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Are you thinking about starting your own business? Know what you're getting into — before you commit. If you're an aspiring entrepreneur grappling with doubts, or just curious about the self-employed life, this podcast demystifies the entrepreneurial process by sharing stories and insights of founders who have successfully launched and built a small business.
The Unsure Entrepreneur
Feat. Karen Svendsen
SUMMARY KEYWORDS
Entrepreneurial ambition, small business, RBC, RBC poll, business ownership, economic trends, digital tools, flexibility, independence, generational shift, business resilience, adaptability, funding challenges, mentorship, futurepreneur, business plan.
SPEAKERS
Karen Svendsen, Roger Pierce
Karen Svendsen 00:00
There's a lot of really good reasons to believe the trend will continue into 2026 and, quite frankly, beyond. You know, 76% of business owners and 66% of consumers say they feel optimistic about the outlook for small businesses in the year ahead.
Intro 00:18
You're listening to The Unsure Entrepreneur Podcast with Roger Pierce, whether you're scribbling business ideas on a napkin or wrestling with the ‘should I shouldn't I’ question. Get ready to explore the realities, the risks and the rewards of entrepreneurship as we share the stories, scars and successes of small business owners.
Roger Pierce 00:38
Hey, aspiring entrepreneurs, welcome back to The Unsure Entrepreneur Podcast. I'm Roger Pierce. Today's episode couldn't be more timely. Entrepreneurial ambition in Canada is at an eight year high. 59% of Canadians now say they want to start a business. Fantastic news. But what's driving this surge and what tools are there out there to help us who are sitting on the fence, to take that next leap, to help us unpack these trends. I'm joined by Karen Svendson, Senior Director of Small Business and Partnerships at RBC, Royal Bank of Canada. Karen leads client strategy across Canada for small businesses, and she's been a champion for entrepreneurs navigating an unpredictable economy. She also played a central role at RBCs 2025 Small Business Poll, which highlights the hopes, hurdles and habits of today's aspiring and active business owners. So in this episode, we're going to dig into the findings of the poll, what they mean for future entrepreneurs and how RBC is offering support that goes well beyond banking. Karen, welcome to the show.
Karen Svendsen 01:44
Hi, Roger. Thank you for having me. I've been looking forward to this conversation all week.
Roger Pierce 01:48
Me too. Anytime I get a chance to talk about small business, of course, I get excited. Me too, and
Karen Svendsen 01:53
people know that. They know that, you know, don't stand still too long. Otherwise, I'll start talking to you about small businesses.
Roger Pierce 01:58
My wife and my kids probably get bored of me, because that's all I talk about. So something big is happening. As I mentioned, across Canada, more than half of Canadians, 59% it's worth repeating now say they want to start a business. Now that's the highest number I believe, RBC has seen since 2017 and it is not just a dream. So I want to talk about what's behind the surge. Is it economic? Is it cultural? Is it generational? All of the above. So I got a couple questions for you here, looking back at the poll, and by the way, the polls available on RBCs website, we'll put that in the show notes. What stood out to you in this year's poll?
Karen Svendsen 02:39
So we've been running this poll for an incredible 15 years, and really to understand the aspirations, challenges and opportunities facing small business owners. And this year's findings really, really stood out to me, and you've already, you know, hit some of the points as it showed significant surge highlighting just how strongly Canadians believe in the value of business ownership. 81% yes. 81% of those surveyed believe business ownership is a viable way to earn a living. So Roger, that really tells us that Canadians see entrepreneurship as a realistic and attainable path. Not only do Canadians see business ownership as possible, but they're also actively considering it. Like you said, nearly 59% of people now express a desire to start a business. That is a huge jump. It is 13% points higher than just a few years ago, and it speaks to a shift in how people are thinking about careers and work, and how that whole life work balance is going to play out for them.
