Small businesses are often described as the backbone of our economy — and that’s because they are. They develop new products and technologies that drive economic growth and create new jobs. But if small businesses are so important, why aren’t we doing more to support their success and foster even greater growth?
Small businesses bore the brunt of the economic fallout during the pandemic. The on-again, off-again lockdowns dried up revenue, drove away customers and made employee retention very difficult. I often wonder how many of the small businesses that went under during the pandemic could have become another Magna International?
Legendary entrepreneur Richard Branson famously said that all big businesses start small. When I started Magna, I opened up a one-man shop in a rented garage at the corner of Dufferin and Dupont streets in Toronto. I bought