8 Canadian Entrepreneur Statistics for 2021

It is not a mystery that Entrepreneurs play a leading role in the economy of countries. From providing job opportunities in the short or long term to introducing innovative services and products. Entrepreneurship drives the economy and increases competition between companies, encouraging them to be more productive.

Specifically in Canada, entrepreneurs have become an essential part of the development of the economy. In this blog, we will show some interesting statistics that support the above idea.

A few interesting facts to take a look at:

• Futurpreneur Canada is the leading source for young small businesses in Canada. It is a nonprofit organization that supports business owners ages 18-39 by providing them with money, mentorship, and general support.

• In 2019, the Government of Canada created the Black Entrepreneurship Program, about $53 million were invested in setting up a new National Ecosystem Fund to access funding for training, financial services, and mentorship.

Top 8 eye-catching statistics of entrepreneurship in Canada:

1. There are 3.5 million entrepreneurs in Canada.

According to the 2018 Canadian Entrepreneurship Census Report, Canada is one of the most entrepreneurial countries in the world. Across the country, there are 3.5 million entrepreneurs in a wide range of profiles.

2. Women-owned businesses are mainly in the service sector.

A study carried out in 2019 reveals that women are more likely to be in the services sector, with a representation of 63.1% in education and health and 52.8% in accommodation and food services, 44.1% in information, recreation, and culture, 38.5% in insurance, real estate and finance; and 38.1% in other professional services. It is important to highlight that this sector has been the hardest hit by the pandemic.

3. Women entrepreneurs tend to have fewer employees.

According to The State of Women’s Entrepreneurship in Canada, 92.7% of Canadian women-owned businesses are micro-enterprises with no more than 20 employees. Between 2005 and 2013, the relative growth of women-owned businesses was stronger than that of men-owned businesses and was particularly notable among women-owned businesses with 5 to 19 employees.

4. Around 42% of Millennials in Canada were interested in owning a business.

A survey conducted a few years ago showed that at least 25% of people surveyed were interested in starting or running a business in the future, and one in 10 expected to do so in the next few years. Millennials represented 42% of those interested in entrepreneurship, being the majority entrepreneurial age group.

5. Up to 42% of new businesses in Canada fail because there is no need for the products and services they offer.

There are additional reasons why a business can fail. A survey conducted by CBInsights exposed the following reasons:

• 14% ignored customers 

• 14% poor marketing efforts

• 17% lacked a business model

• 18% pricing and costs issues

• 23% did not have the right team running the business

• 29% run out of money

• 42% there was no market need for their services or products

  6. Due to COVID-19, there was a significant shut down of companies in Canada in 2020, but in 2021 there was a change in the economic landscape.

According to Fundsquare, in June 2021, active businesses dropped from 907,124 to 901,794 in October. However, the general behavior is not completely negative when it is observed that business closures fell from 87,998 in April 2020 to 39,216 in October 2021.

Business closure was the result of the pandemic for many businesses in Canada, and this was increasingly significant in the first year. Although, the negative effect the pandemic has had on Canadian businesses is still visible.

7. Around 40% of small businesses in Canada intend to invest in technology in 2021.

After the pandemic hit the global economy, the digital technology sector has enjoyed a boost. Many companies were saved by implementing remote work, e-learning, and e-commerce strategies. As a result, different services in the digital industry have found greater demand.

8. Approximately 72.4% of Canadians consider entrepreneurship a desirable career choice.

Although success does not come easy, a high percentage of Canadians are drawn to the entrepreneurial path. Around 10% of Canadians plan to open their business in the next few years, while another 14% want to but are not quite sure yet.

To sum up, Canadian entrepreneurs are influenced by a healthy ecosystem, they can find support programs provided by the government or by non-profit organizations. Women are playing a significant role in business growth, as the percentage of small businesses owned by women has increased in recent years. Although the pandemic has affected Canada's economy and therefore many businesses have been severely damaged, the long-term outlook for the economy looks quite good.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

ISU Corp Awards: 2021

Throughout 2021, we at ISU Corp have had the privilege of working with numerous organizations helping them grow and scale their business. Customer relations is the foundation of our company culture, producing the best possible outcome for our clients means the most to us. We continually make efforts to improve our delivery of service and maintain a prestigious level of client satisfaction. We have been fortunate to receive recognition for our efforts this past year. We are so grateful to have made this impact and are only just beginning our trajectory.

ISU Corp Awards for 2021:

Canadian Business Excellence Award for Private Businesses (CBEA)

CBEA is an annual recognition of businesses from a wide variety of industries who strategically make efforts to achieve their goals and improve performance. This award is presented to companies that lead in customer satisfaction, engaged employees, and innovation. All of these qualities are areas we continue to improve on at ISU Corp. Our company culture and technical processes are what lay this foundation. We strive to create innovations in our company which will only guarantee better results and higher standards. It is our commitment and work ethic which allow us the capability of doing so.

Mobile Application 2021 ISU Corp

With the tremendous digital shift of consumer markets, custom software is a tool that separates good from great. Mobile app development is a pillar for businesses as an efficient way to connect with audiences and provide services. We at ISU recognize this importance and have created a state-of-the-art product for application development. This is ISU Core, an innovative project developer designed to make businesses faster and generate sales. ISU Core is the most advanced cloud application platform that advances custom application development. Whether you’re looking to build a stand-alone software, SaaS (Software as a Service), or automate any business process, with ISU Core, we can focus on your actual business needs.

