Women entrepreneurship in Canada is on the rise. According to a study, there are more than 360,000 self-employed women in the country, with an increase of 30% in the women-owned companies in Canada in the last ten years. This data is quite inspiring for both men and women. Also, for every woman who aims at having their own business in Canada in the near future, this data can behave like a motivational push. Research has also shown that with the growth of women entrepreneurs in Canada, there has been an estimated rise of around $150 billion in the nation’s GDP.
So, what is a typical woman in business in Canada like? What kind of industries do these Canadian women entrepreneurs choose to start their careers as business owners? How many women-led businesses are there in Canada at present? We will try to answer it all in this article.
A Summary of Canadian Women in Business
The numbers of women entrepreneurs in Canada are ever-growing. On average, a typical businesswoman in Canada is young, with just a few years of management experience as compared to male entrepreneurs in the country. Women entrepreneurs are most likely to start early and run small businesses in the country in industries like retail and service. Women entrepreneurs do not make as much money as their male counterparts. However, the gap seems to be closing now. Also, Canadian women in business are more likely to be solo entrepreneurs.
A Few Facts on Women Entrepreneurship in Canada
According to an October 2020 report by the Brookfield Institute Canada, the women entrepreneurs in Canada are growing in their own way
. Women lag behind when it comes to entrepreneurship in Canada. And this is why women are often excluded from the benefits of entrepreneurship which affects their ability to grow their companies. Such discriminations still persist.
· The Boston Consulting Group (BCG) suggests that if both women and men participated equally as entrepreneurs, there would have been an increase of around $2.5 trillion to $5 trillion in the global economy, with an additional increase of six percent in the worldwide GDP.
· McKinsey Global Institute estimated that in Canada alone, the advancement in women’s entrepreneurial equality has the potential to add $150 billion in the incremental GDP by 2026.
· A study also suggests that if there is a 10% increase in women-owned SMEs in Canada, it would add up to $198 billion to the nation’s GDP.
Current Situation of Women Entrepreneurship in Canada
According to a 2019 BDC study, currently, women comprise 28% of all business owners in Canada. The women entrepreneurs in Canada also benefit from being a part of a very strong business environment, clubbed with social and political stability. They also have access to education which helps them start and grow their business. The Federal Government of Canada also aims at supporting such women business owners through a $2 billion program, so that the number of women-owned businesses can double by 2025.
Summing It Up,
The Government of Canada is trying in every way to support women entrepreneurs in the country. It thoroughly aims at supporting gender equality in business. Its efforts include pay equity, affordable child care, and putting an end to gender-based violence. So, if you are a woman and if you are looking forward to starting your own business in Canada, this is probably the right time to take the plunge.
