This year, more than half a million entrepreneurs will begin establishing their own small businesses, according to a new report from the Canadian Imperial Bank of Commerce. One of the most reassuring discoveries from the study is that 80 per cent of these new owners claimed that they voluntarily decided to create their own startup, rather than because of the loss of a job or the failure to find one at all.
Economist and author of the report, Benjamin Tal, said many factors have sparked this trend, including advancements in technology, an influx of immigrants and an aging population, as 30 per cent of the new startups are owned by individuals over the age of 50.
"I would say these trends are irreversible," Tal told The Canadian Press. "The trend suggests the growth in self-employment will be faster in the next decade than any other decade."
As the economy continues to grow, the chances of the job market following suit is likely. For those looking to start their careers as administrative professionals, many of these new company owners may need to consider hiring extra assistance as their businesses grow, so those who appear most prepared with the knowledge and training necessary might appeal to employers the most. Taking business administration courses can help students gear up to apply to these aspiring businesses, which, according to the CIBC report, is most apparent in British Columbia. About 3.7 per cent of British Columbia's working population is part of a startup.
"Alberta is second, largely due to the positive spinoffs from the energy sector and the business service sector," the report stated, as quoted by The Calgary Herald.
Ben Brunnen, chief economist at the Calgary Chamber of Commerce, told the news source that Calgary could potentially see significant growth within the oil and gas sector. With a strong entrepreneurial atmosphere and a focus within the petroleum field, it is no surprise that these two elements would merge.
"The oil and gas sector in and of itself in Alberta is very entrepreneurial, historically," Brunnen told the news outlet. "Small junior oil and gas companies start up, drill their wells, connect in and bring their product to market. And with that brings all the downstream activity that can result."
Whether students are looking to expand their knowledge in accounting and finance or the energy sector, they can enroll in the Oil and Gas Administrative Assistant program at Reeves College. For more information, fill out the form on the right.