The new RBC Small Business Poll finds Gen Z is building businesses alongside full-time jobs – and starting earlier than any generation before them.
RBC Small Business Poll: Gen Z Is Changing What Business Ownership Looks Like
Gen Z wants in on business ownership. Two-thirds (66%) of Gen Z Canadians have thought about owning a business, more than any other generation. But the shape of entrepreneurship has changed: nearly half of Gen Z business owners (46%) are running their side business alongside their primary career.
Entrepreneurship goes mainstream – but not necessarily full-time
The latest RBC Small Business Poll reveals a generation for whom entrepreneurship has gone mainstream. Half of Gen Z (50%) believe most people are starting their first business or side hustle before the age of 25, and 49% believe it is more accessible for their generation than it was for the ones before. For many, the entry point is a side hustle – 26% have one already, and another 32% want to start one.
In short? Younger Canadians aren’t trading a job for business. In many cases, they’re running both.
“Small businesses are the backbone of Canada’s economy, and the next generation of entrepreneurs will help shape its future,” says Amy Childs, Vice President, Small Business and Partnerships, RBC. “Gen Z is showing that business ownership doesn’t have to follow a traditional path, with success increasingly defined by flexibility, financial stability and independence.”
What motivates Gen Z, and what counts as success
Part of what’s driving interest in entrepreneurship is the pressure Canadians are feeling elsewhere. Eighty-one per cent of Canadians agree that financial uncertainty is causing more people to consider working for themselves. Among business owners, the rising cost of living (90%) and difficulty finding employment (80%) rank as the strongest factors shaping that interest.
While the flexibility and independence gained through entrepreneurship are appealing to all generations, Gen Z owners agree at a lower rate than their older counterparts. For this group, success is not so much about autonomy, but a range of unique factors.
Technology: the great enabler, and the great pressure
Technology and digital platforms have made starting a business feel more accessible, according to 85% of Canadians – and Gen Z is the generation most fluent in them. But access comes with expectations attached, and the same tools that lower the barrier to entry raise the bar for keeping up.
Gen Z is building businesses alongside full-time jobs and treating uncertainty as part of the job. They’re optimistic about what’s ahead, and they’re not waiting for permission or the right moment. They’re starting now, on their own terms.
Starting something of your own? We can help with the first steps – and the ones after
From registering your business to opening a business account to planning for growth, RBC has advice and tools for wherever you are in the journey.
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