Stimulate everyone's desire to undertake

Leading a business project, wanting to create wealth, having a taste for risk and adventure, being committed: these are all skills common to entrepreneurs. In a context where the desire to undertake has recently declined in Quebec, the PQE therefore supports initiatives that stimulate the next generation and provide a boost to take the big leap. Through support, training, networking and more equitable access to financing, the Ministry wants to rekindle the spark and further promote the profession of entrepreneur.

In particular, the entrepreneurial intentions of women and immigrants surpass other groups , who are more likely to start a business project, at the end of the pandemic. In fact, 65% of new businesses are women-owned and immigrants have demonstrated twice as many entrepreneurial intentions as natives. This is why the MEIE wants to offer the same chances of success to all underrepresented clienteles (women, young people, people from ethnocultural diversity, members of First Nations and Inuit, people living with disabilities and members of the LGBTQIA+ community) to aim for inclusive and diverse entrepreneurship.

Encourage to stay on top

There are currently 220,000 businesses in Quebec, the vast majority of which are SMEs. That said, Louise Cadieux, a researcher specializing in entrepreneurial recovery, confirmed that the survival rate of new businesses after five years is only 65%.

To prevent momentum from running out and support the perseverance of entrepreneurs, the action plan therefore includes considerations related to mental health . Today, performance anxiety, financial stress and mental load in the business world are increasingly destigmatized. The Ministry wants more than anything to prioritize the human behind the entrepreneur and help them take the reins of their business with confidence.

Furthermore, the SME Research Institute recently estimated that 46% of entrepreneurs consider their level of skills to be low. To promote success in an increasingly complex world where new skills must be constantly acquired, but also in light of modernized management methods or changing regulations, the PQE thus offers a bonus measure for training entrepreneurs. With the inevitable green and technological shifts, mastering new skills becomes essential.

Another measure of the PQE aims to encourage networking opportunities between entrepreneurs, which are likely to lead to strategic connections and new and rewarding business opportunities. Supporting peer-to-peer contacts is a great way to share experiences of success and failure.

Finally, the PQE aims to increase productivity and competitiveness, particularly by supporting innovation accelerators. Developing networks adapted to the new economy, by collaborating with the academic, business and investment communities, is becoming essential in order to integrate innovation and intelligence into business and ensure strong growth potential.

"The PQE supports entrepreneurs in all stages of starting their business. By combining this Plan with our research and innovation strategy, we are equipping ourselves with the tools needed to develop innovative and competitive businesses that will bring economic benefits throughout Quebec."

Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montreal region

Promoting entrepreneurship

Quebec's future also depends on takeovers. "The current challenge is to attract young people who are not sufficiently aware of this option (...) But taking over means undertaking," said Louise Cadieux. "Companies looking for successors are not necessarily those that are out of breath. An owner in his sixties who saw his turnover increase tenfold during the pandemic is also ready to sell."

It is important to know that the average age of business owners today is 50. “It is essential that a particular emphasis be placed on takeovers, because already in 2018, nearly three-quarters of SME owners were thinking about transferring their business within ten years,” said François Vincent, Vice-President of the Canadian Federation of Independent Business. It is estimated that nearly 12,600 businesses could be transferred this year alone! According to the assessment by the Centre de transfert d'entreprise du Québec, that is even 37,000 businesses if we take into account the aging of the population and its impact, particularly in the business community.

We can no longer ignore what the situation requires, and the PQE is therefore proving to be an essential tool for continuing to build a business environment conducive to the growth of businesses in Quebec, thanks to its measures aimed at guiding entrepreneurs and offering them the support and financing necessary for their success.