By: Johnathan Ramcharan
The youngest generation of people in the workforce are the individuals born in the Gen Z demographic ranging from 1997-2013, and many of them have entered the world as entrepreneurs. With over 3.5 million entrepreneurs In Canada, Gen Z along with millennials make up more than 57% of the industry. Gen Z’s are becoming increasingly drawn to entrepreneurship for several reasons.
The Accessibility of Technology
Technology and social media have become some of the best tools for young entrepreneurs in Canada to market their businesses for free. Gen Z has grown up using these tools and now it’s become second nature for companies to build their brands and reach customers on platforms such as Instagram and Etsy and create websites with Shopify or Squarespace. This ease of access has enabled Gen Z to pursue entrepreneurship with greater flexibility and efficiency than previous generations.
A Solution To Inflation
Source https://wowa.ca/inflation-rate-canada-cpi
Much of the Gen Z demographic is looking to entrepreneurship as a way to deal with inflation. In a recent survey done by RBC Small Business 74% of small business owners are inclined to create a small business or side hustle due to the rising cost of living with 84% of this number belonging to the Gen Z demographic.
Jeneevan Mohanathas is one of many young Canadians pursuing a career in entrepreneurship to help support himself and adapt to the current increase in inflation and be his own boss.
In the interview podcast above Jeneevan, he said “I think I just really want to be my own boss. And on top of that, just with everything, all the prices going up inflation I just believe that it’s a much better opportunity for me to go after something entrepreneurial, especially when I’m young, compared to now or compared to later where I have more on my plate.” and “prices of everything keeps going up. But like, general wages always tend to stay the same. So I don’t think with a job, especially in my profession, that was in business, I don’t think there are a lot of jobs that right away can give me that financial freedom I’m looking for.”
Wages aren’t reflected to support the growth rate of inflation which is why so many young Canadians are looking for other sources of income.
Entrepreneur Facts in Canada
According to MADE IN CA
- A quarter of Canadians are interested in running their own business
- 90% of Canadian entrepreneurs say they are professionally satisfied.
- 41% of new entrepreneurs have at least a bachelor’s degree
- Ontario has the highest proportion of entrepreneurs, with 33%
- 50% of the total workforce is now made of millennials and Gen Z age groups
Government Support is Available
Becoming an entrepreneur in Canada is made easier because the government provides plenty of resources and funding initiatives to support starting businesses. These programs offer financial assistance, mentorship, and networking opportunities to ease early business struggles. One service that the government provides is the SR&ED (scientific research and experimental development) tax credit program. This program is the largest source of funding for Canadian businesses with 3 billion dollars in tax incentives and 20,000 users annually. For a list of resources, visit for more information Click here.
Future of Entrepreneurs
Gen Z is increasingly headed to follow the path of entrepreneurship due to the ease of access to technology and social media, work aligning with their values, and government support. As these factors continue to shape the business landscape in Canada, we can expect to see more and more young Canadians pursuing entrepreneurship as a path to success.
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