Millennials reshaping small business landscape at twice the rate of other generations

Cohort twice as likely to start a small business: Report
|hrreporter.com|Last Updated: 01/06/2014

The millennial generation is reshaping the small business landscape in Canada faster than any other generational cohort, according to the Canadian Youth Business Foundation (CYBF).

Millennials are twice as likely to start a small business, according to Industry Canada. 

By 2028, 75 per cent of the Canadian workforce will be made up of millennials.

Millennials are less driven by financial success and instead focus more on establishing flexible, fulfilling careers, said the CYBF.

“A large number of the businesses opened in Canada are by a younger demographic and this is only expected to grow as the millennial generation takes a dominant place in the workforce,” said Julia Deans, CEO of CYBF.

“This is a new generation of small business owners who want something that is more than just a job, they want to do something that is personal and matters to them, and they're not afraid to take that leap.”

CYBF is encouraging millennials to pursue their business ideas by offering low-interest financing, mentoring, coaching and business resources.

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