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June 20, 2021

Most men see themselves starting their own business: Report

The majority of Canadians (76 per cent) would rather run their own business than work for someone else, according to recent Bank of Montreal research. And that number jumps to 82 per cent when you look at men only, BMO notes.

 In these days of economic uncertainty, starting your own business no longer seems all that much riskier than a 9-5 office job.

What's holding them back? No money. 52 per cent of those surveyed say access to capital is the most significant barrier to starting out on their own.

Despite this, about 1.7 million Canadian men consider themselves self-employed, according to Statistics Canada.

Many, however, work in service jobs that are not particularly capital intensive. Running a cleaning crew, for instance, doesn't require stacks of money. Nor do you need big dollars if you're trimming hedges and looking after lawns.

But that's not what most men are looking for.

The food and hospitality sector was the most popular choice for men (14 per cent), followed by arts and entertainment (12 per cent). Ten per cent said they would like to start a retail or service company, while 7 per cent were interested in IT.

Self-employment is a tempting career path, but it’s not for everyone. Even though you may generate lots of activity, profits often fail to materialize to the extent necessary to sustain an ongoing company. And, if you don't have enough cash to carry you through the first six months or so, your prospects for success are poor.

While some men are able to carve out a sustainable solo career, many dabble in the owner-in-the-store lifestyle only to be lured back to a job at a more established organization.

What about you? Have you made the leap to self employment? Was getting start up money difficult?

By Gordon Powers, MSN Money





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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...