Peak Demand Blog

Why Is It Becoming More Difficult to Be an Entrepreneur in Canada?

News

July 11, 2023•2 min read

Is the daily slog chipping away at you?

Don't worry, you aren't the only one.

It's something that happens every so often in our cyclical economy.

There are ups, there are downs.

But we all feel it together - so head up!

Take a look at some key take aways from an article written in the Global and Mail about entrepreneurship in Canada, I've placed the link below.

A very interesting perspective.

But as any true entrepreneur knows, where there is crisis, there is also opportunity.

Labor shortage?

Or Job openings.

Expertise vacuum?

Or an opportunity to carve out your market, especially in an online environment.

My absolute favourite ;).

However you want to look at it, life is going to give you lemons.

When things are hard, and you make it through, no matter what it is that you are doing, or the level you are doing it at...

The good times are just that much better.

So are we making sour faces, or sipping in the sun?

Let me know.

Alex, Peak Demand

[email protected]

TEXT +1 (647) 691-0082 to chat with our AI assistant 'Peakbot'!

A summary of the article is included below.

Enjoy!

Original Article: Why entrepreneurship in Canada has gotten so hard

Link to Globe and Mail Article Post: https://www.theglobeandmail.com/business/article-entrepreneurship-recovery-covid-canada/

Our Key Takeaways

Canadian entrepreneurship surged during the early phases of COVID-19 but is now facing challenges like rising interest rates and stringent business lending conditions.
Many entrepreneurs are struggling to repay Canadian Emergency Business Account (CEBA) loans due by year-end.
Remote work and tech layoffs are encouraging entrepreneurship, but accessing capital remains a challenge, with Canadian banks extending fewer small-business loans than average.
The implementation of an open-banking system could facilitate easier access to capital.
Younger entrepreneurs report higher levels of stress and fear of failure than their older counterparts.
Many seasoned entrepreneurs hesitate to pass on their businesses to their children due to the associated stress.
Despite these challenges, some entrepreneurs, such as Kevin Sandhu, founder of fintech startup Otter, remain optimistic, seeing the situation as a temporary slowdown.

newsCanadaentrepreneureconomysmall business

Alex Masters Lecky

Alex is the founder of Peak Demand and a visionary in the field of AI-powered solutions. With a deep expertise in developing advanced voice agents and AI-driven call center services, Alex is passionate about transforming how businesses interact with their customers. His focus is on leveraging AI to create seamless, efficient, and highly personalized customer service experiences that set businesses apart from the competition. While Alex’s roots are in content creation, media buying, and business development, his true passion lies in integrating AI into traditional digital marketing strategies. This unique blend of skills allows him to craft innovative solutions that not only drive engagement but also streamline business operations, making Peak Demand a leader in AI-powered business transformation. And yes, when he’s not revolutionizing the digital landscape, Alex is also an avid animal lover!

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