The Job Market is Changing
“The job market is tough. The PR wait feels endless. And climbing the corporate ladder? Slower than ever.”
For many professionals, landing a stable, well-paying job is no longer as simple as it used to be.
Overqualification, fierce competition, and work-life balance struggles are becoming more common. Sound familiar?
This is why more and more professionals—from corporate executives to skilled newcomers—are rethinking their career paths. Instead of waiting for the right job, promotion, or PR status, they are taking control by starting their own businesses.
In 2023 alone, 5.5 million new businesses were created in the U.S., marking a record-breaking surge in entrepreneurship. (Source: U.S. Chamber of Commerce)
This shift is not just happening in North America. Across the globe, professionals are choosing entrepreneurship over traditional employment, seeking flexibility, control, and financial growth.
A 2024 RBC Small Business Poll found that 51% of Canadians are considering starting their own business, reflecting a growing trend toward self-employment. Additionally, 74% of small business owners and aspiring entrepreneurs in Canada cite the rising cost of living as a major motivator for starting their own venture.
Is starting a business the right move for you? Let’s break it down.
The Challenges of Traditional Employment
- Fierce competition: Many industries are saturated, making it difficult to secure the right role.
- Overqualification issues: Skilled professionals often find themselves in lower-paying jobs due to local work experience requirements.
- PR waiting times: Many non-residents assume they need PR to start a business, but that is not always true.
A study by Statistics Canada found that immigrant entrepreneurs tend to start small, but within four to eight years, they surpass native-born Canadians in business ownership.
Instead of struggling to fit into a rigid job market, many professionals are leveraging their skills and taking control through entrepreneurship.
Why More Professionals Are Turning to Business
Many professionals are drawn to business ownership because of:
- Freedom and flexibility: No waiting for PR, job offers, or promotions.
- Better use of expertise: Consulting, freelancing, and small businesses allow professionals to monetize their skills directly.
- Financial upside: Business ownership offers greater income potential and tax advantages.
Younger generations are embracing this shift. A report by the New York Post found that 40% of Gen Z and 41% of Millennials identify as entrepreneurs, outpacing older generations.
Traditional employment is no longer the default career path — self-employment is becoming the future.
How to Get Started
- Identify your expertise – Consulting, e-commerce, tutoring, digital services, and more.
- Register your business – Many places, like Ontario, do not require PR to incorporate.
- Build your network – Connect with LinkedIn communities, entrepreneur groups, and business circles.
- Use digital tools – Social media, online marketplaces, and personal branding can help grow your business.
While entrepreneurship offers freedom, it also comes with challenges. A study from News.com.au found that 77% of sole traders in Australia experience feelings of isolation or burnout.
Being your own boss is rewarding, but building a strong support system and setting realistic expectations is crucial.
A New Career Mindset
Traditional employment is one option, but entrepreneurship provides more flexibility, control, and financial potential.
Instead of waiting for the right job, why not create your own career path?
If you have ever considered starting a business, now might be the perfect time. The landscape is shifting, and opportunities are growing.
What are your thoughts? Are you considering making the leap into business? Or have you already done it? Share your experience in the comments.
Disclaimer
The information in this article is for general informational purposes only and does not constitute legal, financial, or professional advice. While every effort has been made to ensure the accuracy of the information provided, regulations and market conditions may change. Readers should consult with a qualified professional before making business or financial decisions. The author and publisher assume no responsibility for any errors or omissions or for any outcomes related to the use of this information.