Launching a new business is never an easy task. There is never a guarantee of long term success. A lot of new businesses are lucky to last five to 10 years. In fact 1/3 of them only operate for five years before closing their doors. And if you take every business that opens today, less than half of them will still be operational 10 years from now.
In theory, you can avoid this if you have the right skills to be a successful entrepreneur. If you have grit, you’re more likely to make it than someone who doesn’t. There is actually a connection between being gritty and being the kind of entrepreneur that sets yourself up for success. Having grit just means that you have a passion for your business venture and you’re willing and able to pursue it at all costs.
The connection between the two has actually been studied and the studies showed that business owners develop more grit the longer they work. This is something that is becoming more and more common among business owners in Canada.
The Business Development Bank of Canada did its own study on the subject. They determined that immigrants that come to Canada and start their own businesses are more proactive about it than native Canadian entrepreneurs.
Immigrants are growing their businesses at a faster rate and therefore, are creating more jobs for the country than the ones who have always called it home. For this reason, Canada keeps encouraging immigrants to settle down and start their own business.