Eighty-eight percent of Canadians believe country's culture encourages entrepreneurship: Ernst & Young

Canada's ideal settings and proactive frame of mind foster next generation of business leaders

TORONTO, Nov. 23, 2011 /CNW/ - Canadian entrepreneurs' new business registrations outperform all mature market G20 countries, according to Ernst & Young's latest report, Entrepreneurs speak out: a call to action for G20 governments.

"Canada's ideal environment and proactive frame of mind are setting the standard for entrepreneurial culture. In fact, 88% of survey respondents agree these qualities are putting the country on the map as a startup paradise," says Colleen McMorrow, Ernst & Young's Entrepreneurial Services Leader in Canada. "It's imperative that countries around the world grappling with the effects of economic uncertainty follow suit and invest in their entrepreneurs."

Canada offers young entrepreneurs low business startup costs, funding from public aid, a well-regulated banking sector, a highly educated workforce and a variety of coaching programs that go a long way in promoting entrepreneurship.

"Mentoring programs are a huge part of long-term entrepreneurial success," says McMorrow. "Eighty percent of our respondents agree that tailored support is beneficial to young entrepreneurs in Canada, and 95% believe it's efficient — that's the highest percentage of any mature-market G20 country."

Not only that, 88% of global respondents see success stories and coaching programs for entrepreneurs as key priorities to improve student perceptions of entrepreneurship as a career option over the next three years.

Enhancing communication around entrepreneurial success stories, promoting career opportunities offered by entrepreneurship and highlighting the role of entrepreneurs in creating new jobs are essential to developing a strong entrepreneurial culture.

The report also highlights five key pillars to build a successful enterprise environment:

  1. Entrepreneurship culture

  2. Education and training

  3. Access to funding

  4. Regulation and taxation

  5. Coordinated support between public agencies

To read more about this report, follow this link.

About Ernst & Young LLP's Entrepreneurial Services practice
Ernst & Young LLP's Entrepreneurial Services practice serves Canada's entrepreneurs by delivering integrated business advisory services in assurance, tax, transactions and advisory services to help them drive growth and create value. Our team of professionals has a track record of focusing on the issues and needs of companies as they grow from early stage to become market leaders. Ernst & Young has long worked with and celebrated the achievements of Canadian men and women who create the products, services and jobs that propel Canada's economy and communities forward. For more information, please visit ey.com/ca/Entrepreneurs. A world leader in advising, guiding and recognizing entrepreneurs, you can also learn about Ernst & Young's work with entrepreneurs by visiting business.financialpost.com/category/thirty-second-mentor.

About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

For more information, please visit ey.com/ca.

Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

SOURCE ERNST

For further information:

Amanda Olliver
amanda.olliver@ca.ey.com 
416 943 7121 




Sarah Shields 
sarah.j.shields@ca.ey.com 
604 648 3607   




Julie Fournier
julie.fournier@ca.ey.com
514 874 4308

 


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