11Nov
Inspiring Young Entrepreneurs

ACT FEARLESSLY. If you have a budding business idea, the worst thing you could do is not pursue it. Many young adults are afraid to enter the world of entrepreneurship because they think they’re too young, or they feel like they don’t have the right qualifications. If you have an incredible idea and an entrepreneurial spirit, all you need is a plan of action and some funding. Luckily, if you live in Quebec, there are plenty of opportunities to obtain financing (Futurpreneur, Young Promoter, ProMontreal Entrepreneurs, to name a few). Montreal offers a favorable landscape especially for young entrepreneurs, and it becomes more difficult to access lower interest loans as you age beyond 40.

DECIDE PASSIONATELY. If you’re researching entrepreneurship, one of the main tips you’ll come across is to be fearless in your decision-making, and that’s because passionate decision-making is going to be the driving force of your entrepreneurial pursuit. Focusing on something that is of interest to you will be crucial in your efforts later on because it’s all about operating within a context that continues to inspire you. If you’re passionate about the task at-hand, you will be that much more inspired to tackle it head-on. Opening a business is a lot of work and it will take a toll on your personal life, but if you’re passionate about it you will have the drive to press on during hard times.

SATISFY A NEED. The best way to decide on your next business venture is to have a critical look at something you’re passionate about and pinpoint ways to ameliorate the system: what kind of product/service is lacking here? How can I develop something that will satisfy a need? Whenever you think, “I wish ‘x’ service existed” or “If only there was a ‘y’ product to help me right now”, seriously question whether or not you could make a business out of filling in these blanks.

VALIDATE YOUR MARKET. Once you decide on a product/service, it’s important to make sure it’s a real need; be certain that this issue you are solving is really an issue. You don’t need to have taken extensive business classes to be able to do this. In fact, simple research will suffice. Approach it the same way you would approach a school project—you need to do your research before you can write a good thesis. Try to find statistics that corroborate your end goal (Stats Canada really helps!). Don’t be worried if your idea services a niche market. It’s actually much easier to operate within niche markets because there’s less competition.

CULTIVATE ENTREPRENEURIAL SPIRIT. The thing is, not everyone is meant to be a business-owner. Having a good idea is useless unless you have gumption to pursue it in a meaningful way. My mother always encouraged me to be entrepreneurial, and although I never acted on that advice in my teens, it stuck with me and now I can’t help but think in a very entrepreneurial way. By using the term “entrepreneurial spirit” I don’t mean to evoke the sentiment of capitalist greed – rather, I mean that I am able to think creatively, and that I am unafraid to venture down the unbeaten path. I don’t have an education in business, but I do have the ability to be innovative, and that’s a huge advantage.

– Erica Falco, Intern at ProMontreal Entrepreneurs

23Oct
Money Stopping You From Starting a Business?

No money to start a business? Even though you have limited cash, it doesn’t mean you don’t have any options. It is possible to start a business with very little money, if you have the right combination of skills, work ethic and marketing know-how.

According to some experts, to succeed in a business project, you should think carefully about all the skills you have that could be helpful to others.

A great way to start is to make something. Yes, making something does take an initial cost in supplies, but often times, these products can be sold for many times over their actual cost. What you decide to make is up to you, but there are several places you can sell your handmade options online:

Abe’s Market deals in natural and organic goods, such as lotions, candles, granola, and more.
icraft deals with independent artists and crafters from around the globe. They sell only new handmade products.
Etsy is one of the largest online markets for almost anything homemade, from jewelry to wooden toys for kids.
eBay is one of the biggest online eCommerce marketplaces in the world.

Many business owners sell their products on multiple platforms to get the most exposure possible. It is important to make sure your inventory stays updated on all sites you have a storefront on. If you want to learn about more resources for selling homemade items, check out this Lifehacker post.

23Sep
Finding a Co-Founder

I am asked a lot of questions. Aside from “where do I get money to fund my start-up?”, the second most-asked question is: “where do I find a co-founder?” It is a difficult question to answer, because it’s not just about someone who will share in the work, which at the beginning can seem insurmountable. It is also someone who will have to share your passion and your commitment to seeing the idea through. I’ve been a victim of partnering with a friend. In the end, it didn’t work because he just wasn’t committed enough to the project. It changed our friendship.

Now for the million dollar question, where can you find a co-founder? My answer is always the same: you find a co-founder when you least expect it. When talking about your business idea in an informal setting: over drinks, over dinner. It works best when it’s not forced. Then, it just happens; that magical moment when it just clicks. It’s really as simple as that. Sure, there are websites that promise that they can help you find a co-founder but personality and work ethic is so important, I think that meeting someone in an informal setting and seeing how this person interacts with others and with you, is the best way. You find other commonalities that transcend a business relationship, which in my opinion is very important. Remember you will spend so many hours together and make complicated decisions together so if the personalities don’t fit, it won’t work.