Roger Pierce 03:53
That's fantastic, a surge of interest in entrepreneurship, which we need, you know, not to digress, but we need to boost our productivity. We've got trade issues. Entrepreneurs are the solution to a lot of our challenges as a country. I firmly believe that. I know you do too. So let me ask you why we're seeing this surge of entrepreneurial interest right now. I think
Karen Svendsen 04:13
I think there's a bunch of different reasons behind it. I think that, you know, for a lot of people, there's the appeal of that entrepreneurship is about independence and flexibility. People want more control over their time and their long term prospects, and they want the ability to shape that future for themselves and for their family. And you know, some just are no longer as interested in following a traditional career path. But in addition to that, I think the economy, the broader economy, is changing. Unfortunately, traditional employment feels less certain for some Canadians, especially with the dialog and what we're seeing so much about AI and automation, but countering that, we see the barriers to start. A small business, the entry barriers to entry are lower. You got digital tools, you got online platforms. You've got new technology that make it easier to start a business, to be found, to sell to, you know, engage with clients than even a decade ago. And that's leading a lot more people to think about maybe having multiple income streams or building something alongside the work their primary work and entrepreneurship offers a way to create stability for a lot of people on their own terms. And we're also seeing in some of the studies we've done over the last couple of years, we've seen more and more Canadians motivated by purpose. They're really thinking about, what do I want my work to be for me? And they want to build a business that reflects their values and allows them to contribute to communities. And then, I think, almost most importantly, and on the flip side, Canadians continue, Canadians in general, continue to really value and see the importance of small business for their communities, for their main streets, you know, to make those flourishing communities. They really see and continue to believe. We saw it begin in the pandemic, but it's been sustained that small businesses matter to create thriving communities. So I think those are some of the reasons behind the increase.
Roger Pierce 06:20
Wow, all very good reasons, and you touched upon to an important point. You don't have to start a full time business. Do you? You can start as a part time business or a side hustle and see how it goes.
Karen Svendsen 06:30
Absolutely. That's one of the ways that we do recommend, you know, dip your toes in see how it goes, how you like it, how it works. Absolutely, it can be part time.
Roger Pierce 06:39
From the poll. Is there specific regions of Canada where we're seeing the surge?
Karen Svendsen 06:43
Yeah, absolutely regionally, Ontario shows the highest level of entrepreneurial ambition, with 68% wanting to start a business. And then the Atlantic and prairies are also very strong, at 62 and 60% respectively. And that's pretty much consistent with what that pattern is, pretty much consistent with what we've seen in our polls from previous years. There's historically been a high level of entrepreneurial spirit in those regions, and it's great to see it continue. In terms of demographics, we do see younger Canadians are really driven to start something, a remarkable 76% of Gen Z and 70% of millennials say they have thought about owning a business. So certainly, you know, younger folks driving the charge there. And I think you know, if you think about it, younger cohorts not to be disrespectful. Is somebody that's over the age of 50. Myself not to be disrespectful to any any age, but you know, younger cohorts, they traditionally, they're more open to non traditional career paths, and they're more comfortable. They are digital natives. They've grown up with digital tools, so they may be quicker to see entrepreneurship as an appealing and realistic option for them as they start to chart out their lives.
Roger Pierce 08:01
I got my start years ago working with young entrepreneurs, and it's still I'm no longer a young entrepreneur. That's, that's for sure. I've got a daughter who's in university, so maybe she'll become a young entrepreneur, and we're going to talk later on about your involvement with futurepreneur, who I know, I'm big fan of the organization, and all it does for young entrepreneurs. We'll get to that in a little bit, but I want to look at the looking glass for next year. Karen, do you think 2026 we're going to see this trend continue?
Karen Svendsen 08:27
Yeah, we do think so. You know, there's a lot of really good reasons to believe the trend will continue into 2026 and, quite frankly, beyond. You know, 76% of business owners and 66% of consumers say they feel optimistic about the outlook for small businesses in the year ahead, which I might not have predicted when we you know we're building this poll, but it's great to have that perspective and that level of optimism for small businesses being reflected. That sort of suggests that Canadians will continue to see starting a small business as an appealing and, perhaps more importantly, a realistic path. The motivations behind this trend, also when we look at it, are not short term. While the economy is playing a part, people like you know, they want more control over their work. They want more flexibility. There's more ways to build financial stability as the economy and technology continue to evolve. And you know, those are not short term things, and those drivers are becoming more relevant. So we really do expect the interest in entrepreneurship to remain strong.
