Canadians will increasingly become their own bosses, according to a CIBC report issued this morning.
Benjamin Tal, deputy chief economist at CIBC, said "irreversible structural forces" may lead to the strongest startup activity that Canada has ever seen during the next decade.
"The gradual shift to a strong culture of individualism and self-betterment; the role of technology in driving the transition from boardrooms to basements; the more global and interconnected markets that require greater specialization, flexibility and speed; as well as small business friendly demographic trends are among those forces that are likely to support a net creation of 150,000 new businesses in Canada in the coming 10 years."
The report identified a number of key trends, including that:
- being self-employed is a choice, with only 20% of new owners doing so because they couldn't find a job;
- the 50-and-over age group is the fastest-growing segment of new business owners, accounting for nearly 30% of startups;
- more than a third of the self-employed have a university degree;
- 70% of new businesses are started by men, but women tend to be more successful;
- educational services and health care are growing fastest, up 65% and 20%, respectively, since 2007; and
- B.C. leads the country with startups, with 3.9% of the population self-employed.
