{"id":264931,"date":"2017-03-20T10:30:27","date_gmt":"2017-03-20T14:30:27","guid":{"rendered":"https:\/\/policyoptions.irpp.org\/issues\/supporting-entrepreneurship-as-a-career\/"},"modified":"2025-10-07T21:31:55","modified_gmt":"2025-10-08T01:31:55","slug":"supporting-entrepreneurship-as-a-career","status":"publish","type":"issues","link":"https:\/\/policyoptions.irpp.org\/fr\/2017\/03\/supporting-entrepreneurship-as-a-career\/","title":{"rendered":"Supporting entrepreneurship as a career"},"content":{"rendered":"

When the topic of youth and entrepreneurship comes up, we are often quick to discount the need to support our innovative youth, because it seems as though they are already well positioned. They receive their education partly at government expense, and they should pay their dues and get entry-level jobs like their parents did, is how the thinking goes.<\/p>\n

This mindset is short sighted. Canada has the opportunity and the responsibility to take the lead in supporting youth, by giving a strong leg-up to those who are most vulnerable, and by elevating the shining leaders at an early age.<\/p>\n

There are many misperceptions about millennials, but one thing we know is true: they\u2019re not satisfied with the status quo. Many turn to entrepreneurship as away to solve problems and make an impact. Since Futurpreneur Canada\u2019s<\/a> inception in 1996, we have seen 8,159 new businesses launched by youth, businesses that have created over 39,000 jobs and contributed an estimated $244 million in tax revenue to the Canadian economy. Given that Canada\u2019s economic backbone consists of small and medium-sized businesses, it\u2019s essential that our government supports our country\u2019s youngest innovators.<\/p>\n

Canada needs to recognize that youth entrepreneurship is about more than just starting a business. It\u2019s also about fostering an entrepreneurial environment, a problem-solving mindset and an attitude of courage.<\/p>\n

Government needs to boldly support entrepreneurship as a viable, exciting and valuable career option. We are hearing from young Canadians that they are anxious and uncertain about their future in a world where the cost of living is rising, competition is global and the pressures are real. Encouraging an entrepreneurial mindset helps youth to envision a future in which they are co-creators and change makers. Our communities will thrive as a result of their leadership and contributions.<\/p>\n

When discussing youth and entrepreneurship, we also overlook that they tend to create their businesses in a novel way \u2013 many start \u201cside hustles\u201d as a way to test out their ideas and decrease the risks for themselves. For all the horrible clich\u00e9s that chase millennials, the “side hustle” represents two characteristics of young entrepreneurs: the need for a gig to supplement their income, and the opportunity to creatively chase their passions and start something new.<\/p>\n

When I think about my work at Futurepreneur in the context of the future of work, I think of entrepreneurship. We saw a need to support these young innovators, so we recently launched a program we called Side Hustle, a funding and mentorship program to help them grow their early-stage ventures.<\/p>\n

But governments need to play a role: to invest in youth\u2019s entrepreneurial ambitions and help them make a smooth transition \u2014 whether they land jobs in teaching, health care, or natural resources or whether they start their own businesses or side hustles. Entrepreneurship is not something that magically happens independent of government. It requires strong support networks and access to capital. Governments need to foster both.<\/p>\n

So where should the federal government start?<\/p>\n

Our education system needs a major upgrade<\/strong><\/p>\n

Some provinces are paving the way. For example, British Columbia recently introduced computer coding in elementary school, but this is already a decade too late. According to the BC education ministry\u2019s 2015 Satisfaction Survey, only 24 percent of BC students say schools are preparing them after they graduate from high school for a job, and only 40 percent say they feel prepared for post-secondary education. These grim statistics need to change.<\/p>\n

Make entrepreneurship less risky for youth <\/strong><\/p>\n

Having access to flexible capital and a safety net is important way that risk for young entrepreneurs can be reduced.<\/p>\n

Youth often start businesses while still in school or while juggling other work. Thus flexible capital that facilitates part-time work and allows youth to transition into full-time entrepreneurship is critical. Specifically, the federal government can support this flexibility by<\/p>\n