Thinking about what has stopped these aspiring entrepreneurs from starting their own business, the top three barriers are no capital/start-up money (44%), need of steady/reliable income (38%) and fear of failure (29%). These barriers are followed by: did not know how to start (28%), too much financial obligation (24%), too risky (20%), timing wasn't right - but they still intend to start a business (19%), too much debt (16%), no support/encouragement (16%), can't decide what type of business to start (12%), was told the idea wouldn't work (4%) or some other reason (10%).
Many Canadians who have thought of owning a business participated in entrepreneurial activities as kids, such as babysitting (54%), doing yard work (49%), delivering newspapers (39%), shovelling driveways (37%), creating a lemonade stand (22%), painting (22%), selling crafts they made (17%), or walking dog or pet sitting (13%) - and in most cases are more likely than those who have not thought about starting their own business to have done so, suggesting that the entrepreneurial spirit starts early in life.
Of those who have started their own business, most say they started by saving their money (40%), starting out small (35%) and that they had moral and/or financial support from family and friends (28% - 22% moral/11% financial). The chart below demonstrates the various ways through which businesses were started:
Millennial's Entrepreneurial Spirit...
The dream to work for oneself is very much alive, with 84% of Canadians who don't work for themselves preferring to work for themselves; just 16% of Canadians say they would rather work for someone else. The generation most wanting to work for themselves are millennials (67%), which exceeds the entrepreneurial spirit of generation X (58%), Boomers (52%), and those older than 70 years old (45%). However, 78% of millennials have not yet started their own business, which is more than generation X (69%), Boomers (52%) and those older than 70 (36%). The obstacles holding millennials back, along with the other generations, can be seen in the chart below.
These are some of the findings of an Ipsos Reid poll conducted between July 7 to 10, 2015, on behalf of RBC. For this survey, a sample of 1,005 Canadians from Ipsos' online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/ - 3.5 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Ipsos Public Affairs
About Ipsos in Canada
Ipsos is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos' marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos ranks third in the global research industry.
With offices in 86 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management.
Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe.
Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of e1,669.5 ($2,218.4 million) in 2014.
Visit www.ipsos.com to learn more about Ipsos' offerings and capabilities.