Why do immigrants often choose entrepreneurship over finding a job – Insights from a Vancouver CPA
After I immigrated to Canada for 20 years, I noticed that immigrants or international students tend to pursue entrepreneurship over finding a job. It is hard for them to find a job because immigrants or international students face barriers such as language proficiency, recognition of foreign credentials, or lack of Canadian experiences. Therefore, most of them have no choice but start a business.
Immigrant Entrepreneurs & Canada’s Economy
Compared to a job, entrepreneurship involves a higher level of risk. Starting a business often requires financial investment, long working hours, and uncertainty about success. Fortunately, immigrants usually inherit some assets or accumulate some wealth before they move to Canada, enabling them to jump start their business. By giving up their networks and status in their home country, immigrants tend to have the drive to work hard to make their company successful. Do you know that immigrant entrepreneurs are important for Canada. Immigrants to Canada constituted over one-fifth (21.9%) of the Canadian population and are the primary decision makers for approximately 25.0% of SMEs in Canada, a proportion that has been rising over the past decade.
According to the research findings (https://www.torontomu.ca/content/dam/diversity/reports/Immigrant_Entrepreneurship.pdf),
Assets of immigrant entrepreneurs
Evidence has shown that immigrant entrepreneurs can mobilize their diverse socio-cultural networks in helping to overcome market-size limitations and commercialize innovations in the world market.
Critical Skills for Entrepreneurial Success in Canada
In order for newcomer entrepreneurs to succeed in entrepreneurial activities, the following skills were found to be important: language; adaptability; networking; knowledge of the Canadian context; commitment to the business; and strategic thinking and business acumen. Entrepreneurs with large local networks and access to professional networks and mentors were found to have the greatest success in their business ventures.
Ansun CPA in Vancouver Offers one-stop Market Entry & Settlement needs to Canada
Therefore, our one-stop market entry services Ansun Group aim to support immigrants navigate a successful entrepreneurial journey in Canada. No matter how successful immigrants are in their home country, Canada is new country with unique customer base and business environment. We help them develop a solid business plan. We also provide la carte services depending on what stage of the company is in. For example, the immigrant entrepreneur already obtained the work permit and arrived in Canada, we first protect them and family by providing travel insurance service while they wait for the government health insurance plan coverage. As for their company, we have accounting license to help them register with government agencies and maintain clean financial records to meet various stakeholder requirements. We can also equip them with the right connections to support their goals and strategy (Bankers, lawyers, realtors, government agencies, first customers/partners). We can also develop a customized roadmap to increase publicity and credibility of the company to win customers, partners and attract investors, bankers and government funders. Please contact us here.
Whether to start from scratch or buy an existing business or franchise? Why is it important to have good accounting records and financial plan for your company? Ansun CPA helps with risk assessment and mitigation for individuals and business owners.
Everything is possible in Canada no matter what your background. Get in touch with us today!