Roger Pierce 09:36
It's one thing to say, I want to start a business, but it's another to actually do it as you know, there's fear, there's lack of knowledge, there's uncertainty about where to begin. How do we turn all that ambition in the poll into real businesses? Can you talk about some of the main blockers maybe that might be preventing people from starting up?
Karen Svendsen 09:53
It's a great question, and it's a great thing to unpack and think about. So one of the biggest blockers we. See, and certainly, when I've talked been out talking to people, is that sort of overwhelmingness and uncertainty about so where do I begin? Even if people are excited about the idea of starting a business, they're not necessarily sure. What do I do first? You know, what does that look like? How do I turn this idea that's been banging around my head for a while into a plan. So there's a few other challenges that hold people back. You know, many are not certain about how to access capital, or where to go to funding, or how much funding do I need. You know that can be an intimidating piece of thinking through the pathway others feel they don't have people in their network. You know, they're not necessarily children or of entrepreneurs, so they may not feel like they have people to go to to support them and help them talk through the journey. A lot of business owners, they may be really skilled at doing something, but they're not sure about do I have the business know how, or the experience to be able to turn that expertise or knowledge into a money making enterprise. So they think that's also something that makes people hold back a little bit that whole sort of, I guess that's sort of that, do I have what it takes to be a business owner? And then all of that kind of ties that hesitation, it ties to confidence. The poll shows strong interest, but taking that step like you say, from thinking to doing requires a lot of tools and support. Without that, people can get stuck at the idea stage, and then I think time is another barrier. Many aspiring entrepreneurs are balancing work and family responsibilities already, and it can feel overwhelming to carve out the time needed to explore a new venture. And then, you know, speaking of time, some aspiring entrepreneurs get caught trying to forecast the perfect time to start a business, which I think we hear about quite often.
Roger Pierce 11:58
Successful businesses come from very lean times where entrepreneurs see opportunities and they can come from boom times where people want to jump on that bandwagon.
Karen Svendsen 12:07
I get asked that question is, you know, what's the right time? How do I decide what the right time and it's like now, or when you're ready, that's the right time. Don't try it. Getting started is half of it. You'll learn. And to your point, businesses that lasted and have become huge. Businesses started in lean times and went on to great things.
Roger Pierce 12:24
I'm going to ask you about some of your tools and resources later on, but in a broad sense, what is RBC doing to help people move from idea to launch? Can you give us an idea?
Karen Svendsen 12:35
Sure. So we think that a big part of our role is making the early stages feel less overwhelming. So we help people understand the practical steps to take, from registering their business to working through their business plan to securing or identifying sources of financing. And our advisors at RBC, they work closely, day in and day out with entrepreneurs to review their goals, walk through their needs and their plans, and help outline options that are available to them. And because, you know, as we've just talked about, there's some people feel that hesitation or are feeling sure about where to find support, we make available a lot of tools on our website, which, you know, with advice, and also which I also think is important is, you know, stories and inspiration no matter where they are on that journey, and giving them ways to explore and get ready to move ahead. Ultimately, our goal is to reduce the uncertainty and give people the confidence to take those early steps.
Roger Pierce 13:45
I love it. And you touched upon a great point too. You know, in the small business owners relationship, their network, there's some key players, there's your accountant, there's your insurance person, there's your banker, right? You got to turn to these people and trust them and pick on their knowledge, because they can help you in the journey, because they've got experience working with hundreds of other small business owners, and so I think they're a resource that a lot of people should go to.
