The Great Resignation and Entrepreneurship

Everything you need to know about the trend of leaving your nine-to-five job in favour of starting your own business, with insight from APOLLO’s CEO, Jeff McCann.

If you’re someone who has an office job or even an account on LinkedIn, you’ve likely seen or heard the term “Great Resignation”. Picking up traction in 2021, it’s a trend that has continued to gain momentum throughout 2022.

In this article, we’ll answer some of the most commonly asked questions about the Great Resignation in Canada, as well as what it means in terms of entrepreneurship, including:

• What is the Great Resignation?

• Why is the Great Resignation happening?

• What will the Great Resignation lead to?

• The emergence of a Renaissance of Entrepreneurship

• Resources for small business owners and entrepreneurs

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FAQs About the Great Resignation

Despite hearing this term within your industry or seeing it pop up on your social feed, you may not be entirely clear on its meaning. Below, we define the Great Resignation, as well tackle a few other questions about this trend.

What is the Great Resignation in Canada?

The Great Resignation is the mass exodus of professionals from traditional workplaces. The year 2021 saw an increased resignation rate across multiple industries, as well as a substantial number of people refusing to return to work due to the COVID-19 pandemic.

The term was coined by a psychologist and professor at Texas A&M University, Dr. Anthony Klotz. He first used the phrase in an interview with Bloomberg Businessweek.

Why is the Great Resignation happening?

According to CNBC, about 47.4 million workers in the United States quit their jobs in 2021. And the Financial Post reported in July 2022 that almost a quarter of Canadians have switched jobs amid the Great Resignation. Those are some big numbers – but why is it happening?

Dr. Klotz’s theory is that many people are having pandemic-related epiphanies about their quality of life and time spent with loved ones. This has resulted in Canadian workers leaving their jobs at companies they may not have been entirely happy at.

Essentially, people are quitting their jobs to pursue opportunities for advancement, professions they are passionate about, or working conditions that offer better work-life-balance, such as remote work.

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What will the Great Resignation lead to?

For some people, resigning from a job they didn’t enjoy has simply resulted in them finding a better employer or different line of work. For others, however, it has led to them leaving the corporate grind altogether, in favour of pursuing their own business where they can work from home or choose their own working hours.

In other words, in many ways, the Great Resignation is leading to a Renaissance of Entrepreneurship.

A Renaissance of Entrepreneurship

If you combine the large number of people resigning from the traditional workforce, with the 1.3 million new immigrants projected to come to Canada between 2022 to 2024, you can see how a Renaissance of Entrepreneurship is coming. In fact, in 2021, 2 million Canadians started a new business.

Earlier this year, as the keynote speaker at Gravitas Securities 5th Annual Growth Conference, Jeff McCann, APOLLO’s CEO, shared his insight on the Great Resignation and a Renaissance of Entrepreneurship:

“Last year, tens-of-millions of people across North America quit their jobs. They’re calling this the Great Resignation because people are saying, ‘You know what? There’s a great reset here.’ So, we have an opportunity to be able to embrace entrepreneurship. And this is driving a renaissance. We have two factors here. We have immigration, and we have the Great Resignation merging together with this Renaissance of Entrepreneurship, and driving new business starts and new business growth.”

– Jeff McCann, CEO of APOLLO

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Resources for New Entrepreneurs

If you’re among those starting your own business, you may be looking for support as you pursue your passion.

At APOLLO, we see ourselves as a partner in your entrepreneurial journey. We’re here to help make the business insurance part of your new venture effortless.

In addition, we have also put together free resources to help support you as you build your business. Below is a list of some of our most popular resources.

Small Business Insurance Guide

This document is designed to support entrepreneurs as they grow their businesses. As a practical guide for business owners, it includes:

* A checklist for new ventures* Information on how to mitigate risks with professional liability insurance* How APOLLO can help you find the right coverage for your company

Download Your PDF

Top 3 Magazine Articles for Entrepreneurs

1. How APOLLO Can Support Your Small Business: Running a small business is hard. Finding the right insurance partner doesn’t have to be.

2. 17 Marketing Ideas to Promote Your Business: Looking for big marketing ideas for your small business? This article outlines 17 tactics you can take to help increase the visibility of your company.

3. How to Get a Small Business Loan in 6 Steps: Navigating the process of securing a loan to start a small business can be intimidating, especially if you don’t know where to begin. Find out how you can get a loan in just six steps.

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