The lure of gold was a significant motivator for both British and French explorers, although it played out differently for each. For the British, the failure to find gold in the early Virginia settlements led to a period of hardship known as the "Starving Time." However, this search spurred further exploration inland. The French, on the other hand, did not focus extensively on gold mining, as they did not find significant gold reserves in their territories. Their exploration was more directed by the fur trade and the strategic placement of colonies to support it. Nonetheless, the overarching European myth of a gold-rich New World was a catalyst for many expeditions and a pretext for claiming and colonising new lands.

The Elizabethan Sea Dogs were privateers and explorers, such as Sir Francis Drake and Sir Walter Raleigh, who were commissioned by Queen Elizabeth I. They played a significant role in the British exploration of North America by challenging Spanish hegemony at sea and establishing early English claims on the New World. These sea farers conducted reconnaissance of potential colonial sites, engaged in piracy against Spain's treasure fleets, and attempted to establish colonies, such as the ill-fated Roanoke. The Sea Dogs' actions not only laid the groundwork for England's future colonial ventures but also contributed to the weakening of Spain's maritime dominance.

Advancements in cartography and navigation were critical to the European exploration and conquest of North America. The development of the astrolabe and advancements in celestial navigation allowed sailors to determine latitude, crucial for oceanic voyaging. Improved ship designs, like the caravel with its triangular sails, enabled better sailing against the wind. The printing press enabled the wide dissemination of navigational charts and findings from each voyage, creating a cumulative body of knowledge for future expeditions. These advancements made voyages like those of Columbus and Cabot feasible, and they enabled explorers to traverse the Atlantic with greater confidence, establish routes, and claim territories with more precision.

The fur trade was central to French colonial strategies in North America. Unlike the Spanish, who were primarily interested in extracting gold and silver, the French focused on the lucrative fur trade, particularly beaver pelts, which were in high demand in Europe for hat making. This commerce encouraged the French to form alliances with indigenous groups, such as the Huron, who became integral trade partners and middlemen. French traders and trappers often married indigenous women, leading to the development of the Métis culture. The need to control the fur trade led the French to establish a string of trading posts, forts, and settlements, especially along the St. Lawrence River and the Great Lakes, securing their claim and presence in the region.

The Northwest Passage was a fabled sea route through the Arctic Ocean, along the northern coast of North America via waterways through the Canadian Arctic Archipelago, connecting the Atlantic and Pacific Oceans. European powers, especially the British and the French, sought this passage as a shorter and more direct trade route to Asia. The relentless search for the Northwest Passage led to extensive exploration of the northern regions of North America. This quest brought Europeans into new territories, leading to the establishment of trade relations with indigenous populations. However, it also resulted in territorial encroachment and sovereignty disputes over indigenous lands, often leading to conflict and exploitation of native peoples. European diseases spread more widely as contact became more frequent, contributing to significant population declines among indigenous groups.