Category Archives: Inspiration

7Mar
The Link Between Poverty and Entrepreneurship

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Often overlooked in discussions about economic development, entrepreneurship and business activity play a vital role in promoting growth. Entrepreneurship and startups have the potential to play a significant role in poverty reduction. Startups can help to lift people out of poverty and promote long-term development by creating jobs and stimulating economic growth. According to the worldwide Entrepreneurship Monitor, small and medium-sized businesses (SMEs) make up more than 90% of all businesses and more than half of worldwide employment.  Startups can help relieve poverty through providing underprivileged individuals access to financial services

China’s remarkable story of lifting approximately 600 million people out of poverty since the late 1970s, following Deng Xiaoping’s market reforms, underscores the transformative potential of entrepreneurial ventures. Today, the idea of entrepreneurship resonates more than ever among the young generation, many of whom now aspire to start their own businesses.

In regions like Quebec, learning about entrepreneurship often occurs outside the formal school curriculum. However, a shift is noticeable in many economies that have recognized entrepreneurship as an effective strategy for poverty alleviation. Despite the challenges of financial scarcity, entrepreneurial initiatives can often achieve remarkable results with limited resources.

Developing Economies

Entrepreneurship not only uplifts individuals but also significantly contributes to economic development. It is a potent tool for poverty alleviation. Traditional jobs hinge on a country’s overall economic stability and access to higher education. But in many developing countries, quality education may not be accessible, and a fragile economy might not support traditional job growth. Entrepreneurship transcends these obstacles, offering opportunities for personal growth without the prerequisite of formal degrees.

Industrialized and Emerging Economies

Industrialized and emerging economies are increasingly acknowledging the value of entrepreneurship. With unemployment on the rise since 2001, European Union governments have launched various initiatives, providing entrepreneurs with education, advice, infrastructure, and funding. These efforts aim to foster a conducive environment for entrepreneurship. According to the European Commission, these measures have already shown signs of success, helping young people transition out of unemployment while creating economic value.

International Organizations

Major international organizations endorse entrepreneurship as a powerful tool to alleviate poverty and reduce unemployment. The World Economic Forum has long emphasized entrepreneurship’s importance, implementing programs to foster entrepreneurial spirit worldwide. According to the World Economic Forum, small and medium-sized enterprises in countries like France and the United States have significantly contributed to growth and employment generation.

Role of Charities

While charities provide essential short-term support to impoverished regions, they can inadvertently hinder long-term development by creating dependency. An entrepreneurial approach, on the other hand, promotes self-sufficiency. For instance, sending used clothes to needy countries is a well-intentioned act, but it may inadvertently discourage local entrepreneurship in the textile industry.

However, supporting entrepreneurship in developing economies requires more than just individual initiative. There are fundamental gaps in skills, capital, infrastructure, and regulation that often stymie entrepreneurial success. Reliable infrastructure is critical – an entrepreneur can hardly operate a factory without dependable electricity. Here lies a potential new focus for charitable organizations: investing in infrastructure, capital, and skills development, they can foster an entrepreneurial environment that promotes long-term growth and self-reliance.

Traditional charity models, while generous, can inadvertently encourage dependency. A shift towards supporting entrepreneurship can stimulate social change and help eradicate poverty. Thus, charities should transition from providing immediate relief to building an entrepreneurial climate that encourages self-sufficiency, resilience, and prosperity.

12Sep
Strengthening Communities Through Investment: A Montreal Case Study.

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Anchored in the fabric of community, Federation CJA acts as the cornerstone, fortifying the ties that bind. It goes beyond mere financial contributions; it is a steadfast commitment to safeguarding each investment as a resounding testament to standing up for the community.

Building a thriving, sustainable future is not just about global initiatives and sweeping policy changes. The most meaningful impacts often originate from the grassroots level in local communities. This blog post explores the benefits of investing in local communities using Montreal’s vibrant Jewish community as a sterling example. We will underscore how such investments are not only morally compelling but can also yield substantial commercial returns.

