This infograph was brought to you by the Business Development Bank of Canada (BDC). The opinions expressed herein are those of the author and are not indicative of the opinions or positions of the BDC. For additional smallbiz tips and advice, visit bdc.ca or follow BDC on Facebook and Twitter.
Ever since the very first day when I sat in my office in my pajamas, I knew being an entrepreneur was a “No turning back now” proposition for me. And even though I was technically the “President and CEO” of my tiny venture, I never really considered my budding enterprise all that important and tended to avoid using my official title.
But of the over 1.1 million businesses in Canada (and for our US readers, the same is more or less true there too only on a larger scale), 98.2% are considered small businesses. Together, we drive the economy, collectively hiring nearly HALF of the total private sector labor force and contributing almost a third of our GDP, according to Industry Canada.
Over the decade since I started my first business, although I never hired traditional employees, I outsourced technical work to contractors, hired professional service companies including a bookkeeper, accountant and lawyer, and expanded my capabilities with a virtual team of writers and graphic designers.
Not to mention the conferences I attended, networking groups I belonged to, coaches and mentors I hired, and the countless books, resources and workshops that I bought to sharpen my entrepreneurial skills. That doesn’t even get into all the gadgets and gizmos I need for my home office.
Multiply the contributions of even the smallest of small businesses by 1.1 million and it’s easy to see why small business is vital to creating a vibrant economy. That’s why I am joining the Business Development Bank of Canada in celebrating Small Business during Small Business Week (October 20th to 26th).
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The Business Development Bank of Canada is the only bank exclusively dedicated to entrepreneurs. From over 100 offices across the country, BDC helps more than 28,000 small and medium-sized businesses reach their full potential by providing financing, subordinate financing, venture capital and consulting services (www.bdc.ca).