This is why the study of grit in the country’s business owners have been so important. But those who lack the grit to be successful then have to make up for it with their entrepreneurial skills. The most successful business owners have been the ones that can combine skills and grit.
It’s no secret that the more satisfied an entrepreneur is with his or her business, the better they are at running it. A keen sense of business acumen is what leads to the satisfaction of running one successfully.
Having the right skills is the key to this. The Bank of Canada’s study showed that the skills entrepreneurs need to be successful (especially if they don’t have the grit to go along with it,) are mainly management related.
An effective business owner in Canada needs to be able to successfully manage its finances, marketing, sales, human resources, and operations. The Bank of Canada did individual studies on all of the management skills they determined were the most important. Two of those studies were on organizational, and leadership/people. The other studies were done on networking and innovation in the business world.
They did these studies in response to the recent growth in entrepreneurship in Canada. Between 2006 and 2018, there was a 22% growth in the number of people becoming entrepreneurs, topping out at 251,600 in 2018.
With more immigrants moving to Canada, the country’s officials are saying that by 2032, 80% of all Canadian residents will have immigrated from another country. Since many of them are starting their own businesses, the country owes a lot of its longevity to immigrants. A noticeable population of both older and millennial aged immigrants are opening their own business in Canada. This just shows how much the country is growing.