Why Investing Locally Matters 

Investing in local communities is more than just a benevolent act; it is a long-term strategy that strengthens social fabric and promotes economic vitality. When we invest in local businesses, education, housing, and infrastructure, we empower individuals to participate actively in their communities, fostering social cohesion, encouraging self-reliance, and generating economic prosperity. This investment extends beyond the realm of economics, nurturing a sense of belonging and collective identity that enriches the culture and vibrancy of our neighborhoods. Federation CJA’s commitment to community-building resonates deeply here, as the organization tirelessly works to create opportunities that enable individuals to thrive within their local contexts.

Montreal’s Jewish Community: A Testament to Local Investment 

Montreal’s Jewish community offers a powerful example of the transformative potential of local investment. This diverse community, one of the oldest and most significant Jewish populations in Canada, has a rich history marked by a robust tradition of communal support and investment.

With the support of Federation CJA, the community has invested heavily in institutions that preserve and promote Jewish heritage and identity. Synagogues, community centers, and schools serve not just as hubs of religious observance but as vibrant cultural centers that cultivate community spirit and foster the transmission of traditions across generations.

One standout example is the Segal Centre for Performing Arts. This Jewish cultural institution offers a wide variety of artistic programs, fostering creativity and serving as a gathering place for people of all backgrounds. Its success is a testament to the power of investing in cultural institutions that elevate community identity and stimulate local economies.

The Commercial Upsides of Community Investment 

Contrary to some misconceptions, investing in local communities does not mean sacrificing profitability. Instead, such investment often stimulates economic growth, creating a virtuous cycle of prosperity. When businesses invest in the communities they serve, they earn customer loyalty, encourage local spending, and contribute to the area’s economic resilience. This approach aligns with Federation CJA’s multifaceted strategy of promoting community resilience by supporting local businesses and amplifying their impact and reach.

Local businesses in Montreal’s Jewish community illustrate this phenomenon. Bagel shops like St-Viateur and Fairmount, beloved institutions of Montreal’s culinary scene, have thrived by maintaining deep roots in the local community. Their success has spurred local employment and tourism, contributing significantly to the local economy.

Moreover, the Jewish General Hospital, a cornerstone of Montreal’s healthcare system, exemplifies how investment in local infrastructure can reap commercial benefits. This institution, founded by and for the Jewish community, now serves a broad demographic, earning revenue for its services while fulfilling a critical community role.

The Moral Imperative 

Investing in local communities carries a potent moral resonance, too. It reaffirms our shared responsibility to uplift those around us and cultivate spaces where all members can thrive. Such investments echo the Jewish concept of ‘tikkun olam’ or ‘repairing the world,’ which calls for actions that improve society.

This ethos is evident in initiatives like the Jewish Community Foundation of Montreal, which receives vital support from Federation CJA, supporting various causes, including education, healthcare, and social services. By investing in these areas, the foundation has been able to address inequalities and create opportunities, making Montreal a better place for all residents.

Conclusion 

As demonstrated by Montreal’s Jewish community, investing in local communities is a powerful tool for cultivating social cohesion, stimulating economic growth, and reinforcing moral values. Whether supporting a local business, contributing to community infrastructure, or donating to a community fund, each act of investment can make a significant difference.

So, as we move forward, let us remember the Montreal Jewish community’s story. Above all, it’s about how building a brighter future begins at home, in our local communities. It’s a story of investment—of standing up for the community. Your next investment could be the catalyst that transforms your community and, by extension, the world.

25Jul
Title: A World in Transition: ProMontreal Entrepreneurs at the 29th Conference de Montreal

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In June 2023, PME had the privilege of attending the renowned Conference de Montreal organized by IEFA. Discover how PME embraced the conference’s central theme of “Thriving in a World in Transition” and engaged with global leaders, entrepreneurs, and diplomats to forge valuable connections and exchange insights.

The conference’s opening day buzzed with intellectual energy as PME joined diverse attendees in the bustling main hall. The introductory session echoed the central theme, opening discussions on pressing issues like inflation, the COVID-19 aftermath, and carbon neutrality. The session’s panel featured H.E. Sultan bin Saeed Al-Mansoori, the Emirati ambassador to Canada, and Mr. Boon Chye Loh, CEO of the Singaporean Stock Exchange (SGX). They shared their distinctive experiences of adversity management, providing PME with invaluable wisdom.

