The Canadian Federal Government has pledged substantial support, including a $2 billion program aimed at doubling the number of women-owned businesses by 2025.
Women entrepreneurship in Canada is flourishing. Recent studies reveal that over 360,000 women in the country are self-employed, with a significant 30% increase in women-owned businesses over the past decade. This trend is inspiring for both aspiring female and male entrepreneurs. For women considering starting their own businesses, these statistics can serve as a powerful motivational boost. Moreover, the growth in women-led enterprises has contributed approximately $150 billion to Canada’s GDP.
So, what does the landscape of female entrepreneurship in Canada look like? Which industries are popular among Canadian women entrepreneurs? How many women-owned businesses are currently operating in the country? Let's explore these questions in detail.
Portrait of Canadian Women in Business
The number of female entrepreneurs in Canada is steadily climbing. Typically, a businesswoman in Canada is relatively young and has fewer years of management experience compared to her male counterparts. Women in business often start early, focusing on small ventures primarily in retail and service sectors. Although they generally earn less than male entrepreneurs, the income gap is gradually narrowing. Additionally, Canadian women entrepreneurs are more likely to operate as solo business owners.
Key Insights on Women Entrepreneurship in Canada
A report from the Brookfield Institute Canada in October 2020 highlighted the unique growth trajectory of women entrepreneurs in the country. However, challenges persist. Women often face barriers that exclude them from the full benefits of entrepreneurship, impacting their ability to expand their businesses. Despite these hurdles, progress is being made.
Small Business Canada Highlights:
- The Boston Consulting Group (BCG) notes that equal participation of men and women in entrepreneurship could boost the global economy by $2.5 to $5 trillion, increasing global GDP by 6%.
- McKinsey Global Institute estimates that advancing gender equality in entrepreneurship in Canada alone could add $150 billion to the nation's GDP by 2026.
- A 10% increase in women-owned SMEs in Canada could contribute an additional $198 billion to the country's GDP.
The Current State of Women Entrepreneurship in Canada
A 2019 study by BDC found that women currently own 28% of all businesses in Canada. Female entrepreneurs benefit from a supportive business environment, marked by social and political stability. Access to education also plays a crucial role in helping women start and grow their businesses. The Canadian Federal Government has pledged substantial support, including a $2 billion program aimed at doubling the number of women-owned businesses by 2025.
Summing It Up
The Canadian Government is making significant strides to support women entrepreneurs. Efforts to promote gender equality in business include initiatives like pay equity, affordable childcare, and combating gender-based violence. For women aspiring to start their own businesses in Canada, now is an opportune time to take the leap. With increasing support and a conducive environment, the future looks promising for women entrepreneurs in Canada.
