{"id":22791,"date":"2023-10-22T01:10:13","date_gmt":"2023-10-22T08:10:13","guid":{"rendered":"https:\/\/essential.construction\/news\/business-launches-cut-by-more-than-half\/"},"modified":"2023-10-22T01:10:14","modified_gmt":"2023-10-22T08:10:14","slug":"business-launches-cut-by-more-than-half","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/business-launches-cut-by-more-than-half\/","title":{"rendered":"Business launches cut by more than half"},"content":{"rendered":"

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Despite its population growing to 40 million people, Canada has 100,000 fewer entrepreneurs than it did 20 years ago. According to a Business Development Bank of Canada (BDC) study conducted in collaboration with the University of Montreal Innovation Centre and Millenium Quebecor, by 2022, only 1.3 people out of 1,000 had started a business, compared to three out of every 1,000 in the year 2000.<\/p>\n

\u201cThis is worrying because entrepreneurship is crucial to the economy, fueling innovation and economic growth,\u201d stated Pierre Cl\u00e9roux, vice-president of research and chief economist at BDC.<\/p>\n

The report identifies several factors contributing to this decline, including low unemployment, high wages, an aging population, and a more complex business environment.<\/p>\n

The report also highlighted the unfortunate fact that one-third of new businesses close their doors within five years.<\/p>\n

\u201cThis situation shows the gap between the intention to start a business and entrepreneurial success,\u201d said Cl\u00e9roux. \u201cTo close this gap, it is important for entrepreneurs to acquire essential skills to launch and grow their businesses, especially in an increasingly complex business environment.\u201d<\/p>\n

The report identifies four distinct groups of skills needed to succeed in business: the most crucial being grit and relationship skills, which prove essential at all stages of a company\u2019s growth. The other skills making the list included: marketing and finance, leadership and people skills, and operational administration skills.<\/p>\n

Daniel Jutras, rector of University of Montreal, said the study shows how important it is to better prepare those who want to start a business.<\/p>\n

\u201cWith the work that has been done by BDC and Universit\u00e9 de Montr\u00e9al, we now have solid and valuable information with which we can develop training programs that address the concrete challenges faced by entrepreneurs, and that meet the needs expressed by our students,\u201d he explained. \u201cAnd that\u2019s what all academics do: use reliable data to generate knowledge and pass it on.\u201d<\/p>\n

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