While comprehensive talks on climate change, IT, and cybersecurity took place, networking opportunities became the highlight for PME. Despite lacking VIP access, PME made significant connections with regular attendees like Gregory Dreaver from the Cree First Nation. PME’s encounter with Dreaver offered valuable insight into his noble vision for Cree Nation’s aerospace integration.

While the first day offered substantial networking opportunities, the ensuing two days were equally informative and enriching. Day two shed light on supply chain intricacies in food production and agriculture and highlighted Canadian Space Leadership. On Day three, PME engaged in discussions on Quebec’s SMEs, disruptive innovations, and the threat of drug-resistant bacteria.

The diverse topics and enriching encounters at the Conference de Montreal provided PME a unique, enlightening experience. The broadened understanding of large-scale issues and the interconnectedness of various sectors left a lasting impression on PME. The organization is left contemplating if an initiative like the Eagle Flight Network could evolve into the next billion-dollar startup. Conference de Montreal remains a cherished memory as PME progresses in academic and professional success.

22Jun
How to Reap Rewards with Instagram Captions

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How to reap rewards with Instagram captions. One of the most crucial tools you have for boosting audience engagement on Instagram is the caption. Your followers may be drawn to your images and videos, but it’s the caption that persuades them to share, like, and comment on your post. Your Instagram captions can also boost sales, expand your social media reach, and help you gain more Instagram followers.

You might be wondering, how can you be certain that you’re utilizing the proper captions to foster accomplishment? Here are the tools you need to learn to reap rewards with your Instagram captions.

1. Grab their attention right away

Like most social media platforms, Instagram is all about quick exchanges of information.

On a regular basis, your customers scroll through dozens of images. Since Instagram condenses your description to just three or four lines, you must grab their attention quickly if you want them to stay on your page.

On the news stream, you have even less of a chance of grabbing your reader’s attention because only the first phrase of your caption will be visible. As such, your opening sentence should be written to instantly capture the reader’s attention by doing the following:

• Pose a question: your customer will want to know if you have addressed it.

• Include visuals: make your brand’s personality pop out by using emojis.

•Make a statement: say something that you know will catch the attention of your audience.

• Introduce your call to action first: as soon as a customer views your material, what you want them to do should be clear. Keep in mind that concise lines will attract your audience’s attention more quickly than most wordy Instagram captions. Keep it straightforward and to the point to get your message across.

2. Be a call-to-action master

Your call-to-action (CTA) is the most crucial component of your Instagram caption. It’s how you encourage your followers to interact with your page by leaving a comment on your post or clicking the link in your bio.

However, it is important to refrain from including too many CTAs in a single post. Consequently, having too many CTAs can take away from the caption’s clear purpose. Instead, you should precisely highlight what you want your customer to do for each of your Instagram posts. Below are some examples of the intentions of Instagram posts. Do you want the reader to:

  • Visit your website?
  • Click the link in your bio?
  • Invite their friends to a post?
  • Shop for a sale?
  • Subscribe to your newsletter?
  • Participate in a giveaway or contest?
  • Save your post for later?
  • Find the link from your stories?
  • Send you a DM?
  • Chat in the comments?
  • Leave an (insert emoji) if they agree?
  • Tag someone?

Try a few different possibilities because it might be challenging to predict which CTA phrases will result in the greatest response from your audience. You can choose which call-to-action phrases are best to employ in the future by evaluating your call-to-action phrases’ by their levels of engagement.

3. Tell stories

Spice up your Instagram captions with some storytelling.

A compelling narrative will strengthen your customers’ emotional connection to your brand and help them understand the advantages of your product or service.

When incorporating a compelling narrative into your captions, you should:

  • Show emotion: grab the reader’s attention with well-written descriptive information that is intended to help them envision or better understand the products you are selling.
  • Use appropriate language: find, use, and maintain the voice tone that works with your audience. Your stories will be more relatable if you use the same language as your intended audience.
  • Try being authentic: make your brand look more genuine by discussing your personal experiences. By sharing your personal experiences, you can show your audience that you are more than just a nameless organization.

