Blog Empowering NWO

Empowering NWO Through Entrepreneurship

By Carole Long
May 1st, 2024

Are you someone with a dream, a vision, and the drive to make a difference? Have you ever considered venturing into the world of entrepreneurship? If not, let's explore why you should, especially if you're in Northwestern Ontario.

As of December 2021, Canada boasted a staggering 1.21 million employer businesses. Among these, a whopping 97.9% were small businesses, showcasing the vibrant entrepreneurial spirit that courses through the nation's veins. Now, you might wonder, why the emphasis on small businesses?

Well, here's the deal: Small businesses are not just a component of the economy; they are its lifeblood. In 2018, they contributed a significant 37.5% to Canada's GDP, with medium-sized businesses chipping in another 14.4%. Combined, these entities employing up to 500 individuals formed a formidable force, constituting 51.9% of the country's GDP.  More than half of Canada's economy might stem from the efforts of these small and medium-sized enterprises.

Ontario is where over half of Canada's small employer businesses are concentrated. Northwestern Ontario, in particular, holds immense potential for budding entrepreneurs. With its rich natural resources, diverse communities, and a growing market demand, the region offers a fertile ground for innovative ventures.

But it's not just about numbers and percentages. It's about the impact – the ripple effect that a single entrepreneurial endeavor can create. Local businesses, especially those classified as micro or small, form the backbone of the Canadian economy. They account for a staggering 98.1% of all employers in Canada. Let that sink in for a moment – almost every employer you encounter is likely a small business owner.

Now, imagine if these businesses were to vanish overnight. Over 60% of jobs would evaporate, and nearly 40% of Canada's GDP contribution would vanish into thin air. The ramifications would be staggering, affecting communities, families, and the very fabric of our nation.

So, why should you consider entrepreneurship in Northwestern Ontario?

1. Community Growth: By starting a business locally, you're not just creating a source of income for yourself; you're contributing to the growth and vitality of your community. You're providing jobs, fostering innovation, and strengthening the local economy.

2. Personal Fulfillment: There's something deeply satisfying about building something from scratch, about seeing your ideas come to life and making a tangible impact on the world around you. Entrepreneurship offers the opportunity for personal and professional growth like no other.

3. Economic Resilience: In uncertain times, entrepreneurship is a beacon of hope. It offers a pathway to economic resilience, allowing individuals and communities to weather storms and emerge stronger on the other side.

4. Global Impact: Believe it or not, your small business in Northwestern Ontario has the potential to make a global impact. In an interconnected world, even the smallest of ventures can reach customers and partners halfway across the globe.

So, if you've been toying with the idea of starting your own business, now is the time to take the plunge. Northwestern Ontario is brimming with opportunities waiting to be seized. By becoming an entrepreneur, you're not just shaping your destiny; you're shaping the future of your community and your country.

Remember, every great journey begins with a single step. Are you ready to take yours?