this post was submitted on 22 Oct 2023
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Canada has fewer entrepreneurs today than it did 20 years ago β€” and that's a big problem for everyone | CBC (www.cbc.ca)
submitted 11 months ago by troyunrau@lemmy.ca to c/canada@lemmy.ca
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[–] sbv@sh.itjust.works 20 points 11 months ago (1 children)

BDC says few of those dreamers are becoming doers for several reasons:

  • People in their late 20s to early 40s are the most likely to start businesses, but that demographic is shrinking with Canada's aging population, leaving a smaller pool of candidates as potential founders.
  • Low unemployment and high wages mean fewer people feel the need to start a new business.
  • Business owners and would-be entrepreneurs face a barrage of discouraging factors, such as labour shortages, inflation, technological change and the increasing domination of large companies.

It's strange that they don't include the cost of failure in that list.

Right now it feels like the only way to get a decent retirement and a nice upbringing for kids is to do everything right (including having the right parents). Risking equity and giving up a full-time job to take a chance isn't worth it.

I heard a podcast a couple of years ago about startup rates in the US versus Canada. Apparently the cost of failure in many US states is much lower than it is in Canada: they have more forgiving bankruptcy and corporate law than we do. Meaning serial entrepreneurs don't have to get it right the first time, and can afford a few locks at the can.

[–] snooggums@kbin.social 5 points 11 months ago (1 children)

Apparently the cost of failure in many US states is much lower than it is in Canada: they have more forgiving bankruptcy and corporate law than we do. Meaning serial entrepreneurs don’t have to get it right the first time, and can afford a few locks at the can.

This favors the already wealthy/born into wealth far more than everyone else which contributes to the wealth gap. Especially since a single medical issue can undermine any progress while growing with far more financial impact than in a country with universal health care.

The US situation is favorable to some entrepreneurs.

[–] sbv@sh.itjust.works 4 points 11 months ago

Hard agree.