Gen Z Canadians: The future of entrepreneurship and innovation
New survey from GoDaddy shows three-quarters of post-secondary-aged Canadians have or plan to start their own business.
SASKATCHEWAN — As Canadians get ready for another back-to-school season, a new survey from GoDaddy highlights attitudes towards career trajectory and the future of work among post-secondary-aged Canadians (ages 18-26, or "Gen Z"). The survey finds that one-in-two Gen Z Canadians (53 per cent) feel that their generation is better equipped to start a business than previous generations, with 63 per cent stating they believe technology makes it easier for them to start a business. Among this tech-savvy entrepreneurial demographic, three in four (77 per cent) respondents either have their own business or plan to start one.
"Canada's youth are tomorrow's innovators and entrepreneurs, and we're inspired by their continued drive and optimism for entrepreneurship," said Young Lee, Canada Market Lead at GoDaddy. "GoDaddy is committed to providing the tools and resources to help make entrepreneurship more accessible than ever, so Canadians can feel confident turning their business ideas into reality."
For Myriam Provost, owner of Atelier Renouveau by Myriam and GoDaddy customer based in Varennes, Quebec, technology made it possible to bring her dream of an upcycled furniture design business to life. She started painting and restoring furniture in November 2021 and in less than two years, has built her hobby into a thriving small business that applies her passions for design and sustainability.
"Launching my website was a key turning point in my business journey, and as a designer, I needed it to reflect my artistic style – GoDaddy made it easy," said Myriam. "Today I use my website to showcase my latest work, and I plan on adding e-commerce to my website in the future so customers can easily purchase or request custom pieces."
When thinking about future career options, young Canadians say a secure income and work/life balance is significantly more important than autonomy or job security: The top three factors to consider when evaluating future career choices were secure income (49 per cent), work/life balance (38 per cent) and passion (32 per cent). Younger respondents (18-21) were more likely to report that passion is more important than financial security (38 per cent) while older respondents (22-26) saw financial security as more important (67 per cent).
Money doesn't talk - In total, three in four (76 per cent) were willing to take up to a 26% salary cut to do work they were passionate about.
On the future of tech, Canadians are more concerned than any other market about artificial intelligence (AI), even though they are using it at far higher rates: Almost 2 in 3 Canadians are already using AI tools, making their adoption significantly ahead of other English-speaking markets (63 per cent versus 50 per cent; other markets surveyed include Australia, United Kingdom and the United States), but over half (56 per cent) are worried about AI's impact on their future.
When building a career or business, Gen Z Canadians are committed to long-term growth: 68 per cent of Gen Z understand building a business takes time, and that it may take over a year to see success. Almost six-in-10 (58 per cent) are willing to fail and try again, and 50 per cent state they are willing to take short-term financial losses to achieve long-term success.
On barriers to entrepreneurship, lack of financial resources (61 per cent) was reported as the biggest barrier to starting their own business: Lack of confidence or fear of failure was second highest, with young women more likely to report confidence as a barrier than young men (50 per cent of women versus 38 per cent of men). Other factors included lack of skills or expertise (37 per cent), not enough time (26 per cent) and lack of support (22 per cent).
Mental health continues to be top of mind for young Canadians: In all regions surveyed (Canada, Australia, United Kingdom, and the United States), while there has been some improvement in mental health in 2023, it appears to have only been experienced by men. Women are almost as likely to say their mental health has declined as improved.
To explore how GoDaddy supports everyday entrepreneurs, visit godaddy.ca.
About GoDaddyGoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their ideas, build a professional website, attract customers, sell their products and services, and accept payments online and in person. GoDaddy's easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to assist 24/7. To learn more about the company, visit
www.GoDaddy.com.
About the GoDaddy SurveyResearch methodology: Antenna, an independent consumer research agency on behalf of GoDaddy, conducted an online survey of n=4,232 people aged 18-26 across Australia, the UK, Canada and the US. The survey was conducted in July 2023 of 1,069 Canadian Gen Zs (18–26-year-olds) conducted via external research agency Antenna Insights. The Canadian survey data collection was national and respondents were sourced using an accredited online research access panel. Data was weighted for representation against country census data.
Source:
https://www.sasktoday.ca/highlights/gen-z-canadians-the-future-of-entrepreneurship-and-innovation-7464382
