For many Canadians, entrepreneurship was once seen as an all-or-nothing proposition: leave a full-time job behind and take the leap into business ownership.
Today, that path looks very different.
Younger Canadians are rethinking what entrepreneurship looks like and how it fits into their lives. Rather than seeing business ownership as a single career destination, many see it as something they can build over time, creating opportunities that align with their financial goals, lifestyles and personal ambitions, according to the latest Small Business Poll from RBC.
The findings suggest the next generation is optimistic about the future of entrepreneurship in Canada. Two-thirds of Gen Z Canadians (66%) have considered owning a business, while nearly half (49%) believe entrepreneurship is more accessible today than it was for previous generations.
Success looks different than it used to
As traditional career paths evolve with macroeconomic trends, so too does the definition of success.
For Gen Z, entrepreneurial success is closely tied to financial security, greater control and the ability to pursue personal interests. Making enough to support themselves or their families is the most common definition of success (42%), followed by building long-term wealth or financial independence (35%).
That mindset is also influencing younger Canadians’ entry point into entrepreneurship. Nearly half of Gen Z business owners (46%) are running a side hustle in addition to their primary career while more than one-quarter of Gen Z Canadians (26%) already have a side hustle and nearly one-third (32%) aspire to start one. Together, the findings suggest younger Canadians are building businesses alongside an existing career, rather than viewing entrepreneurship as a single leap.
According to Amy Childs, vice president of Small Business and Partnerships at RBC, entrepreneurship has always been about ambition but today’s entrepreneurs are defining success on their own terms.
“Whether someone is exploring a business idea, building a business gradually or preparing for growth, entrepreneurs benefit from support that reflects the different ways businesses are being built today,” says Childs.
What’s creating opportunities and shaping ambitions
Technology is another factor that’s reshaping how entrepreneurs start and grow their businesses.
Digital tools have helped to lower barriers to entry, making it easier than ever to reach customers and bring ideas to life.
But access to technology comes with new expectations. Among Gen Z business owners, 85% feel confident using technology to run their business, yet 83% agree entrepreneurs today are expected to learn and adapt to technology more than previous generations, and nearly two-thirds (63%) feel pressure to adopt AI tools to stay competitive.
At the same time, broader economic pressures continue to shape entrepreneurial ambitions. For many Canadians, the high cost of living can make starting a business more challenging. Yet 81% agree that financial uncertainty is encouraging more people to consider entrepreneurship, illustrating how today’s economic environment can both challenge and motivate aspiring business owners.
Beyond banking: how RBC supports entrepreneurs at every stage
Against this backdrop of both opportunity and uncertainty, starting and growing a business requires more than financing.
From validating an idea and developing a business plan to understanding customers and preparing for growth, entrepreneurs often need practical tools, trusted expertise and ongoing support throughout their journey.
That’s why RBC’s approach extends beyond traditional banking.
Entrepreneurs looking to get started can register or incorporate their business online through Ownr, while the RBC Business Plan Builder helps turn ideas into a practical roadmap for growth.
As businesses evolve, RBC Insight Edge for Small Business provides retail businesses with valuable customer and market insights, while Futurpreneur connects eligible entrepreneurs with financing, mentorship and resources to help them launch and grow with confidence. Entrepreneurs can also continue building their knowledge through The Founder’s Journey, RBC’s online course designed to support business owners as they navigate different stages of entrepreneurship.
Combined with advice from RBC specialists, these solutions are designed to help entrepreneurs confidently move from exploring a business idea to starting, managing and growing a business.
Canada’s entrepreneurial landscape is changing and there is no longer a single path to business ownership. Whether entrepreneurs are pursuing a passion, seeking greater flexibility or building long-term financial security, having the right support can help turn today’s ideas into tomorrow’s opportunities.
Learn more about how RBC supports entrepreneurs at every stage of their journey atwww.rbc.com/smallbusiness.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance
