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What is the main reason for small business failing in Canada? Should I start a small business in Canada?

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I have been working my whole life and I am tempted to open a business of my own. Somehow I feel that I could earn good money through starting my own business in canada. I am quite fed up of having to take order from my boss and having to commute so far for my job. Though I know it won't be easy for me to start a business from scratch, I still feel it is worth a try. I am not looking to start a giant company but a small family business would do.

Some of my co workers had started their own business and are doing just fine. Though they haven't become a millionaire or something but at least they seem quite self satisfied with what they are doing with their business. They say it is self fulfilling and gives them a sense of purpose in their business, rather than just blindly working for someone else. I am wondering even which type of business is best to start with. There are so many business opportunity I can think of but I can't be sure if that particular business can bring me good money or not. I do not want to risk all my hard earned money on some business which would lose money and cause me to go bankrupt. I only have one chance to make it right after which if I fail, I would be back to the rat race of going to work everyday for the rest of my life. What are the risk and chances of failure in starting my own business in canada?
asked in Gaspe by Victor Adams (126 points)

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