4. Use sensory language

Another way to reap the rewards of Instagram captions is to find ways to connect emotionally with your followers, such as using sensory language. An Instagram account must have the appearance and feel of a personal journal, with authentic, moving, and engaging content, in order to successfully appeal to its followers.

Thus, you should write Instagram captions that will enable users to thoroughly immerse themselves in the experience you’re sharing, whether you’re a large corporation or a little business. Using sensory words will allow your content to be experienced through sight, sound, smell, taste, and touch.

The types of senses you should consider and appeal to, include:

  • Visual: concerned with sight, colour, form, and appearance
  • Tactile: concerned with touch and abstract conceptions
  • Smell: concerned with smells and how they affect our emotions
  • Taste: concerned with the things we can taste and experience
  • Motion: concerned with movements and how readers experience words
  • Auditory: concerned with hearing, noises, and even music

5. Utilize hashtags

Lastly, without the appropriate hashtags, Instagram captions are worthless. Hashtags on Instagram, as on most social media platforms, make your content searchable and guarantee that the relevant customers can find you. The simple act of including hashtags in your captions can greatly increase your account reach.

You can add a lot of important Instagram hashtags at the end of your captions, but it’s also worthwhile to think about how you can weave them in naturally with @mentions of relevant people.

Keep in mind that the finest Instagram captions typically include a variety of hashtags. You must choose trending ones that are attractive to your intended audience, but it is also important to consider specialized and more focused hashtags.

By creating your own custom hashtags, you may even entice your followers to participate and post user-generated content in your Instagram comments. A strong brand hashtag will promote your business, especially if you utilize it in conjunction with a contest or giveaway. For instance, you could offer a prize to everyone who shares a photo of themselves using your product with the hashtag associated with your business.

Keep an eye on what’s popular in your market, as well as the hashtags your competitors and brand influencers are using. This can help you if you need more ideas for hashtags to employ.

Make changes to your Instagram captions

It’s simple to ignore captions on a visual social media platform like Instagram. However, if you’re not maximizing your Instagram captions, you can be passing up important opportunities to engage, connect with, and convert clients. Instagram captions can be an essential part of growing and maintaining a business.

5Aug
Failing; a Checkmark to Success

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Ben Syne was the founder of Dog Sync, a
task management app for dogs with multiple owners.

Most every entrepreneur can provide a laundry list of errors and miscalculations. Failing is part of the course, but the most successful entrepreneurs actually benefit from their failures. It is their ability to learn from their mistakes and move forwards that significantly contributes to their professional and financial accomplishments. A little over 50% of start-ups fail in the first 5 years, it is a common occurrence yet nobody ever talks about it.

For many entrepreneurs, setbacks, which are for the most part, unavoidable, can become debilitating. But that need not be the case.

Ben Syne was the founder of Dog Sync, a task management app for dogs with multiple owners. It allowed owners to keep track of when the dog was fed, walked etc. DogSync was part of the statistics of start-ups that failed, despite this Syne looks back at this as a learning opportunity and shares with us how he overcame this. He shares with us what he learned and how he has evolved, which is something a lot of entrepreneur’s are unable to achieve.

  1. What motivated you to start DogSync?

At the time, my family and I faced this problem. We all had six different schedules and it was difficult to know who did what. It especially became an issue when our dog started taking medication because sometimes it would be given to him twice in a day.  I saw this problem and wanted to create a solution for it.

  1. When did you first start seeing warning signs in DogSync?

The initial warning sign was that our drop off rate started to increase.Our users were not taking to our app and we were not keeping our customers. We realized that there was not that many groups of people who cared for one dog and even for family members; there was always one person who would be designated to ensuring the maintenance of the dog.

Once we realized we were not getting enough traction, we decided to pivot into sometime entirely different which was called BarkMiles. With BarkMiles you earn points while walking your dog that got you discounts on your favorite dog products. That was doing well too except we had one major issue, cash flow. We took too long to bring our first idea to market. When we realized we needed to pivot, we started to run out of cash. We did not have enough cash to take it all the way and that’s the major thing that shut us down.

