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May 16, 2023

Entrepreneurs struggle to cope

Canadian entrepreneurs are struggling to cope with rising costs and work-life balance, says a survey from BDC, Canada’s business development bank. The survey shows that 45% of business owners are dealing with mental health challenges, up from 38% in February 2022. Thirty-one percent want to seek help, up from 21% in 2022. The survey results paint a concerning picture of the current economic climate and its impact on Canadian business owners. Over half of the business owners surveyed cite inflation as an important source of stress and work/life balance is now a concern for 54% of them, compared to 45% last year. "Canadian entrepreneurs are facing a daunting challenge in today's economic context, compounded by the scars left by the COVID-19 pandemic,” says Annie Marsolais, chief marketing officer and mental health advocate at BDC. “Inflation rates and other factors are affecting their business in ways that are harder to control, leaving many entrepreneurs resorting to working even longer hours just to stay afloat. This is amplifying their mental health stresses because of the sometimes-devastating consequences on their personal lives and overall well-being.” In response to the survey results, BDC will launch a pilot project this fall that will provide some of its existing clients with virtual therapy. For information, visit BDC 

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