Canada is not running out of ideas. We are running out of people willing to take the risk to build something from scratch. That is the real takeaway from CFIB’s latest report on the country’s entrepreneurial drought. And if you spend any time talking to small business owners, it will not surprise you.
The barriers keep piling up. Costs are higher across the board including labour materials and financing. Regulation is heavier. Uncertainty around taxes policy and the broader economy makes it harder for people to commit to something that could take years to pay off.
This matters more than most people think. Small businesses are the backbone of our communities. They create local jobs support community programs and bring life to our streets. When fewer people start businesses the impact shows up everywhere not just in the numbers.
At the same time many current owners are getting close to retirement and fewer people are stepping in to replace them. That is not a coincidence. When the path looks this difficult people choose stability instead of risk.
We need to get serious about fixing the environment. Make it easier to start simpler to operate and more predictable to invest. That means cutting red tape and bringing some stability back to the system.
Entrepreneurship should feel like an opportunity again not a grind.
Read the full report here https://www.cfib-fcei.ca/en/research-economic-analysis/canada-entrepreneurial-drought-part1