  1. Why do you think dog sync didn’t turn out to be successful/ what mistakes did you make?

The main thing that shut us down was that we did not have enough cash flow to take it as far as we could have. This was due to our poor management of capital over time. I think it would have also been useful to have check in every few weeks to look and reassess where our financial figures stood. Therefore, a big issue for DogSync would be use of finances and capital.

  1. Starting a business and failing at it can be very hard, how did you deal with it?

I have to admit it hurts a lot. I put a lot of my time into this and it was something I was very passionate about. Learning to meditate and achieving a calm state of mind was super important for me because it allowed me to look back at everything objectively. When things like this happen, it’s important to absorb and understand what’s happening because these are the best learning moments. When I start a business again, I do not want to trip over the same rocks I did the first time. Let the dust settle,  go back and look at the situation with fresh eyes. Failure is learning, and I try to take as much as I can from that experience because it was a very expensive one.

  1. What advice could you give to other founders who have been in the same position as you?

Don’t take your failure personally. Associating yourself to this failure will only make you think of yourself as a failure and it will not allow you to try again. It important to remember that the way you frame any bad situation will have a big effect on the outcomes of this event. If you read about successful entrepreneurs in the media, most of them have had 80-90% of failures in their careers and just a bit of success that took them very far. The thing that differentiates a successful entrepreneur is their ability to look back and grow from their failures, which allows them to come out better and stronger than everyone else.

  1. Do you regret starting dog sync

Absolutely not. It is almost as if it’s a checkmark on my path to success and I’m ahead of the game now. I look at this as an opportunity because I am only coming out better and smarter from this whole experience. Take for example, Ray Dalio founder of Bridgewater and one of the world’s top hedge fund managers. Early on in his career, he failed at the same thing three times in a row. He tried starting a fund and went bankrupt two or three times. It was because of those failures that he overcame and persevered through that made him as successful as he is today.

I do not look at dog sync like a failure because even during the process of it, I still learned an enormous amount. It has allowed me to evolve and come out smarter than before. Being thrown into these kind of situations allows you to learn eight times faster than if it were in any structured environment. I also had great people to work with and I would not have given up that opportunity up for anything.

  1. Do you think you will ever start another business in the future and or what are you currently working on
I have started another business; unfortunately, we are not at the stage of releasing any information. However, post dog sync; I spent some time working on the skills I thought were important to improve on before I started up another business. I was also waiting for some inspiration until an idea sparked and I began researching for 2 years. This is was a subject I had no previous knowledge on. I had to spend a lot of time researching and learning about it.  I got interested  in a completely different field, it was something I saw randomly on the web and it got me excited on an idea. This is something I will be launching this year.

 

  1. What lessons learned from dog sync will you be incorporating into your new venture

I realized having a coach or someone to check in with every week is something that is super valuable. I wish I did this for dog sync, but now I have a coach that I have weekly check ins with. It allows me to reflect on decisions, ideas and map out where business is at and where it should be. Having someone who can objectively give you feedback that is not emotionally invested in what your doing can help shape ideas and decisions. Being an entrepreneur, there are a lot of up and downs. It’s useful to have someone to talk to just to be able to see the whole picture. All top athletes have coaches and I think an entrepreneur having a coach brings the same value in order to be the best you can possibly be. I found my coach by putting an ad online and I received quite a few responses.

Management and planning are extremely crucial and is something that is worth sitting down and investing your time. Having a good management structuring goes a long way especially when you have a team under you.

Effective planning of resources, like I said a company dies when you run out of money so every decision should start with your team budget and what you’re going to be doing over time to achieve these metrics.

Every entrepreneur should take note on Syne’s ability to transform his failure into something positive. Being able to fall and get back up is one of the hardest things to do but once you do, you come out better and stronger. Don’t be afraid of failing because it’s only part of your journey to success.

