ENTREPRENEURIAL JOURNEY: OVERCOMING CHALLENGES IN RECENT IMMIGRANT-OWNED SMALL BUSINESSES

Abstract

Small businesses play a pivotal role in any economy, stimulating growth by offering goods and services and generating employment opportunities. In Canada, these enterprises have been responsible for a substantial share of job creation in the past decade, with a significant portion originating from firms employing fewer than five individuals. Moreover, the demographic landscape of Canadian entrepreneurs is evolving, with an increasing number of recent immigrants becoming small business owners. Over the years, Canada has welcomed a significant influx of immigrants, many of whom have transitioned into low-wage occupations or embarked on entrepreneurial ventures that contribute to the nation's social and economic well-being. This study focuses on recent immigrants, defined as those who have arrived in Canada within the last decade. These newcomers have ventured into a variety of small businesses, such as convenience stores, dry cleaning services, taxi companies, and beauty salons. Some sectors, like dry cleaning and convenience stores, are particularly characterized by immigrant ownership due to lower entry barriers. While anecdotal evidence has hinted at the challenges faced by recent immigrant entrepreneurs, a comprehensive and systematic exploration of these hurdles is essential. The research project's objective is to identify and prioritize the key challenges confronting small businesses owned by recent immigrants, offering a rigorous analysis of the obstacles they encounter. This study seeks to present a thorough and well-defined list of the significant challenges faced by recent immigrant small business owners, contributing valuable insights to the existing research literature.