A landmark study by technology company Square reveals that for newcomers, owning a business is a self-enabling path to shaping their future as they make Canada their home.
Square’s Entrepreneurial Spirit of Newcomers Report finds the vast majority of newcomer entrepreneurs (81 per cent) believe owning a business helped them positively impact their lives in Canada.
The report highlights business ownership as a catalyst for helping newcomers unlock financial security, achieve more meaningful careers and accelerate their sense of belonging in Canada. More than that, newcomer entrepreneurs enrich communities throughout the country.
Roshan Jhunja, Head of Business Solutions at Square, said Square’s report found that two-thirds (65 per cent) of newcomer entrepreneurs faced significant challenges in having their valuable skills and work experience recognized in the Canadian job market before they started their businesses.
“Roughly one-third of newcomer entrepreneurs (36 per cent) experienced work dissatisfaction and one-in-four (27 per cent) felt they were underemployed, leading them to seek better opportunities through business ownership,” he said.
“For newcomers, owning a business is a self-enabling path to shaping their future as they make Canada their home. Eight-in-10 newcomer entrepreneurs believe owning a business helped them positively impact their lives in Canada. According to Square’s new report highlights business ownership helps newcomers unlock financial security, achieve more meaningful careers and make community connections that accelerate their sense of belonging in Canada.
“Newcomer entrepreneurs tend to think big and display extraordinary determination – and that ambition translates into a positive growth mindset, more optimism about the economy and a stronger drive to create jobs.”
Fabiana Del Bianco, Co-Owner of Padaria Toronto, said she moved to Canada from Brazil in 2017 and went to culinary school to follow her dream of opening a Brazilian bakery.
“When I first arrived, I enrolled in culinary school and worked all kinds of jobs in the foodservice industry – big chains, little bakeries, artisan pizza shops – learning, making connections and preparing to open Padaria, our Brazilian bakery. Today we have two busy Toronto locations – our original bakery in the Junction and our newest location in midtown,” she said.
“Being from another country is harder. It’s challenging because you need to learn everything from zero. In the beginning, we didn’t know the laws here, all the permits we needed, how the real estate market works. There are so many difficulties we went through. It was a good learning curve – especially since we started Padaria during the pandemic!
“We like to say Padaria is a home away from home. The place you go with family and friends to warm the soul. We offer amazing Brazilian sandwiches, baked goods, including Bolinha de Queijo (cheese croquettes), Coxinha (chicken croquettes), Pao de Queijo (gluten-free cheese buns), amazing cakes and tarts and our famous Brigadeiros! Stop by in-person, or we can deliver the taste of Brazil right to your home or office.”
Del Bianco said she loves what she does.
“I love the creativity. It’s amazing to have a sense of community and be part of so many people’s lives – both our customers and our team. It brings a lot of purpose to do something that’s recognized in the community, being able to help many people and grow with those who work with us as we’ve grown to add a new location, expand our catering, home delivery and more.”
The report’s key findings:
- 65 per cent of newcomer entrepreneurs faced significant challenges in having their valuable skills and work experience recognized in the Canadian job market before they started their businesses;
- 36 per cent experienced work dissatisfaction and 27 per cent felt they were underemployed, leading them to seek better opportunities through business ownership;
- Over 90 per cent say that becoming a business owner was a good decision and just over 80 per cent share the belief that operating their business has allowed them to reach their full potential in Canada;
- Newcomer entrepreneurs are notably more optimistic (78 per cent) about the future growth of their businesses compared to 66 per cent of entrepreneurs nationally;
- Their confidence extends to hiring plans, as seven-in-10 newcomer entrepreneurs intend to increase their workforce in the coming years – nearly double the rate of other business owners (43 per cent) across the country;
- 56 per cent cite difficulties accessing funding or capital, finding affordable commercial or residential space (44 per cent), and navigating Canadian regulations and legal requirements (42 per cent).
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