When people hear "entrepreneur," they often picture one famous billionaire. In reality, most entrepreneurs run small businesses: the family restaurant down the street, the landscaper with two employees, the artist selling prints online. Together they create a large share of the jobs in Canada and many of the products we use. Some entrepreneurs go further and build ventures whose main purpose is to fix a problem in their community or the world. This lesson looks at how ventures address social, economic, environmental and ethical issues, celebrates entrepreneurs from diverse communities, and examines the barriers some entrepreneurs face and the supports that help them succeed.
Ventures That Tackle Real Issues
| Type of issue | What it means | How a venture can help |
|---|---|---|
| Social | People's well-being, inclusion and opportunity | Hiring youth or people who face barriers to work; making products accessible |
| Economic | Jobs, income and local prosperity | Creating local jobs; buying from local suppliers so money stays in the community |
| Environmental | The health of land, water, air and climate | Reducing packaging, selling repaired or reused goods, cutting energy use |
| Ethical | Doing what is fair and honest | Paying fair wages, honest advertising, sourcing materials responsibly |
A social enterprise is a business that sells goods or services like any other business, but whose main purpose is to solve a social or environmental problem, and which puts most of its profit back into that purpose. A café that trains and hires young people who have struggled to find work is an example. Some for-profit companies choose to be certified as a B Corporation (B Corp): a non-profit organization reviews the company's effects on its workers, customers, community and the environment, and the company must meet a standard and be open about its results to keep the certification. Both ideas connect to the triple bottom line: measuring success by people and planet as well as profit.
Entrepreneurs from Diverse Communities
Entrepreneurs come from every background: First Nations, Métis and Inuit communities, newcomers to Canada, women, young people, people with disabilities, rural and urban communities. Each brings knowledge of needs that others may overlook. Here are a few well-known examples. Look in your own community too: a local business owner's story can be just as instructive.
| Entrepreneur | Community | Contribution |
|---|---|---|
| Joseph-Armand Bombardier | Quebec, Canada | Developed vehicles for travelling over snow; his company introduced the Ski-Doo snowmobile and grew into a major transportation manufacturer |
| Ron Foxcroft | Hamilton, Ontario | A basketball referee who worked with designer Chuck Shepherd to develop the Fox 40 whistle (launched in 1987), which has no ball (pea) inside, so it does not jam |
| Sean McCormick | Métis entrepreneur, Manitoba | Founded Manitobah Mukluks, an Indigenous-owned company making footwear rooted in traditional mukluk and moccasin designs |
| Tobi Lütke | Ottawa, Canada (originally from Germany) | Co-founded Shopify, which began as software for an online snowboard store and became an e-commerce platform used by businesses worldwide |
Challenges Entrepreneurs Face
| Challenge | Why it is hard | Who it can affect most |
|---|---|---|
| Access to capital | Lenders often want a credit history, collateral or savings that new entrepreneurs may not have | Young people, newcomers, people with lower incomes |
| Networks | Many customers, suppliers and investors are found through people you already know | Newcomers, first-generation entrepreneurs, people far from business centres |
| Discrimination and bias | Unfair assumptions can affect who gets a loan, a contract or taken seriously | Women, racialized and Indigenous entrepreneurs, people with disabilities |
| Rural and remote internet access | Slow or unreliable internet makes online selling, payments and marketing harder | Rural and remote communities, including some First Nations and northern communities |
| Work-life balance | Long hours and money stress can strain health and family time | Almost every entrepreneur, especially in the early years |
Supports That Help Entrepreneurs Succeed
- Mentorship: an experienced entrepreneur who gives advice, opens doors to their network and helps avoid common mistakes.
- Loans and grants: government programs and non-profit lenders offer start-up loans and grants, some designed for youth.
- Indigenous business development organizations: Indigenous-led lenders and organizations that offer loans, training and mentorship to First Nations, Métis and Inuit entrepreneurs.
- Women's and newcomers' entrepreneurship programs: training, networking and financing aimed at groups who often face extra barriers.
- Local supports: small business centres, business incubators, chambers of commerce and youth summer business programs.