It's a term that so many people are struggling with in this day and age.
- More than 99% of Ontario's businesses are small and medium-sized (under 500 employees).
- More than 97% of Ontario's employer businesses were small-sized with fewer than 100 employees.
- More than 2.8 million Ontarians worked for small and medium enterprises.
- Large enterprises employed almost 2.7 million individuals.
We tend to look at the massive brands and organizations as some kind of lighthouse of power when, in reality, we would not have much of an economy were it not for the small business owners. The challenge is that we live in a day and age when a business (like Instagram) can have under ten employees, minimal (if any) revenue, and then be sold for one billion dollars (in this case, it was to Facebook). So, is Instagram a small business? Or do we need to take the concept of a startup and separate it from the flock, because the spirit of a startup is so foundationally different from an individual who is more than happy to make enough less money (with as little stress as possible) and wants to run a business that would never be worth a billion dollars.
So, if you're limiting your income and growth potential on purpose, can you still be considered an entrepreneur?
I have set a very clear definition of what an entrepreneur is: an entrepreneur is someone who has a vision for the industry that they serve that has yet to exist, and is willing to take the risk to prove their vision by executing and running a business around it. Some would argue that this definition is too shallow. Some would argue that many small business owners should not even be considered entrepreneurs. So might even argue that children of entrepreneurs taking over a family business would be considered entrepreneurs too (I'm iffy on this one). This week, I was invited to take part in a live television panel on TVO's The Agenda with Steve Paikin. The title of the show was called, Small Business In A Big Box World. The segment lasts about thirty minutes, and I'm hopeful that I did us all proud. There was some heavy back and forth challenges and debates.
So, would you consider certain small business owners entrepreneurs? I would. Here's why...
Also, in cased you missed it, here's my CTRL ALT Delete solo session on The Agenda with Steve Paikin from a few months back...