As per the revelation of a study of the Canada Business Development Bank, New immigrants arriving in Canada, have a more possibility to start businesses than the local born.
Immigrants are Inspiring Progress
Also, such businesses of new immigrants are likely to grow at a fast pace and create more jobs for an enterprise. The study has promoted the idea that these new immigrants are twice likely to make efforts to bring to life all the entrepreneurial projects. This involves starting/acquiring businesses or equipments or taking of other steps which turn the business proposals into reality.
In 2018, Canada totally had 25600 entrepreneurs managed by newcomers, showing 22 percent increase after 2006. In the next 13 years, immigrants will account for 80 percent of population growth in Canada. As per the prediction of BDC this number among the successful entrepreneurs will have a continuous increase in the approaching decades. Moreover, after the new immigrants, the strength of entrepreneurs in women, older citizens and Millenials is increasing.
New Immigrants and Business Management
The study found that running the businesses causes stress, but there is immense job satisfaction among entrepreneurs. 90 percent entrepreneurs participating in the study claimed that they had a joy in what they did. They are highly motivated and immensely satisfied with the progress in the business.
Money was not the only motivator for the entrepreneurs as per the study. The other Satisfying factors were autonomy, Independence, flexibility, self-fulfillment and passion.
Contributory Skills for Success for Immigrants
Another finding was that the people with goal-orientation and showing resilience in the face of failures and setbacks and not easily discouraged after failures succeed as entrepreneurs in a big way. It requires hard work and courage for starting the businesses. The level of satisfaction of an entrepreneur was connected strongly with the level of skills in the managerial and technical domains. Also it assessed these skills among the entrepreneurs:
• Financial managing
• Sales plus marketing
• Management of Human resources
• Operations management
• Strategic planning
The study grouped eleven skills in four categories as below:
• Organization management
• People management and Leadership
The managerial skills in networking and innovation created the positive impact on growth of sales. Simultaneously,
organizational management and innovation skills increased entrepreneurial satisfaction.
Canada provides many opportunities to the new immigrants, and you can contact us
to realize your entrepreneurial dream.