Core Insights - The survey conducted by EQ Bank reveals that Canadian solopreneurs are facing significant financial pressures in a challenging economic environment, yet most would choose to pursue entrepreneurship again, highlighting their resilience [1][6][12] Economic Environment - Solopreneurs are experiencing increased difficulties due to economic turbulence, with 38% citing challenges in sourcing raw materials, 34% in pricing products, and 30% in planning for growth [4][7] - The current global trade environment is perceived as having an equal or greater impact on their businesses compared to the aftermath of the pandemic, with 51% of solopreneurs expressing this concern [6][7] Recognition and Value - A significant portion of solopreneurs feel undervalued, with 60% stating they are not recognized as business owners to the same extent as those running larger businesses, and 51% feeling their contributions are not appreciated [5][6] - Misconceptions about solopreneurs persist, with many believing they work fewer hours or that their businesses are less serious than those with multiple employees [15] Financial Strain - Financial challenges are prevalent, with over a quarter of solopreneurs earning less than $17.20 per hour, and 18% earning below $9 per hour, with women entrepreneurs facing a wage gap [9][10] - Many solopreneurs lack financial cushions, with 38% mixing their business emergency fund with personal savings and 33% having no emergency fund at all [16] Time Management - Time is a critical resource, with 40% of solopreneurs spending 10 hours or less weekly on their core business, while 81% dedicate similar time to finance and administrative tasks [10][12] - Banking frustrations compound these issues, as 54% report high fees and low interest rates as significant pain points [11] Support and Solutions - There is a clear gap between the banking tools available and the support needed by solopreneurs, prompting EQ Bank to innovate and provide tailored financial solutions [12][13] - EQ Bank has launched a Business Banking platform aimed at helping solopreneurs save time and earn more, including a high-interest zero-monthly-fee Business Account [13][14]