Each year, about 100,000 small businesses are created in Canada. But what does it actually take to start a business in Canada — not just on paper, but in practice?

To better understand what launching a startup in Canada truly involves, we interviewed entrepreneurs across various sectors. As experts in strategy and entrepreneurship, we combined their first-hand experiences with research findings to determine key factors that contribute to business success.

What emerged is a clearer picture of the realities of Canadian entrepreneurship that shows building a business is as much about managing relationships, risks and resilience as it is about having a novel idea.

Before launching a business, it’s essential to identify your target customers. Successful ventures begin by solving a real problem for a clearly defined group. Conducting market research to ensure a strong product-market fit is a critical first step in this process.

One of the most common blind spots for new entrepreneurs, according to Ariz Bhimani, founder of apparel brand BRFZY, is assuming the problem they face is universal. “Without genuine data from potential customers, you’re just guessing,” he said in an email interview.

This is where customer discovery comes in. It involves understanding customers’ situations, needs and pain points. Techniques such as user interviews and creating detailed customer personas can help founders better understand who their product is for.

This approach is crucial for both startups and established organizations looking to enter new markets.

Another vital part of the early-stage process is building a minimum viable product (MVP): a basic version of a product that includes only the core features needed to test the idea with users.

MVPs allow entrepreneurs to gather feedback and refine the product before investing significant time or money in full development.

Once a market need is identified, securing funding is often the next major challenge. This process typically

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