RBC: The micro-entrepreneur economy survey - Canada’s Podcast

<p><a href='https://www.linkedin.com/in/don-ludlow-38b6801/?originalSubdomain=ca'>Don Ludlow</a>, Vice-President of Small Business, Partnerships & Strategy, <a href='https://www.rbcroyalbank.com/business/index.html'>RBC</a>, provides strategic oversight and leads a team that is responsible for delivering marketing-leading solutions, partnerships and client experiences that go beyond traditional banking to help Canadian entrepreneurs successfully start, manage and grow their business.</p> <p>He also manages the development of RBC’s strategy for the broader Business Financial Services portfolio, including the group’s client experience, CRM, and data analytics strategies.</p> <p>Don joined RBC in 2001 and has 20 years of experience within the financial services and banking sector. Prior to joining RBC, he served as an Infantry Officer in the Canadian Army where he led soldiers on a number of domestic and international operations and worked in both staff and training roles.</p> <p>Overview of Key Data Points</p> <p>Led by the younger millennial and Gen Z generations, a ‘micro-entrepreneur’ economy is emerging across the country, as Canadians look to adapt to a changing landscape dominated by rising inflation and digitization</p> <ul><li>74 per cent of Canadian small business owners and aspiring entrepreneurs are motivated to start a small business or side-hustle due to the increasing cost of living - With this number rising to 84 per cent among Gen Z respondents</li> <li>A strong majority (77 per cent) of current and aspiring entrepreneurs report that their chief aim is to create a source of income to support themselves - Millennials (86 per cent) are even more likely to cite this as their main reason for starting a business</li> </ul> <p>Key factors supporting the emergence of the micro-entrepreneurship economy.</p> <ul><li>Emerging technologies allow them to reach new markets and explore new ways of doing business (47 per cent)</li> <li>Being able to conduct their business or "side-hustle" online remotely lowers t