TORONTO: BEST PLACE IN THE WORLD TO BE AN ENTREPRENEUR Entrepreneurship Expert Explains Why Toronto is Tops

TORONTO: BEST PLACE IN THE WORLD TO BE AN ENTREPRENEUR
Entrepreneurship Expert Explains Why Toronto is Tops

It is one of the most multicultural cities in the world, one of the most populous in North America, and ranks in the top ten of The Economist’s most livable cities. But, Toronto the Good is now also becoming Toronto the Good for Business.

That is the opinion of entrepreneurship expert Evan Carmichael, who says that Toronto is the ideal city in which to start a business today. “If you’re an entrepreneur looking to get your feet wet, you will find no better place to test the waters than in Toronto.”

A recent CIBC report found that Ontario, and particularly its major urban centres, has the best environment in Canada for encouraging small-business growth. “Ontario is home to 36% of all small-business in the country, and that number continues to grow steadily each year,” says Carmichael. “Toronto is the driving force behind that growth.”

People often underestimate the influence and importance of Toronto both at home and in the global market. But, says Carmichael, they shouldn’t. Of the world’s largest cities, Toronto has the 7th largest economy, with a GDP of over US$225 billion. It comprises 11% of Canada’s GDP and the city exports over $70 billion in goods and services each year. It is also Canada’s largest employment centre, hosting one sixth of the nation’s jobs. “Toronto is a major player in the business world,” says Carmichael. “It is Canada’s hot spot, the place to be for entrepreneurs right now.”

The growth of small-businesses in Toronto is largely concentrated in the service and retail sectors, which tend to be more ‘small-business friendly’. It is also being driven by a sizeable wave of new immigrants into the city. In 2004, the United Nations Development Program ranked Toronto second in the world for the largest percentage of foreign-born population.

“Toronto continues to attract new immigrants from around the world because of its high standard of living and the wide range of opportunities that are available here,” says Carmichael. “With a higher tendency to be self-employed, immigrants are going to continue fueling the small-business growth in Toronto for years to come.”

In addition to offering a highly skilled, multi-lingual and educated workforce, Toronto has numerous other advantages for entrepreneurs. A 2004 study released by KPMG noted that Toronto is the third-least expensive place to do business among the 30 largest cities in the world. “Toronto is at least 6.5% less expensive to do business in than the average U.S. city,” says Carmichael. “It is good for your bottom line.”

A creative and productive city, Toronto offers everything entrepreneurs need to grow their businesses – and more. “It is a competitive and cost-effective city where you’ll really get the most bang for your buck,” says Carmichael. “Today, starting a business in Toronto means seizing the opportunity to realize your dreams. There really is no place quite like it.”
Evan Carmichael is available for an interview. Please contact him at evan@evancarmichael.com.


Evan is an entrepreneur and international speaker. At the age of 19, he became an owner and Chief Operating Officer in Redasoft, a biotechnology software company. The company quickly grew to over 300 organizations as clients, including NASA and Johnson & Johnson, in 30 countries. He started Evan Carmichael & Associates with the goal to give entrepreneurs the motivation to follow their passion and the strategies they need to succeed. Evan has delivered over 100 keynote presentations to entrepreneurs in North America, Europe, and Asia. He has been interviewed by newspapers, radio stations, and television stations including CHUM FM, CityTV, Global TV, OMNI TV, Enterprise, and the Toronto Sun. Evan's website, http://www.evancarmichael.com is the world's #1 website for small business motivation and strategies.