25Feb
Investing in a sustainable future: CoPower

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CoPowerCoPower is a company that is bringing new innovative solutions to the clean energy market. The planet that we call home is dying at an exponential rate and we need more people coming together to bring solutions to create a better, cleaner world. Copower is doing just that by providing financing to clean energy projects across Canada. We sat down with the co-founder of Copower David Berliner to discuss clean energy and building a business.

  1. What does CoPower do?

CoPower provides financing to clean energy and energy efficiency projects across Canada. We do that by raising green bonds from individuals and other investors to make investments on the environment. We put the planet in our portfolio and we do that by using a digital platform. So far, we have raised over 25 million dollars in loans to go towards community projects.

  1. What inspired you to start CoPower?

I have always had an interest in the environment. When I finished my masters, it was almost a natural course for me to continue working in clean energy. I wanted to bring new innovative solutions to the clean energy market so we can create a cleaner, more sustainable and better world to live in for the future generations ahead of us.

  1. What was your goal when you created CoPower?

When we first started CoPower we had two goals in mind. The first one being to grow the company as big as we possibly can and raise the most amount of loans for clean energy. The second thing we aimed to do was grow the clean energy efficiency market by bringing new solutions to the table. We wanted to show people that they could easily have a positive impact on the environment while also getting a return. We wanted to grow the business but also grow the market to raise awareness and inspire others to do the same.

  1. Were there any major changes the company had to go through?

We were constantly making changes in the beginning. Our first business plan talked about connecting clean energy products with investors via a platform. Over time, we had different iterations of what the right product would look like. We had one main idea in mind and that stayed the same throughout the vetting process. What was constantly changing was how we approached that main idea. It was constantly evolving.

  1. What was the deciding factor that pushed you to starting CoPower?

It was not one moment, it was a series of decisions that lead up to this point. We first had the idea and I then discussed it with my family and other entrepreneurs I knew. I tried to share my idea with as many people as possible to get their perspective on it and to validate it. I was nervous at first because I did not know if this was a good idea or not. Its scary trying something you have never done before because there is a constant fear of failing. Organizations like PME were there to encourage us and be our early on supporters. PME was the first place we submitted a business plan too because we had to meet a deadline. This was extremely valuable because we were then able to get feedback and constantly evolve our ideas to grow it into the business it is today.

  1. What is the number one advice you would give to other entrepreneurs like yourself?

Surround yourself with the right people. Wither it be mentors, advisors, coworkers, family etc. There is only so much you can accomplish by yourself. You need to have the right people around you to help you through challenging decisions or personal conflicts you might face. You should not try to deal with everything by yourself because it’s going to be overwhelming. Having the right people around you that will support you but also challenge your ideas will allow you to grow your business and evolve your ideas. Make sure your team is consisted of people you trust and get along with. These are the people who you will be spending a tremendous amount of time with and the people who are going to be responsible for building your vision.

  1. What kind of risks did you need to take

As a founder, you always need to take calculated risks. The first biggest risk we took was joining PME. In the early stages of developing your business the uncertainty of wither,  the business will succeed, or fail is one of the scariest things. Once you get past this and take the big step forward everything else will follow. After that, we started taking one small risk after another. It’s not about taking huge leaps but small steps and taking one tasks at a time in order to move forward.

  1. What were the biggest challenges you faced and how did you over come them?

The biggest challenge I faced starting out as a founder was not feeling confident in what I was doing. I was new at this and it was a scary feeling. It was more of a self-reflecting one but having a network of people you can share your ideas with helped a lot in boosting my confidence and pushing me in the right direction to start CoPower. Discussing your ideas and gaining insight from different perspective is extremely beneficial because it will help you validate your ideas and give you that push you need to start your own business.

Starting your own business is not easy. It’s very scary trying to create something all by yourself. Getting past this fear of failure is a big step that every founder needs to make in order to get things moving. Getting feedback and asking for help from the right people will help you evolve and ignite your ideas giving you the push you need to start your own business.

29Jan
What’s next once you have your million dollar idea?

