What does it mean to be an entrepreneur?

Being an entrepreneur means taking charge of your own business and assuming full responsibility for its success, such as managing day-to-day operations and handling functions like payroll, regulatory compliance, and other tasks. While some prefer to run their business independently, overseeing all aspects themselves, others may choose to hire staff or outsource tasks such as bookkeeping or sales.

Many entrepreneurs find success by turning personal passions or side ventures into thriving businesses, while others strategically seek out new opportunities by identifying market trends or entering unfamiliar industries. Whether balancing entrepreneurship with full-time employment or dedicating themselves entirely to their venture, entrepreneurs play an important role in shaping the country’s economic landscape.

How to become an entrepreneur

While there is no single path to entrepreneurship, two key steps can be important to follow before launching a successful business:

1. The process begins with developing a detailed business plan. This plan clearly defines your goals and the strategies you will use to achieve them. It may include important milestones, such as acquiring the necessary qualifications or securing real estate and equipment. It also usually features competitive research, market analysis, and a preliminary marketing strategy. Its primary purpose is to demonstrate to potential lenders, such as banks, that you are creditworthy and capable of successfully launching and managing your business.
2. Next, you ideally have a grasp of the market challenge you wish to solve and an idea of how to solve it. You may also conduct more in-depth research on your competitors, as well as your local, provincial/territorial, and national economy.

Depending on where you live in Canada, you might have access to some tools and support that can help you conduct the above steps, such as a local chamber of commerce or Community Futures branch. Some provinces or territories have unique grants, programs, bursaries, and other support services specifically for entrepreneurs, such as Ontario (Ontario Centres of Innovation), British Columbia (Small Business BC), Quebec (Investissement Québec), and Alberta (Alberta Innovates). The Government of Canada also maintains a comprehensive collection of small business resources and support, as well as numerous tax benefits and incentives for entrepreneurs.

Essential resources for Canadian entrepreneurs

Here are some popular resources for entrepreneurs in Canada, but note that this is not an endorsement of any one platform over the other, and it’s important to conduct your own research into whether these platforms meet your needs:

Government of Canada

• Canada Business App: provides entrepreneurs with personalized recommendations, access to government services, and expert advice on growing their business
• Innovation Canada: platform that helps match businesses with funding, loans, tax credits, and expert advice across the country
• Business Development Bank of Canada (BDC): offers financing, venture capital, and advisory services specifically designed to support small- and medium-sized businesses
• Canada Revenue Agency (CRA): provides tax resources and tools such as the My Business Account for managing tax obligations, GST/HST, payroll, and corporate taxes
• Grants and loans: Various programs like the Canada Small Business Financing Program (CSBFP) and the Canada Job Grant help fund new ventures and workforce development.

Business networks and incubators

• Startup Canada: offers national and local networking, mentoring, and resources to help entrepreneurs launch and scale their businesses
• Regional Innovation Centres: These hubs provide mentorship, training, and support, focusing on technology and innovation, including MaRS in Toronto, Invest Ottawa, and Centech in Montreal.
• Chambers of Commerce: Local chambers provide networking, advocacy, and resources to help you connect with other businesses in your community.

Training and mentorship

• Futurpreneur Canada: supports aspiring entrepreneurs in certain age brackets with financing, mentoring, and business support
• Mentor Works: specializes in helping businesses access government grants and loans, offering training on how to take advantage of funding opportunities
• Canadian Women’s Business Network: offers mentorship, advice, and resources for female entrepreneurs

Finance

• QuickBooks Canada and Wave Accounting: provide tools to manage invoicing, payroll and taxes, and expense tracking
• FreshBooks: accounting software typically aimed at service-based businesses or freelancers
• Square Canada: provides point-of-sale (POS) solutions and tools for managing payments, inventory, and invoices

Legal and administrative

• Ownr: a platform for registering businesses, managing incorporation, and other legal matters
• LegalZoom Canada: offers legal services like contract creation, business registration, and more
• Indeed for Employers: industry-leading tools to find and hire employees

Marketing and e-commerce

• Shopify: platform for starting an e-commerce business, offering tools to manage online stores, marketing, and payment solutions
• Google: may help improve local online presence and visibility for web searches
• Hootsuite: for managing social media, planning posts, and tracking customer engagement.

With the right knowledge, resources, and support, aspiring business owners can navigate the complexities of launching and growing their ventures. By leveraging the tools available—whether through government programs, financial institutions, or business networks—entrepreneurs can build a strong foundation for success and contribute to the country’s dynamic economic landscape.

Please note that, at the time of this article’s writing, the companies, institutions or organizations mentioned in this article may or may not be affiliated with Indeed, and their mention in this article does not imply a business relationship with Indeed.