Karen Svendsen 14:07
Absolutely what really makes a difference, we believe, is the support that helps people work through those questions, those challenges, and build a plan, gaining that confidence understanding the the aspects of running a business. You know you've got, like I said earlier, you've got that expertise you may have, but now we need to complement that with understanding how to run a business. And yes, as the banker in the conversation, having a solid business plan is one of the most important early steps. So we do believe it's critical, and we've seen it time and time again, you know, I've spoken to early stage entrepreneurs, and some of them have said to me, you know, I know people told me to build a business plan. I didn't do that. I didn't have the time, or I didn't take the time, and now I really wish I had so certainly, to counter that, we think it's critical to make that. Process feel easier and less intimidating, so more people will take that step. Because really, when somebody's thinking about or just starting out, a business plan helps them test the idea. It serves as a roadmap for their business. Reveals gaps or risks, and of course, when they are looking for financing, having a clear business plan is key. It shows your potential investors, stakeholders, or your banker that you're serious, you've thought through the idea, and that you understand your cash inflows and outflows. So really critical pieces. And to do all those things, people are not alone, and they don't have to break out the Excel spreadsheet. We do offer tools like our Business Plan Builder, which breaks the process down into steps and really gives them advice and thoughts through those different things.
Roger Pierce 15:52
It's a fantastic tool, and people should go and use it. And, you know, download it, fill it out. The process of putting ideas down on paper is gold and then share it around. Too many entrepreneurs keep it close, chested, and they don't share it with their banker or their friends or their business people they know to get their feedback and input. It'll make the plan stronger, won't it?
Karen Svendsen 16:11
Absolutely, I think, you know, that's one of the things we talk about a lot, is who's that circle around you that you can go to, mentors, advisors, and then the other thing that we do talk about is we all want to be validated, and that's, you know, being encouraged. But also, you know, have that person that might be a little bit, you know, ask the tough questions. You know, that's important to have take a look at your thoughts and plans and be able to build a better plan for you and identify things so that they don't become surprises down the road.
Roger Pierce 16:40
Absolutely, poking some holes in it is part of the process. It's healthy. It's healthy. Now I want to talk to you about business resilience, because the poll touches upon this as well. Now, according to the poll, six in 10 small business owners have had to change their strategy in the past year, and half have reworked their business model entirely. Now that tells me that adaptability is the new requirement, and I want to talk about with you what resilience looks like today and how entrepreneurs can build it into their business from the very beginning. So a couple of questions for you. What patterns are you seeing? Karen, among the entrepreneurs who are thriving right now,
Karen Svendsen 17:18
you're absolutely right that adaptability is the new requirement. 46% of the business owners we surveyed strongly agree that the current economic and market conditions are forcing them to be more proactive. And that really shows up in the entrepreneurs who are thriving. They stay ahead of change instead of reacting to it. Another thing they do that the pattern that we've seen, both from the poll and as we've talked, you know, in our talking to customers who are small business owners is they stay very close to their customers. The owners doing well, or they're checking in often. They're watching buying habits, adjusting their products and services quickly. They move early, instead of waiting for conditions to force their hand. The other thing, the other pattern that we've seen is they're making small, frequent pivots, rather than one big, maybe riskier overhaul. And so that allows them to learn in micro bursts and adapt their business as they move ahead. So whether that's updating pricing, adding a new service or testing a digital tool, all these little pieces are working to make their businesses stronger and then perform better.
Roger Pierce 18:35
I'm so glad you brought that up. One of my mantras is ask your customers first. You know, when you're in business, it's so easy to get kind of caught up in our own mind, and we overthink things paralysis by analysis. But just go and if you've got some customers, ask them, hey, what do you think if I did this? What do you think if I did that? It's such an easy strategy that it helps us stay resilient.
Karen Svendsen 18:54
It is, and it's remarkable how your customers feel. They feel really flattered and engaged when by and large, there's always an exception to everything, but the number of times that you know, you hear the customers feel really good about being asked it that their opinion matters. Why?