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business ideaEither you have been racking your brain for weeks trying to come up with a business idea or a struck of genius just came to you. Regardless of how it came to you, you believe that this is the business idea that is going to make you an entrepreneur! Great, now what?  You are probably very excited to get the ball rolling and you have so many different thoughts going through your mind. It becomes little overwhelming as you don’t know where to start or how to start. How do you start taking action in order to create your dream into a reality? Here’s how! Read carefully as we will give you some guidelines that will help push you in the right direction.

  1. Tell people about it

There is a common myth that you should not tell your business idea to anyone. This is false. The first thing you need to do is reach out to your network and share this business idea with as many people as possible. Now, we didn’t say give away your IP or secret sauce, we said talk about it with people who you think would have the same type of problem like you. Getting insight on your business idea from a different perspective will be very informative. By sharing your idea and getting the opinion of other people you will be able to see if what you’re doing has any depth and does it even make sense. Ideally, it would be great to find a mentor or someone with relevant experience but you can also share your business idea with just about anyone. You can share it with perspective customers and see if they would be interested in using your product/ service. Any form of constructive information helps. Talking about your business idea will be extremely beneficial and can easily be done to take you one step closer.

  1. Research

Do your market research. What need does your product or service meet? How is that need currently being serviced? Who are your competitors? Find out what competitors exists and who they are. Research each one of them and find out how your business idea differentiates from theirs. Why would your product or service be superior form everyone else on the market? You need to be better than the rest in order to make it. If your business idea is something that is not even on the market yet, you should research why. Figure out if other people have attempted this or why nobody else is doing this. Is there is a reason for this? It’s also important to research if this something people will buy or need? There is no point in creating something that people will not use.  Who is your customer? What are the demographics of your customer?  Why would they buy from you? Do you have any evidence that they will purchase your product/service? What differentiates your product/service from the competition? What are the strengths or weaknesses of your product/service?

  1. Draft a business plan

Once your market research is complete and you have validated the need, it’s time to write your business plan. A business plan is a written description of your business’s future. In essence, it is a document describes what you plan to do and how you plan to do it. This might seem like a long boring task to do however, it will prove to be very beneficial. At the beginning, it does not need to be elaborate it’s just a good idea to write everything down to organize your thought process. Writing everything down will allow you to see the big picture and put things into perspective. This will enable you to ask yourself the important questions. It is also good to have when you need to refer back to it. It’s hard to keep track of everything when you don’t write it down. Creating a business plan will also help you when you decide to start pitching later on to investors or even just too potential business associates to gain their help in your project.

  1. Prototype

Start building/ designing as soon as possible! Start making sketches, templates, designs. The quicker you start putting something together, the faster you can start getting feedback to improve your original design. Your original idea is never going to be perfect, there will always need to be improvements made and this can only be done once you start actually putting it together. Building a prototype will put your idea to the test. The faster you can get it out, the faster you can bring this idea to market. Today’s world moves quickly, so you want to be able to be the first to do it before any one has a chance. The more feedback and criticism you get, more improvements can be made to obtain a better product outcome.

5. Funds

Start saving your money! In the beginning, it’s best to invest your own money into your project or use money from friends and family. When you are just at the idea/prototyping stage you still have a lot to do and adding in investors will only cause you more stress and pressure. You might underestimate how much money you will need to pour into this project so save and spend wisely.

I hope that this guide has given you some structure on where and how to start once you have your million dollar idea. Taking action on an idea is the most challenging and intimidating part. However, if you really believe in the business idea and your capabilities then the possibilities are endless. Start by taking small steps in the right direction and slowly things will come together. If you have the passion and drive to keep you going then nothing else will stop you in creating your dream into a reality!

21Jun
The Importance of Emotional Intelligence

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intelligence, emotional In a room full of equally smart people the one who stands out is the one who appears as most interested. Emotional intelligence is probably one of the most underrated entrepreneurial skills. It was brought to mainstream attention by Daniel Goleman, in his book, Emotional Intelligence. It is the ability to identify, use, understand, and manage emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges and diffuse conflict. Technical skills and expertise is  the foundation of the product development stages. Conversely, a high degree of emotional intelligence is what will keep an entrepreneur’s company afloat. Networking, presenting, pitching, and working with others, all require a high level of emotional intelligence. Here are 3 important reasons why emotional intelligence is arguably just as important, if not more, than IQ.

