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Exploring Entrepreneurship

Why Entrepreneurship?

Why is everyone jumping in?Era of the Entrepreneur-

• Glory… – “Entrepreneur” most respected occupation

>>over Doctors, Professors

• Strength in numbers– Small Business drives the economy– 94% of Canadians employed in small biz

• Technology & global marketplace– Do business easily & anywhere

• Attractive lifestyle/work choice– Work when, where & how you want

Canada’s Hottest Career ChoiceEncouraging Statistics

• 75% of North American millionaires are self-employed

• Over 800,000 women entrepreneurs in Canada• “Seniorpreneurs” a fast growing segment• 20% of working Canadians will be their own

boss by 2010• Youth & new Canadians starting up quickly

• B2b now okay

• Banks chasing small biz

• Supportive government

• Home business acceptance

• Helpful small biz community

Small biz finally gets respect

Life as an Entrepreneur“Challenges & Opportunities”

• Get rich quick? Not always!

• Create your own future

• Freedom & lifestyle

• Multi-tasking:

V.P. of Marketing & Janitorial

• It’s a rollercoaster ride!

Entrepreneur Myths

• Instant riches? – Make less than employed friends first three years

• Easy? – Entrepreneurs work 59 hours a week on average– Higher divorce rate!

• Takes money to make it?– Not always. Service biz cheap to start

• Get to focus on one thing.– Multi-tasking is the reality “V.P. of Marketing & Janitorial”

Risks & Rewards• Financial risk• Emotional risk• No job or income security• Unlimited personal rewards possible

”Nothing ventured,

Nothing gained”

What is Success?Expectations

• Define your own - >>Independence >>Financial >>Self-satisfaction >>Helping others >>Creating employment

> Building something all your own

• Communications skills• Human relations skills• Strong work ethic & self-discipline• Relevant knowledge and experience• Willingness to take risks• Ambition and enthusiasm• Self-confidence

What makes an Entrepreneur?

The Big IdeaHow to get one!

• Assess your interests, skills & hobbies

• Analyze trends (avoid fads!)

• New uses for products/services

>>Inventions not necessary

• Business publications & the Internet

• Buy one!(Franchise or biz for sale)

Business Selection Criteria

• Low start-up costs• Minimal direct competition• Easy to operate by yourself at first• Saves people time, effort or $$• Serves a need or want• Strong future demand (trends!)• Recommend service-based biz

>>less risk than manufacturing or retail

Dreams into RealityTaking Action!

• First: RESEARCH your idea

• Second: Develop a BUSINESS PLAN

• Third: Build your team

• Set it up (registry, banking, systems)

• Ease into it

• Allow for time to make mistakes

Tips from the TrenchesAdvice from Entrepreneurs

• “20 years to become an overnight success”

• Find a business mentor

• Cash Flow more important than Revenue

• Control your stress

• Failure is success training

Be Your Own Boss

www.bizlaunch.ca

• Very rewarding life

• Look before you leap

• Era of the Entrepreneur: time is right!

• Plenty of help available

• Explore more at…

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THANK YOU

Exploring Entrepreneurship

Networking Exercise

• Need a volunteer who is starting a small business….• Your name• One line about your business or idea• Three ‘WISH LIST’ items…

– A particular client you’d like– A challenge you’re facing– A supplier or partner you’re seeking– Some information or advice you want

• Need another volunteer…• Same drill as above• How can you two help each other, through who you know, what you know,

or what you do…?• Please exchange contact info, make clear notes…& follow up!

www.bizlaunch.caVisit

THANK YOU

Exploring Entrepreneurship