Canadian entrepreneurs resilient in times of hardship

82 per cent of owners expect their business to ride out the pandemic and 22 per cent of owners even expect to prosper in the six months ahead

Canadian entrepreneurs have been hit hard over the last few months because of the COVID-19 pandemic but the RBC 2020 Small Business Poll, which was released Wednesday, indicates they are a resilient lot.

When faced with setbacks, nearly nine out of 10 business owners say they can bounce back, compared to 72 per cent in the general population polled. Also, business owners (88 per cent) are more likely than the general population (73 per cent) to report confidence in their ability to deliver creative solutions to problems, according to the poll results.

The survey also found that 82 per cent of owners expect their business to ride out the pandemic and 22 per cent of owners even expect to prosper in the six months ahead.

“Small businesses – and the inspiring Canadians who build them – have and always will be the backbone of our country’s economy,” said Lori Darlington, Vice-President of Small Business and Strategic Partnerships, RBC, in a news release. 

“Especially in these unprecedented times, entrepreneurship requires a great deal of resiliency – and fortunately, a majority of those who pursue it possess the mental strength, adaptability and business acumen needed to weather the ups and the downs of the journey. Building upon these strengths, entrepreneurs can further bolster their businesses by tapping into the right tools and guidance, and taking steps to plan and adjust during the recovery phase.”

 

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