The younger generations are spearheading the “micro-entrepreneur economy,” according to a recent survey by RBC.
Released last month, the Small Business survey reveals that 74 per cent of Canadian small business owners and aspiring entrepreneurs are motivated to start a side hustle or another company due to the increased cost of living. RBC says this number rose to 84 per cent among Gen Z respondents.
Ipsos Canada conducted the poll from August 12 to 15 with a total of 1,501 respondents.
The idea of home ownership is a pipe dream for many younger generations in Canada. Young Canadians face a huge wealth gap in contrast with older generations. As of August 2022, the average monthly rental for all property types in Canada was $1,959. The priciest cities are Vancouver and Toronto, with $2,574 and $2,329 per month average rent, respectively.
The majority (77 per cent) of current and aspiring entrepreneurs report their goal is to create a source of income to support themselves, including 86 per cent of millenials.
Maha Fatima, a third-year student at the University of Waterloo, started her small business during the COVID-19 pandemic after she was laid off.
“I was struggling a lot financially,” Fatima told CTVNews.ca. “It was very hard to find work. I've always wanted to start something and so I went on YouTube. And I used to search up all these entrepreneurial videos about teenagers who are either my age or older, who are starting these little businesses with lip glosses and little jewellery or phone cases.”
That was when Mahajabeen was created.
The Arabic name, meaning essence of the moon, encapsulates the heart and soul Fatima poured into the side hustle. Using inspiration from poetry, TV shows and her own emotions, Fatima creates Greek-mythology-inspired jewellery, from necklaces to rings.
“I kind of have a focus group with my Instagram audience where I kind of bounce off ideas, whether it'd be materials and colours and marketing ideas, and what sizes that we should put out,” she said.
Without the additional income her small business brings in, Fatima could not envision a life without it. She and a roommate currently pay $2,200 a month for a two-bedroom apartment in Waterloo, Ont.
“If I didn't start this business, I don't think I would be able to afford to eat and go to school.”
To afford school, young Canadians are taking out debt. Figures from 2019 published by the Government of Canada show almost two million students owed the federal government money with an average loan balance more than $13,000 at graduation.
The RBC survey says there is a trend toward owning and running a business fuelled by the accessibility of new technology and digital solutions. Social media in particular allows anyone to be seen and advertise a business.
Forty-seven per cent of respondents say emerging technologies allow them to reach new markets and explore new opportunities. Just under half (47 per cent) believe running their side hustle remotely lowers the overhead costs of starting a business.
RBC also says there is a shift in customer preferences, allowing more local Canadian businesses to get a start. According to RBC, Canadians are “craving” authentic, local and customizable products.
Fatima believes the younger generation is trying to have closer connections with customers. It is also important for her business to have sustainable practices and use materials that are ethically sourced.
“I think that's what makes other small businesses on Tik Tok and Gen Z stand out, compared to Amazon and all the other celebrity brands,” she said.
Eighty-six per cent of respondents to the RBC survey agree small businesses are able to provide products tailored to local needs, and another 73 per cent believe small businesses are able to innovative more rapidly than larger organizations.
The willingness of Canadians to shop locally inspired 39 per cent of respondents to create their own companies, according to the RBC survey.
Fatima was motivated by her love of Greek mythology.
“It is something that I resonated with as a child, reading Percy Jackson books and learning about it in Grade 4 social studies class, where I first came across it,” she said. “So the emotional connection was very important to me.”
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