“In particular, many Canadians are motivated to start micro-businesses – very small-scale businesses or side hustles – to nimbly meet emerging consumer needs in a rapidly evolving marketplace, and to take control of their financial future in these uncertain times,” said Don Ludlow, vice-president of Small Business, Partnerships & Strategy, RBC.
Canada’s growing ‘micro entrepreneur’ economy is also being boosted by digitalization, with greater access to new technologies allowing entrepreneurs to reach new markets. Being able to run a business or side hustle remotely is another key factor.
Local opportunity
Among the burgeoning entrepreneur community, being able to reach a potentially global audience remotely shares a juxtaposition with meeting the needs of local consumers.
With many consumers wanting authentic, localized and customized goods, 86% of respondents to RBC’s survey said that small businesses are able to meet local needs and 73% said they can innovate faster than larger organizations.
For 39% of respondents, the desire of local consumers to support local businesses is a motivator of their decision to become an entrepreneur.