  1. Building better relationships:

    The relationships you build will be the reason for profitable present and future opportunities. Relationships with business partners, employees, customers, and investors will drive the quality of work created, the workplace environment, and the appeal you have to potential investors and stakeholders. Building healthy relationships in the workplace means understanding the diversity in people’s behaviours, and adapting accordingly.

  2. Stress management:

    Emotional intelligence is said to moderate the relationship between mental health and stress. Being an entrepreneur isn’t the most stable of jobs, and the unexpectedness of it all can cause a tremendous amount of stress. People with high emotional intelligence can better reduce stress because of self-awareness. Goleman explains that self-awareness allows for people to identify the moment when stress is likely, and therefore calm-down before their stress becomes unmanageable. As well, empathy and social skills allows emotionally intelligent people to better communicate how it is that they are feeling and find solutions to such problems.

  3. Understanding your brand:

    Emotional intelligence is crucial for successful marketing. This is two-fold. For one, a marketer must be able to empathize with his target market. A person with high emotional intelligence will ask the right questions in order to understand the needs of customers. these questions relate to customer expectations, emotional factors that drive the need for the product at hand, and satisfaction that customers receive from the product. At the same time understand that your brand, must too, have its own emotional intelligence. In this day and age people define themselves based on the clothes they wear, cars they drive, the jobs they have, etc. It is the responsibility of the brand to represent its customers and adapt to the customers’ changing phases and behaviors.

Some can develop higher emotional intelligence through exercises and training. Google has even started giving emotional intelligence courses to employees. But let’s be realistic. For some it is just not that simple, and that’s perfectly fine. In such a case, entrepreneurs can benefit from partnering with individuals who have what they lack. It is important however to acknowledge that your IQ will only take you so far. At the end of the day, once you’ve developed a great product, what will draw investors, employees, and customers to your company is your emotional intelligence. You will have to communicate effectively with investors, overcome challenges and diffuse conflict in the workplace, and empathize with customers, all while managing your emotions, stress and other responsibilities. As the old saying goes, it takes something more than intelligence to act intelligently.

27Mar
5 Must-See TED Talks for Entrepreneurs

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TED Talks have a unique way of inspiring people to follow their dreams. TED Talks entail more than just watching people speak about their experiences. Viewers get a boost in creativity, and more importantly, exposure to perspective on a matter they hold near and dear. The words of another fellow entrepreneur that has gone through your struggles can introduce you to new strategies that you may not have thought of. Here are the 5 TED TALKS that every entrepreneur must take the time to watch. Take a gander, hopefully they will provide quality insight!

  1. Simon Sinek: How great leaders inspire action

This TEDTalk by Simon Sinek explores the idea of leadership and why some people are better at inspiring action than others. Starting with examples from Martin Luther King’s leadership in the Civil Rights Movement to Apple’s leadership in the business world, Sinek examines patterns that seemingly predict the success rates of various leaders.

  1. Navi Radjou: Creative Problem Solving in the Face of Extreme Limits

This TED Talk by Navi Radjou is about how to make something extraordinary out of very little (or nothing, in some cases). It’s a good one if you’re running short on runway. It’s also insightful if you don’t know how you’re going to do this while keeping your day job.

    3. Seth Godin: How to get your Ideas to Spread
This TEDTalk by Seth Godin spells out why, when it comes to getting our attention, bad or bizarre ideas are more successful than boring ones.

  1. Linda Hill: How to manage for collective creativity

This TEDTalk by Linda Hill is perfect for entrepreneurs trying to maximize the creative potential of their top teams. Exploring different tactics as they are used by some of the world’s most respected and most created companies, Hill examines the root causes for creative greatness.

     5. Bill Gross: The single biggest reason why startups succeed. 
Bill Gross attempts to quantify all the reasons why one startup might be more successful than another. As a serial entrepreneur and a mentor for other startups, Gross has had much experience in the business world. He’s seen great businesses fail and questionable businesses succeed. This experience drove him to quantify exactly why these differences exist.

10Mar
Daniel Blumer Co-Founder Revols

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