A focus on soft skills, such as grit and leadership, could help reverse Canada’s declining number of entrepreneurs, according to a new report from the Business Development Bank of Canada.
Some demographic and economic factors are to blame for the decline, such as more than half of entrepreneurs beingand looking to retire, and a tight labour market in recent years making it more attractive for Canadians to get a job rather than start their own business. “This is the most important skill you need as an entrepreneur,” said BDC chief economist Pierre Cléroux. “Not everybody has that, but what’s interesting is you can actually develop this.”
The survey data was collected online by the Angus Reid Institute in two waves in March: a 1,259-person sample of established small-business owners, and another 1,001-person sample of new or aspiring entrepreneurs. University of Montreal also surveyed 230 of its students in June. BDC conducted some in-depth interviews with experienced entrepreneur coaches to help interpret the results.
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