. It's the new world after the pandemic. This era challenges everything from the economy to business models. It also opens doors of opportunities like never before. The new normal opportunities to grow better and have a more valuable business.
Many Canadian business owners are trying to make sense of the current economic cycle. While there is no perfect answer, there's a predictable pattern. Every cycle generates opportunities. Businesses that are looking beyond the buzzwords are ready to capture opportunities.
AI (Artificial Intelligence) is here to stay and be part of our lives. It can be a good tool for productivity. Can AI also stand for Actual Intelligence? Human insight, connection, and belonging are the value drivers of business growth.
Last but not least, local is back! Canadians are looking for and prefer local businesses. The new era is the shift away from global to local. Businesses that create local value will grow better and become more valuable.
Welcome to a new era and to the first issue of Canadian Business Owner. Multicultural Entrepreneurs Business Community magazine.
According to the 2021 Business Statistics Report by the Government of Canada, out of the 1.22 Million Canadian businesses, over 55% are 1-4 person businesses.
Over half a million of 1-4 person businesses in Canada are in service industry.
The report further reveals that over 527,000 businesses that are 1-4 employee are in service industry and about 150,000 are in goods producing sectors.
About 80% of Canadian Businesses are in Service Industry
78.9% of businesses in Canada are service-based businesses only 21.1% are in goods producing businesses.
Only 0.2% of businesses in Canada are large and about 1.9% are medium-sized
Out of the 1.22 million Canadian businesses about 98% are small businesses. 55% of them are micro-enterprises 1-4 person businesses, and 18% are 5-9 employee businesses.
More than half of Canadian Small Businesses are in Ontario and Quebec
There are about 440,000 small businesses in Ontario and over 250,000 in Quebec.
Running a successful business with a smaller team as small as 1-4 person is the best opportunity for most entrepreneurs in Canada. About 2/3 or 62.5% of micro 1-4 person businesses in Canada remain active and grow beyond their first five years.
Founder at Multicultural Entrepreneurs Business Community (MEBC Canada). An entrepreneur with 20+ years of expertise in developing business & real estate projects with and for owners and investors.