Midst declining interest in entrepreneurship, a Manitoban business carries on
Global News
A recent report by RBC suggests that Canadians aren't as interested in taking on entrepreneurship. But one expert says, there will always be those wanting to start a business.
Across Canada, an interest in entrepreneurial endeavours is subsiding.
According to a report by RBC, self-employment rates are going down and so is the appeal to start one’s own business.
Released on Oct. 5, the report points to a number of factors that have played a role in the “decades-long decline” in individuals wanting to start their own business. Currently, the self-employment rate for businesses with paid staff sits at 13.1 per cent. According to Statistics Canada, that number was just under 15 per cent in 2020 and at around 17 per cent in 2019.
Some of the factors outlined in the report include a stronger labour market, the fallout from uncertainty with the pandemic, and “soaring” inflation. With all the factors playing against a person’s push to start a business, one expert noted it might not be the best time for someone considering to be an entrepreneur.
“When you look at the high-cost pressures that a number of small businesses are experiencing right now with inflation, access to capital… high costs of interest rate, this is probably not an ideal time to be an entrepreneur. (Or) to try to start up a new business,” said Chuck Davidson, president of the Manitoba Chambers of Commerce.
He added that despite the challenges, businesses should be given a climate in which they can succeed.
Janette Jajalla, owner of the Baker’s Bowl Bakeshop in Winnipeg, said that she got started on the entrepreneurial path to join a market that her community was a part of. Having opened her business in 2016, she added there have been challenges. But through it all, she said she’s enjoying it alongside her husband.
“Whatever other small businesses (are) experiencing right now, our business is not an exception… quitting is out of our mind. We started it and have banked in a lot of effort. And not only efforts but resources to this business,” said Jajalla. “This has become our bread and butter.”
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