Roger Pierce 19:09
I'm a big fan of Google reviews. If I get really good service from a small business, I will take the time to post a Google review because a it really helps the entrepreneur running that business, but gives them some feedback. They did a good job, you know. Let's talk about some RBC entrepreneurial tools. I love tools and resources, even on my own website, unsure. Entrepreneur.com/resources I think I've got a link to you guys there, actually, but I've got all kinds of great tools and resources, and there are so many out there. Like you said earlier, technology resources are enabling entrepreneurs to get started. This is what I call the era of the entrepreneur. There are so many conditions in our favor right now. There's so much wind at our back. Technology and tools being one of them. Don't get me started on AI. But the issue is a lot of people don't know where to find these tools, how to use them, but I know you got. Guys have got some great ones. So I want to poke and prod here a little bit. It's not just about loans or accounts, right? I know you guys do a lot more than that. You've got legal registration tools. I want you to talk about digital insights. Your newsletter is great. You've got online courses, a whole heap of stuff that offer real value to entrepreneurs at any stage, starting, growing, managing, exiting. So can you walk us through some of your favorites?
Karen Svendsen 20:25
I would love to this has been a big part of what we've focused on over the last few years. Like you say, running a business is more than a bank account and those pieces and we want to be part of bringing some of those essential pieces that are going to make it easier and make you a more successful business owner. So first we've got owner, which makes it and its owner without a need, makes it simpler and more affordable to start and register the business. So that's a key piece. We've also got RBC insight edge, which provides market intelligence so that entrepreneurs can understand customer buying patterns in their neighborhood and benchmark themselves against those buying patterns and get those insights. So that's a pretty exciting one. We partnered recently to create something called the founders journey, an online course. It's free, it's a virtual course, and it's offered by Western universities, more set Institute for Entrepreneurship, RBC, future launch and the Globe and Mail. And we all came together to build this course. And it guides participants through that journey of starting and growing a new venture. And you can go at your own pace, so you can do bits and pieces of it to sort of build that knowledge base. We've also partnered through our beyond banking platform, we've partnered with other businesses that we want to bring to our customers with things that will help them be stronger businesses. So one of those is Grant match, which helps organization capitalize on the best business opportunities by making it easier to obtain grant funding and learning about what grants are out there that might apply to your business. So another great source of funding. And then finally, I think, just because it's always timely, is we also partner with One Password, which helps small businesses protect their data and operate more securely online. So also, a key piece that's on everybody's mind these days.
Roger Pierce 22:28
All good resources, and they're all on the RBC website. We'll get you to plug that address at the end now, owner. For those of you don't know, it's so easy, I've registered businesses on owner before. It's done in a matter of minutes. Click, click, click. You can set up a sole proprietorship, which is often the way most entrepreneurs get their start. You're registered with the provincial government authorities, and away you go. One of your other flagship partnerships. I want to draw attention to it is one of my favorite organizations, and that's Futurpreneur. Can you tell us a bit about what it does in your partnership there?
Karen Svendsen 22:57
Yes, that is one of mine as well. So Futurepreneur focuses on providing support mentorship. They run, you know, intense courses for 18 to 39 year olds that are thinking about starting a business. So it is amazing the businesses that have come out of Futurepreneur over the years, they really create communities of like minded entrepreneurs. They bring mentors to match people with mentors. They do courses, and they also it's an access point for funding, for startup funding as well. So an awesome organization that we are very proud to work with. And definitely, if I was thinking about entrepreneurship right now. I'd be I'm 18 to 39 I'd be looking at their website to see all the great things they bring to people just like you. That's perfect.
Roger Pierce 23:50
Looking into the future is RBC planning to roll out more of these resources. Can you give us a glimpse of what might happen down the road?
Karen Svendsen 23:56
We're always looking for new partners. We're always looking at what the tools are that small businesses need to run their businesses. For instance, one password is a relatively new partner of ours focused on protecting data, and so that portfolio does change over time, as we see gaps in the portfolio or clients needs change. So certainly, we've got a couple that I can't talk about, but we got a couple that we're looking at right now for things that we've looked at and gone, oh, business owners need that. Let's see if we can find best in class provider of that and bring that to customers. And the other great thing is, so we go and do the research to find out who's really great out there, and then, typically, we work with that partner to find ways to get some form of value add, maybe a discount for RBC customers or something like that, to really help, especially those startup customers who in those first few months are a bit cash strapped. So that's part of that whole package for us as well.
