The Canadian business sector is often overshadowed by the United States’. However, it is just as budding, if not even more so. Canadian entrepreneurs, both young and old have a lot of opportunity to reach incredible heights, and become some of the most successful people in the world, akin to Warren Buffet or Bill Gates. However, they also will have to face certain challenges along the way.
But, facing challenges is not something that a young and passionate entrepreneur can avoid. The market is harsh and competitive. However, that makes it all the more rewarding when they succeed. That is why, in this article, we would like to take a look at some of the biggest opportunities, as well as the harshest obstacles that young Canadian entrepreneurs will have to deal with.
Budding Industries
The biggest opportunity right now is the rise of new, budding markets. There are a lot of newly-established and growing markets in Canada, with one standout example being the Ontario iGaming market. Recently, the province has legalized operating online casinos, which has led to a significant boost in employment, tax revenue, and online safety. However, the growing popularity of online casinos has also had an effect on other aspects of the iGaming industry.
For example, no wagering casinos have also grown in popularity in Canada, and businesses operating these kinds of websites have seen a grow in revenue. New entrepreneurs are quite interested in the no wagering online casinos in Canada, as the market is experiencing some new heights right now. Of course, iGaming is not the only industry that has seen rapid growth in Canada. The Canadian tech sector has been experiencing new heights, e-commerce in general is growing at a steady pace, and the cannabis industry also provides a lot of opportunities for young entrepreneurs.
Competition
Budding industries are certainly incredible, however, they do come with a downside. Namely, you are not the only person who has thought about how these industries could be improved. In Canada, there is a lot of competition, especially in the iGaming industry.
Young entrepreneurs are passionate and starry-eyed, hoping to change the world. However, a lot of them are also fiercely competitive. Not only do they have to compete against each other, but also the old guard of entrepreneurs who’ve already made it.
A ton of studies have shown that consumers go for brand recognition more than anything. That is why sodas like Coca-Cola and Pepsi sell many more beverages than the store brand colas from Loblaws or other, similar markets. That means that young entrepreneurs will have to compete with already established brands, who are recognized by the industry. Naturally, this means that the younger crowd will either have to limit their customer base, or create a better product than already existing ones.
Government Support
The Canadian government offers a lot of programs to help new entrepreneurs get their businesses off of the ground. These programs and organizations have one goal; to foster innovation, passion, and enthusiasm in young people who have brilliant ideas. An example of such a program would be the Canada Small Business Financing Program, that offers loans and grants for young people interested in starting up a small business.
The government has also created certain tax incentives, which would definitely inspire young people to create a business from the ground up. These sorts of programs are crucial to inspiring the youth, and creating a better future for everybody. When it comes to young entrepreneurs, Canada has some of the best incentives in the developed world.
Bureaucracy
Unfortunately, Canada, like most countries in the modern, developed, Western world, is plagued by bureaucratic obstacles, that might put off some of the impatient young entrepreneurs. If you are looking to start a business, particularly a land-based business (though even online-based ones), you will need a headquarter. Which means you will need construction permits, register forms, and more. You will need to secure electricity and water for your business, which of course requires paying certain bills.
Beyond the financial hit you will need to take, there is also the matter of the longevity. Registering a property in Canada is a four-step process, and often can take two weeks to accomplish. Getting electricity is also no walk in the park, and it takes an average of four to eight weeks to do everything that needs to be done. That means that, starting up a business would require at least two months of preparation alone. A lot of people simply don’t have the time, nor the patience to do what needs doing.
Collaboration
Canada’s online markets are thriving, which gives many young entrepreneurs a chance to collaborate on businesses. In order to run a successful business, whether it be online or land-based, you are going to need a way to connect with your customers. The easiest way to do so is to create a business website. For that you will need web designers, graphic designers, and customer support specialists, which are in high demand and high numbers in the Great White North.
It doesn’t end there though, because you will also need a market research team, who are going to help you better understand what the Canadian (or even global) public wants. They expertise is going to be your main guide for most of the businesses lifespan. Through certain online portals you can also connect with business planning experts, who are going to help you navigate the harsh and difficult business world. Finally, project managers are a must if you are going to make it as a big company.
Some Things to Consider
Canada is an excellent country for young, hot-blooded, passionate people looking to start a business. However, as in any country, there are certain challenges that you will have to face. The mark of an entrepreneur is being able to navigate the obstacles, while also taking full advantage of all the benefits and opportunities. We firmly believe that young people can make it in this market, if they have a great idea, and the savvy to see it through.
