Canada a Top Country for Entrepreneurship in the World

Canada Named as a Top Entrepreneurial Country Among G20

It might be old news, but it’s definitely still worth boasting about. Canada has been named as one of the top 5 nations in the world for its entrepreneurial activities by the Ernst & Young (EY) G20 Entrepreneurship Barometer 2013 released in August of this year.

According to EY, the Canadian Government fosters entrepreneurial activities through several regulations that helps lower taxes, provides better access to funding and makes the initial costs of starting up a business some of the lowest amongst all G20 nations.

Another factor that scored high was the amount of new business start-ups and activity; Canada was well above the average of the G20 nations!

Factors and Canada’s Score

The EY G20 Entrepreneurship Barometer 2013 looks at 5 different factors to come up with its rankings. Alongside Canada’s score for each, they are…

• Entrepreneurship culture – 3rd – 7.45

• Tax and regulations – 2nd – 6.34

• Training and education – 9th – 5.81

• Access to funding – 4th – 6.62

• Coordinated support – 16th – 5.29

Entrepreneurship in Canada

Entrepreneurs and the businesses they operate are one of the backbones of Canada’s economy. Fact is there are well over 1 million small businesses in Canada responsible for…

• Employing 48 percent of the total workforce

• Make up approximately 25 percent of total exports

• Generate 30 percent of Canada’s annual GDP

Of these businesses, 4.7 percent are categorized as rapidly growing enterprises and are responsible for creating 45 percent of new jobs!

Entrepreneurship is an integral driving force behind innovation, job creation, productivity and economic growth in Canada. It is also a part of our nation’s identity as a democratic and free nation of the world and it’s safe to say it always will be.

We can only hope that the government will continue to help Canadian entrepreneurs flourish and overcome the problems they face in starting up and running these businesses that contribute greatly to our nation!

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