Roger Pierce 25:00
That's good. You're always keeping it fresh and innovative. I love it. So looking at the future of work, and you mentioned how more people are becoming aware of entrepreneurship and considering it as their option, as more people are looking for independence, flexibility and purpose. Can you talk about how this shift is changing Canada's business landscape in your perspective?
Karen Svendsen 25:17
Yeah. I mean, I think it is that future of work conversation. I think you've or question you've hit it quite is really well there, and we've been looking at this sentiment over the last few years, and the way Canadians work has been shifting. We saw, you know, we've seen the rise of the gig economy now. AI is reshaping industries once again, and that's affecting how people review traditional jobs, traditional employment, for many of us, was the for a long time, was the default option. Now it's one option among many. So we're seeing a lot different ways to start a business, a lot of different types of business models. Also, even corporations, are also looking at employing differently in terms of sometimes having contract workers, having the ability for people to work with them for a while, so they get diversity of expertise in ways as well. So it goes, goes both ways, and certainly, the poll found that 31% of Canadians were finding ways to make money from a passion project or hobby, which is an interesting change, and 28% were exploring income opportunities outside their regular job. So maybe that's supplementing income from the regular job. Maybe that's a response to the cost of living. But 28% are doing that, and 19% were taking on side jobs alongside full time work to do just that and earn extra cash. So that whole how we work, how we derive income as Canadians, is very much shifting. Obviously, traditional employment still matters, but the landscape is definitely shifting.
Roger Pierce 26:56
And you raise a good point, you don't have to jump into entrepreneurship with both feet. You can start something on the side and augment your income. I mean, you can set up an e commerce Store on Shopify, etc, and have money coming in overnight. It's not an all or nothing proposition, unless you want it to be. And I think that's a good point. How people are changing the way they work and how they work. They earn money a lot of the times it involves a little bit of micro business. So Karen, heading into our wrap, and I'll get you to plug the website, etc, in a minute. But want to ask you a question for someone who's listening today and feels the pull of entrepreneurship but doesn't know where to start, what would you say to them?
Karen Svendsen 27:31
I'd say, start small, well informed and start simple. You don't need a perfect business plan on day one. You just need to get the idea out of your head and onto paper, that basic outline that can help build momentum and begin to help you think through your idea and mentally test your idea. And as we've said a couple of times, talk to someone. Don't keep it all in your head, whether that's a friend, another business owner, or one of your advisors, they're available and ready to help move your business forward. There are a lot of people and resources out there who truly want to help you get moving. So tap into them.
Roger Pierce 28:13
We are a community. After all, you're not in this alone, as I like to say, there's so many networks and resources and support out there, reach out. It takes a village, right? So what really stuck with me today, reflecting back on our conversation, is that entrepreneurship isn't just rising, it's evolving, right? People are coming at it from different angles. They're doing it to take control of their careers. They're building something meaningful and to change their communities in some respects. But it's really encouraging to know that RBC is stepping up with the tools and the support to support these goals in practical and more modern ways. So Karen, I want to thank you for being here and for the important work you and your team are doing. Where can our listeners learn more about RBC small business tools and programs?
Karen Svendsen 28:56
We've created a one stop online hub where aspiring and current business owner can find everything in one place, our advice, tools, inspiration and the beyond banking services we talked about today, you can explore it at https://www.rbcroyalbank.com/business/advice/starting-a-business.html
Thank you, Roger for having me. And I really enjoyed our chat and our discussion about entrepreneurs in Canada.
Roger Pierce 29:21
it was great to connect and hear your insights. I look forward to more research from RBC and of course, all your fantastic tools. I will put that link in the show notes to make sure everyone's got access to it. So thank you for sharing all of that here today, and to our listeners, thank you for spending time with us on the unsure entrepreneur podcast. If you enjoyed this episode, please leave a review. Share it with someone who's thinking about starting a business, and remember, we're in this journey together.
Intro 29:49
That's it for this episode of The Unsure Entrepreneur Podcast. Thanks for listening. Be sure to subscribe so you don't miss other episodes.