Best Innovative High-Tech Enterprise Software Company of the Year - Canada

Global 100 hand-picks 100 organizations, firms, even individuals all over the world to acknowledge the domestic and international work they’ve done. With our client-orientated approach and industry-leading solutions at ISU Corp, we are proud to have earned such an accredited award. This award represents to us the privilege we’ve had to help businesses succeed in their digital transformation. Ultimately, we strive to make our operation as simple and efficient as possible. The recognition for making this vision a reality is what this award stands for, it is also a standard that we will continue to maintain.

US - Game Changer of the Year, David Mansilla and ISU Corp

2021 was a year full of unpredictability which changed a lot for businesses as they had to rethink their methods which have stood for years. Running a business online is not easy, especially with the sudden shift which left no other option. Fortunately, thanks to our team of experts, we were able to help numerous businesses thrive in these unprecedented times. “This is the most important investment we have made in this product for years. Really appreciate you steering this for us. We continue working with ISU, as their work ethic and efficiency save us time and money consistently. They know what it takes to do back-to-back software development; they even created our new tablet app which is completely responsive to any device” — Jennifer Richardson (General Manager, Linkage).

Conclusion

Looking back on this year, we are so grateful to have worked with such amazing organizations and provided the best possible results for them. Our teams have put forward an incredible effort to bring our business to a new level. Since 2005, we have come a long way through our innovation, leadership, and self-improvement. While we continue to strive for improvement, we always prioritize the satisfaction and return on investment for our clients. In the start-up days of our company, it was our loyal clientele that kept ISU Corp afloat. Today, we return this favor to every client we work with, bringing their business to a new level. The awards do not compare to the satisfaction we get from helping our clients succeed. “We don’t do this for the awards, the awards are nice to have, but we do this for our clients and for our people” - David Mansilla (Founder & CEO).

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!

Entrepreneurship in 2022: Are You Ready?

Being an entrepreneur these days is a career that can set you up for an amazing life while benefiting people’s lives too. The past couple of years hit the world hard, changing the ways we communicate to dominantly digital methods. It has changed a lot, especially the way we shop and consume media. Entrepreneurship is increasingly being adopted, the United States alone saw a 95% increase in applications to start a business in 2020. People are becoming more tech-savvy and comfortable in the online world which is allowing them to see new opportunities. If you are looking to join this category, or are in the process, it will be worthwhile to see how you can prepare yourself and your business for this new market.

We don’t know what 2022 has in store for us, what we can count on is that the attitudes towards online services are here to stay. Consumers are looking for things that make their life easier, filling that need is the job you sign up for as an entrepreneur. It’s a big responsibility, are you ready for it? If so, here are some things to keep in mind as you start the year:

Look Out For New Trends:

Trends come and go, but these past years have brought concepts that may be here to stay. Contactless services have dominated in revenue, food delivery especially while access to restaurants is limited. Uber Eats specifically dominated food delivery service during the lockdown and helped restaurants significantly. When we were slowly introduced back into the opening phase, some protocols were helpful to keep us safe. One exceptional tool is QR codes, a piece of technology barely staying relevant before the pandemic that became an incredibly helpful resource. While convenience is one thing, it is a much more sustainable option compared to printed menus.

A switch to remote work has changed a lot for people, the majority of which enjoy the change as they’ve found it to promote work-life balance. Something else important to consider is the hiring process for individuals, as now you cannot physically meet with someone. Ensuring those that you hire are capable of operating effectively in an online environment is crucial to an effective business in 2022.

Prioritize Your Brand and Messaging:

Customer service is of vital importance, always take the time to ensure the standards are set for the optimal customer experience. Put yourself in the position of a consumer. Is what you're offering something that you’d invest (time or money) in? How would it appeal to your target audience? Take the time to examine your brand and the public image you’re reflecting, stand for something you believe in.

With cancel culture being so prominent, ensure your messaging is well put together and won’t create opportunities for negative backlash. How many times did we see brands take heat from simply not reviewing their message? No matter how established a brand is, they are not immune to this. It will be valuable to spend time carefully wording your messages and looking to mitigate opportunities for accusations.

Look For Expansion Opportunities:

As an entrepreneur and a business owner, it feels natural to want to achieve everything under your brand’s title alone. However, in today's market, opportunities are abundant to partner with brands that align with your vision and goals. It's important not to shy away from this. Consumers love the collaboration between brands and it could make your business stand out. It doesn’t matter how new your brand is, two teams will share more opportunities and opinions allowing you to learn and grow together.

Embrace Company Culture:

The people who work with and for you should feel free to express themselves in the workplace. Prioritizing company culture by making the workplace an enjoyable setting will have employees engaged and passionate about their work. Companies like Zappos have had great success with this in their business. Going into 2022, this will be a large determiner in the success of companies.

Conclusion

The shift to online has made a significant impact on the way business is conducted, and the way a workplace functions. While the adjustment continues and new businesses arise, the lessons we’ve learned from these years will be helpful to any entrepreneur looking to enter this market.

We work with successful companies to increase their net profits using exceptional custom software solutions, contact us here to see how we can help your business grow!