A BNP Paribas global study finds that Millennials are starting more businesses, with higher headcount and targeting higher profits than Baby Boomers . In Canada, the allure of being your own boss is also strong with young adults: A study by Intuit shows that one quarter of Millennial-age entrepreneurs have never held a full-time job prior to starting out on their own -- nearly three times more than entrepreneurs ages 35-54.
But because entrepreneurship is now under the intense spotlight of society's gaze, this puts a certain duty on entrepreneurs and business leaders in general. More than ever, today's entrepreneurs have a duty to exercise social consciousness. As arbiters of innovation, entrepreneurs -- true entrepreneurs, and not the star-struck wannabes who lack the true entrepreneurial spirit -- are in a prime position to shape the course of culture and society.
I should write that promotional email. I should post twice a day in Facebook groups. I should keep pushing through even though I want to have lunch in the sun and relax for 30 minutes. Sound familiar? There are so many "shoulds" when it comes to business. There's one main reason this is happening to you.
I used to think that having a day job made me less of an entrepreneur. Now look back and realize I was simply an entrepreneur at an early stage of her journey. There are many of you who are currently experiencing this. So if you're reading these words from your office cubicle, I have some encouragement for you. There is a long list of business moguls who rolled up their sleeves and worked a 9-to-5 as they built their empire. Here are just three of them.
Approximately 140,000 new businesses are started every year in Canada, yet half of them don't make it to their fifth year. Small businesses are key drivers of economic growth in our country and we must equip entrepreneurs with the tools and resources they need for long-term success in order to help transform Canada into the innovation hotbed we know it can be.
When you climb into a rollercoaster car, you relinquish full control. The safety apparatus comes down across your torso and you begin your ascent up an endless incline. Then come the ups and downs that seem to go on forever as you hang on tight. When you are in business, you can't always control the peaks and valleys.
You're working your tail off, and yes, you are getting enquiries, invitations to speak at events and so on. But if you have that feeling in the pit of your stomach that something isn't right -- you don't feel valued or respected, or worse, you feel taken advantage of -- then it's time to set stronger boundaries in your business.
As life becomes increasingly mobile, there is an uptick in the number of Canadians who start and manage small businesses without brick and mortar locations. No matter how mobile or field-based entrepreneurs earn their income, it's important to understand how these modern business endeavours impact your taxes. Here's an overview of what you need to know before you file.