- 50% of Canadian entrepreneurs expect to increase their global workforce this year
- 68% of Canadian entrepreneurs feel confident about the Canadian economy
- Strong entrepreneurial ambitions among young people - 59% want to run their own business "at some point"
TORONTO, June 9, 2015 /CNW/ - Entrepreneurs are a leading source of job creation, with 50% of Canadian entrepreneurs expecting to increase their global workforce this year. This is according to the EY global job creation and youth entrepreneurship survey 2015, a study that surveyed 2,345 entrepreneurs about their hiring plans and 2,807 young people about their entrepreneurial ambitions.
Entrepreneurs lead job creation
While 50% of entrepreneurs in Canada expect to increase their total workforce in the next 12 months, the number rises to 73% among those that have competed in EY's Entrepreneur of the Year Program. These figures contrast with the hiring plans of Canadian senior corporate executives. Only 4% of them are expecting to create jobs in the next year, as reported in EY's recently released Canadian Capital Confidence Barometer.
"Once again the numbers show the benefit of empowering, supporting and celebrating our entrepreneurs. They continue to rise above economic challenges and plan for creating jobs, not just in Canada, but globally as well," says Colleen McMorrow, EY partner and national Entrepreneur Of The Year program director in Canada.
Job growth driven by soaring confidence
The survey shows Canadian entrepreneurs are enthusiastic about the economy, with 68% reporting confidence in the economic direction of Canada and 55% reporting confidence in the economic direction of the global economy. These numbers are close to those of the U.S., where 70% of entrepreneurs are confident about the domestic economy and 58% are confident about the global economy.
There is, however, clear geographical deviation, with China (95%), India (90%) and Middle East/North Africa (MENA) (90%), showing the highest confidence in the global economy, and France (52%), Australia (51%) and Japan (49%) showing the lowest, which is a reflection of overall economic conditions in those geographies
Young people have entrepreneurial ambitions, but need support
For the first time this year, we talked to 2,807 young people aged 18 to 25, to get an idea of their career aspirations and find out how entrepreneurship fits into their plans. Many have entrepreneurial ambitions, with 59% of Canadian youth planning to run their own business at some point in their careers.
What Canadian youth with entrepreneurial ambitions most value is guidance and support from today's entrepreneurs. A "hands-on" internship and mentoring from a leading entrepreneur are seen as the most likely to help them fulfill their goals (33% and 32%, respectively). But only 27% of Canadian youth say they get enough support from local entrepreneurs, compared to 36% globally.
The EY global job creation and youth entrepreneurship survey 2015 was released as part of the World Entrepreneur Of The Year 2015 celebrations in Monaco last week – the world's most prestigious business award for entrepreneurs. Follow @EYCanada and @EY_EOY on Twitter for the latest event updates and join the conversation using #WEOY
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About EY World Entrepreneur Of The YearTM
EY World Entrepreneur Of The Year is the world's most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential, and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 145 cities in more than 60 countries.
About the EY global job creation and youth entrepreneurship survey 2015
The EY global job creation and youth entrepreneurship survey 2015 was conducted online in March 2015 with an independent panel of global entrepreneurs and young people in 13 key global markets, as well as input from 201 the world's most dynamic entrepreneurs – EY Entrepreneur Of The Year participants. The results are based on the responses of 2,345 entrepreneurs and 2,807 young people in Germany, China, India, France, Brazil, Japan, Australia, Canada, the UK, the US, Sub-Saharan Africa, MENA and Mexico. The young people are a combination of students, workers in their first role or those looking for work, providing an accurate snapshot of the real-world aspirations of the global youth population. Opinion Matters, part of the markettiers4dc group of companies in the UK and overseas, conducted the research for the EY Global Center for Entrepreneurship and Innovation. The research and adheres to strict industry codes of conduct and ICC/ESOMAR global market research guidelines.
About EY's Global Capital Confidence Barometer
The EY Global Capital Confidence Barometer is a biannual survey of more than 1,600 senior executives from large companies around the world and across industry sectors. This is the 12th semiannual Barometer in the series, which began in November 2009; respondents for the 12th edition were surveyed February and March. The objective of the Barometer is to gauge corporate confidence in the global and domestic economic outlook, to understand boardroom priorities in the next 12 months and to identify emerging capital practices that will distinguish those companies building competitive advantage as the global economy continues to evolve.
SOURCE EY (Ernst & Young)