crowd of people on stairs in a financial district

Why entrepreneurs have to invest in lifelong learning…

According to Key Small Business Statistics – June 2016 data, entrepreneurs have to invest life long learning… Here are some facts:

 

Fact 1 – Small Business is Big in Canada

As of December 2015, the Canadian economy totalled 1.17 million  businesses. Of these, 1.14 million (97.9 percent) were small businesses, 21,415 (1.8 percent) were medium-sized businesses and 2,933 (0.3 percent) were large businesses.

Fact 2 – Number of Small Businesses are Decreasing

In 2013, the total number of SME births was 78,430, compared with 83,240 closures, which resulted in a net decrease of 4,810 businesses. Small, and medium-sized businesses need to significantly increase their competitiveness and train themselves for longer term growth.

Fact 3 – Aging Entrepreneurs Need to Renew their Knowledge

50% of small medium business owners are between 50-64 years old, which means they have to catch up with key changes, raise the next generation business leaders/managers.

Fact 4 – Small Business Owners Need More Education.

More than 60 percent of medium-sized business owners have a bachelor’s or a master’s degree, compared with 38 percent for small businesses. Small business owners have less formal education and need to improve their management knowledge.

Fact 5 – Small Business is Even More Important in BC

BC has the highest share of GDP coming from small businesses (33% compared to the 30% national average). Small businesses are even more important for BC’s economy than other provinces.

 

Source: Key Small Business Statistics – June 2016, Innovation, Science and Economic Development Canada

 

Share