Entrepreneurship and Entrepreneurial Mentoring in Canada
About 13 percent of Canadians of working age engage in early-stage entrepreneurial activity, which is one of the highest rates for developed countries. Canada ranks second after the U.S. due to the size of the economy.
Factors That Help Promote Entrepreneurship Activity
The main factors are access to capital, educated workforce, and a culture that encourages initiative, autonomy, and innovation. There are different sources of capital for entrepreneurs in Canada, including government subsidies and grants, business incubators, angel investors, venture capital, bank loans (check this). Canada also ranks 12th in the world’s 2015 Education Index after countries such as the U.S., Germany, New Zealand, and Australia. Canadian culture encourages self-sustainability, independent thinking, and creativity. What is more, there are entrepreneurs across different minority groups, including newcomers to Canada, aboriginal people, and persons with disabilities.
Statistics also show that small businesses create the majority of jobs in Canada in the private sector – 70.5 percent, compared to 9.7 percent for large companies and 19.8 percent for medium-sized companies. High-growth firms are concentrated in sectors such as warehousing and transportation, support and administrative services, construction.
Entrepreneurship Mentoring in Canada
Mentors provide support, resources, and business advice to persons who plan to open a business. They also organize networking events to help start-ups connect with the business community.
Start-up Canada is a nationwide community that represents grassroots communities and over 200,000 entrepreneurs. It also offers support and advice to women, indigenous people, and newcomers to Canada. The community organizes different initiatives, events, programs, and digital programs such as documentary series, shows, podcasts, and more. The Global Accelerator and Pitch Competition Tour is one initiative organized in cooperation with the Trade Commissioner Service, Export Development Canada, and USP. The goal is to help businesspeople gain access to information, including new initiatives, market intelligence, and trade missions. Entrepreneurs are also offered the chance to participate in a 1-Day Global Accelerator in Vancouver, Halifax, Montreal, Calgary, and Toronto. Start-up Canada partners with companies and institutions such as MasterCard, UPS, Scotiabank, TruShield Insurance.
The Alberta Mentoring Partnership is a nationwide, non-profit organization that provides tools, mentoring, and financial assistance to start-up businesses (check this). They are offered access to business resources, coaching, and education, as well as growth and start-up financing and assistance with developing a business plan.
The Women in Biz Network supports mentors in Canada and offers advice across different areas. These include career advice, sales and marketing, finance, and business management. Topics in the field of sales and marketing include social media, networking, customer service, brand development, and more. Business management covers topics such as successful strategies, automation and technologies, business planning, and time management. The goal is to equip mentors with the tools and knowledge to help Canadian entrepreneurs start a successful business.
The Ontario Network of Entrepreneurs offers consultations, business plan support, and information about services and programs available through the provincial and territorial governments and the federal government. The network offers support services, training, and one-on-one consultations to help Canadians start a business. It also offers access to a wealth of e-business topics to help start-ups lower costs, including e-commerce and back office systems, open-source software, cloud computing. Start-up businesses have access to information that can help them with online advertising, internet auctions, selling products outside of Canada, and e-commerce. The Ontario Network of Entrepreneurs also helps start-ups develop a good business plan and look into different funding options such as tax incentives, subsidies and grants, loans by private providers (check this), government loans.