Communities in Boom: Canada's Top Entrepreneurial Cities in 2012 - Essay Example

1). Importance of the Report These ten cities were selected to be the top entrepreneurial cities on the basis of factors like growth of business and industrial ownership, optimism and growth plan and the actions taken by the local government with respect to the taxation policies and regulations that will encourage the new entrepreneur to go for investment in these cities. Grande Prairie has the highest small business per capita and is doing well in economy. It has got resources like natural oil and gas which provides it with an important boost.

Forestry and agriculture are the significant industries in this city. The city has an entrepreneurial spirit within it. Saskatoon has been placed in the second rank by CFIB. The province shows strong economic health and exceeds the national average. The province has a growing population and consumer base. Regina’s economy is also quite strong. City has witnessed a growth in the construction and manufacturing sector. It has got very low rate of unemployment. Regina is benefitting from the agricultural and resource sector.

Moose Jaw also promises an economic boom. There are highways and rails that connect this place with the North American markets. Lloydminster has a strong cattle, grain and oil market. It is also evidencing a boom in its retail sector. This place also has potentials to attract the small business owners. Red Deer is showing a steady growth with an increasing permit to the residential and industrial areas. The city of Prince Alberta shows an expansion in the employment opportunity due to growth and establishment of industries, which contributes heavily towards the enhancement of economic development of the city.

Edmonton is one among the top performers of Canada. It enjoys steady business atmosphere and promises long term openings for growth. The industry diversity provides a sustainable growth to the economic strength of Lethbridge. Thus after going through all the fact about all the places that has been rated to the top 10 cities I would definitely agree with the report suggested by CFIB. Relevance of the report A city is regarded to be the entrepreneurial hot spot if the concentration of entrepreneur is high and at the same time the start up business rates are high.

The business owners should also have high level of confidence and success in their business operations. The government policies and regulation should encourage growth and potential for the new business. CFIB has judged the cities based on 14 indicators which were categorized under 3 groups: “Presence, Perspective and Policy”. They saw whether there is high growth in the business establishment that may lead to a stronger ability to ensure new and strong entrepreneurial growth. Assessment of per capita business establishment is also important.

If there is a higher number of establishments per individual then there will be an increase in the business opportunity, competition and employments. Self employment and diversity in the industry is also an important parameter to be judged. If more individuals want to start their own business then more will be the chances of entrepreneurial activity in the city. The diversity in the