Karen Svendsen, Senior Director Small Business and Partnerships, RBC is responsible for setting the strategic direction and priorities for Small Business in Canada. A career long advocate for Small businesses and their owners, she leads cross functional teams to deliver innovation for tomorrow, and solutions for today as Small businesses start, manage and grow their business. She also leads the partnership strategy for Commercial Banking bringing best in class beyond banking solutions to RBC Business clients.
She has more than 25 years of financial services experience with RBC across retail and commercial banking, role strategy and design, and client strategy. Her experience includes leading key programs to accelerate client acquisition and growth, transform employee engagement and capability, and foster deeper client connections.
Interview By SK Uddin
For 15 years, the RBC Small Business Poll has offered a window into the evolving landscape of entrepreneurship in Canada. Each year, the poll captures the aspirations, challenges, and opportunities facing small business owners, while also tracking trends in market conditions, innovation, technology adoption and more.
The latest edition reveals a striking finding: entrepreneurial interest has reached an eight-year high, with nearly six in ten Canadians expressing a desire to start their own business. To explore what’s driving this surge, Karen Svendsen, Senior Director, Small Business and Partnerships at RBC, spoke with Canadian SME Business Magazine about the poll results, the evolving role of small businesses in Canada’s economy, and how RBC is helping entrepreneurs turn ambition into action.
Q1: 59% of Canadians expressed interest in starting their own business, according to a recent RBC Small Business Poll. What do you believe is driving the surge in entrepreneurial aspirations among Canadians?
Karen: Over the past eight years, Canadians’ entrepreneurial aspirations have surged to a new high – nearly 59% of people now express a desire to start a business. That’s a significant jump – about 13 percentage points higher than just a few years ago – and it really reflects the moment we’re in. Canadians are re-evaluating what they want from their careers. For many, the appeal of entrepreneurship is about independence and flexibility – having the ability to shape their own future rather than following a traditional path. At the same time, the barriers to entry are lower. Digital tools, online platforms, and new technologies make it easier to start and scale a business today than it was even a decade ago. And perhaps most importantly, we’re seeing more Canadians motivated by purpose – they want to build businesses that reflect their values and contribute to their communities.
Q2: The poll also suggests that 61% of small business owners have adjusted their strategy in the past year. Based on the survey and your personal experience working with entrepreneurs across Canada, can you elaborate on what kinds of changes they’re making?
Karen: Indeed, our poll shows that half (51 per cent) of the business owners surveyed have made significant changes to their business model to remain competitive, and that lines up closely with what we’re hearing from entrepreneurs across the country. Business owners are navigating a challenging environment – from higher costs to shifting consumer expectations – and they’re adapting quickly. Three-quarters (75 per cent) of business owners say they are adapting well to market volatility, and 76 per cent describe themselves as resilient in the face of change.
We’ve seen many entrepreneurs re-examine their business models, diversify their supply chains, and invest more heavily in digital platforms to connect with clients. Looking ahead, most remain positive about the year, with many planning to invest in digital upgrades, brand-building, new market expansion, and innovation, while also keeping a close eye on profitability and maintainable growth. They’re not standing still; they’re making bold, creative decisions to keep moving forward. And as a financial partner, our role is to ensure they have the tools, advice, and capital to put those strategies into action.
Q3: More broadly, how does RBC support small businesses – and how do services beyond banking play a role in helping entrepreneurs succeed?
Karen: When we talk about supporting entrepreneurs, it really goes beyond just traditional banking. Of course, access to capital is important, but we know that’s only one part of the equation. Entrepreneurs also need advice, networks, and tools that help them build with confidence. That’s why we’ve developed a full ecosystem of support at RBC. For example, Ownr makes it simpler and more affordable to start and register a business. RBC Insight Edge provides market intelligence so entrepreneurs can understand customer needs and make better decisions. And through Beyond Banking services, we’re connecting business owners with resources that go well beyond financing – whether that’s mentorship, collaborations, or digital tools that make day-to-day operations easier. Our role is to meet entrepreneurs where they are and help them succeed at every stage, from that very first idea through to growth and long-term sustainability.
Q4: What advice would you give to aspiring entrepreneurs who are looking to start their own business, particularly in the current economic climate?
Karen: For aspiring entrepreneurs, my first piece of advice is to start with a clear vision, but stay flexible in how you bring it to life. The business landscape can change quickly, as we’ve seen over the past few years, so resilience and adaptability are just as important as a good idea. I’d also encourage new business owners to really take the time to understand their market and build a solid financial foundation early on. That means knowing your clients, understanding your costs and your cash flow, and building a robust business plan. Just as important, don’t underestimate the value of building a strong network. Mentors, peers, and partners can provide insights and support that make all the difference. And finally, remember that you don’t have to do it alone. There are resources, including programs and tools from RBC, designed to help entrepreneurs navigate uncertainty and grow with confidence.
Q5: Looking ahead to the next year, what trends or challenges do you see on the horizon for small businesses, and how is RBC positioning itself to support entrepreneurs in navigating these changes?
Karen: Looking ahead, small businesses will continue to face both challenges and opportunities. On the one hand, rising costs and economic uncertainty remain real pressures. Consumer expectations are also evolving – people want more convenience, personalization, and digital access than ever before. On the other hand, there’s tremendous opportunity for growth in areas like technology adoption, sustainability, and even partnerships with other businesses or organizations. We’re seeing entrepreneurs embrace new tools, from e-commerce platforms to AI, to help them operate more efficiently and connect with clients in innovative ways.
At RBC, our focus is on helping business owners navigate these shifts with confidence. That means not only providing financing solutions, but also insights, partnerships, and Beyond Banking services that prepare them for what’s next. Ultimately, we know small businesses are the backbone of the economy, and our role is to ensure they’re positioned to thrive in the year ahead and beyond.
Visit RBC Starting a Business for more advice and resources, including Ideas and Lessons Learned from Real-Life Entrepreneurs.
