Startup Canada #StartupChats – Starting Up – What Entrepreneurs Need to Know Recap

Starting Up – What Entrepreneurs Need to Know: Here is a recap of today’s Startup Canada #Startupchat, where we explored Starting Up – What Entrepreneurs Need to Know. 

My Advice: Successful #entrepreneurs need a clear vision of what success will look like for their business, and the dedication, courage, execution & tenacity to make that vision a reality. The possibility of failure always seems to be looming just around the corner. These are the #entrepreneurs that inspire me – @grassrootsk9, @DolcezzaCakes, @loveandnudes_, @SheDoesBiz, @bforganizing, @zainabcwilliams, @C_Panourgias @scotiabank #StartupChats

My advice: The freedom to set a vision & pursue the realization of that vision. You may be your own boss, but don’t be mislead, you will still have to answer to others in some capacity or another. You may have some freedom over your schedule, but don’t be mistaken, in the beginning, you will be working far more hours than a 9-5. Everything about your business is your job, #accounting, #it, #hr, #customerservice, #sales & #marketing – you may be in a position to find support, but ultimately you need to understand what is happening in every area of your business. At 2 am for the 10th plus night in a row you may be wondering where is the glamorous part of owning a business. In my experience, so far in this journey, I have found the constant benefit of starting my own business has been the freedom to set a vision & pursue the realization of that vision. @scotiabank #StartupChats

My advice: I think validating your idea is a big one, also looking at your idea through the eyes of your customers & answering questions like, “why would I buy this?” “Why would I buy this over other options available to me?”, “Does this product/service align with & meet my needs?”, “Does this purchase process align with my buying process?” Also, it is important to get a mentor, no matter what your background is, when starting something new, you don’t know what you don’t know & outsider perspective is invaluable. Finally, I think entrepreneurs need to walk a balance between hiring the right resources & cost-effectively doing everything themselves, in order to set themselves up for success. @scotiabank #StartupChats

My advice: The ‘Lean Startup Canvas’ is an adaptation of the Business Modal Canvas. Personally, I used the #businessmodelcanvas for my business as a beginning stage when planning. The business modal canvas allows you to outline the cornerstone areas of your business all on one page. It works very well to flesh out the idea & highlight weak areas. I still feel it is very important to work through a full-fledged business plan even when starting up, afterward, there is no corner of your business left unmapped & if you are seeking funding a 1-page plan will not cut it. @scotiabank #StartupChats

My advice:
1) validate your idea & reach your target audiences
2) map out your business, write your business plan & project your financials
3) make it legal – register your business/name etc.
4) find a mentor
5) find support for your weak areas

great resources include, Starter Company Plus, your local Small Business Enterprise Centre/entrepreneur centre your local library for free books. Here is a list of my favorite books for starting up http://bit.ly/2TfFDyT

@scotiabank #StartupChats

My advice: Do your research! This includes your competitors. Observe how their business operates from the customer perspective, what is their process for sales, & fulfillment. What are their weak areas & what are their strengths? Read their reviews. Look at how their website/shop is set up, how do the processes flow? How are other online channels such as social media & ads supporting their website/shop? This research will save you time on the learning curve & cut your trial & errors down. @scotiabank #StartupChats

My advice: Connect in with your local small business enterprise center or the economic dev. office in your area. In most cases, they will have business advisors & mentors who are well connected & knowledgeable about the grants & programs you may qualify for. They also may have access to Growth Wheel which can help you prepare your business & the information required when seeking investors. @scotiabank #StartupChats

My Advice: I was really lucky to stumble across the #BramptonEntrepreneurCentre when I was starting out. The city of #Brampton has dedicated a lot of resources to support local businesses & #entrepreneurs which have resulted in a thriving #startup community & includes events such as the @bramptonmastermind & workshops/sessions through the Entrepreneur center. They also launched a co-working space last year which has been a lifesaver for my business. I was finding it very lonely at the beginning which is what prompted my search for something local that I could connect with. Since then I have noticed that a lot of cities/municipalities within #ontario have resources set aside to support local businesses & startups just requires some searching on your part. @scotiabank #StartupChats

My advice: Mentors & advisors provide invaluable resources for #startups, such as accountability, experience, connections, direction, progress tracking & outside perspective. I think it is very important when seeking out a mentor or advisor that you find one who aligns with your approach to business & your values. As well as having strength in some of your weaker areas to help balance your business out even if it is just from a planning/reviewing standpoint. Right @DanielBishun & Prince Khan? Anything to add? @scotiabank #StartupChats

My advice: Here are 3 of my favorites “The future belongs to those who believe in the beauty of their dreams” – Eleanor Roosevelt,  “I’m convinced that about half of what separates successful entrepreneurs from non-successful ones is pure perseverance” – Steve Jobs & “Success is not final; failure is not fatal: it is the courage to continue that counts.” Winston S. Churchill @scotiabank #StartupChats

My advice: I think it is important to map the progression your business will take as it moves towards the realization of your vision, & answer what does the business look like at each stage. This will help you plan ahead based on the anticipated, changing needs of your business as well as track the progress against a projected timeline & provide a sense of direction. This will also break your goals down into smaller steps & achieving these steps will give you a sense of accomplishment. @scotiabank #StartupChats

Closing off:

Thank you  @Startup_Canada
for inviting me to participate in today’s #StartupChats & thank you to the sponsor
@scotiabank! Hope to chat with everyone again on Feb. 26th when we explore Selling Online!

How To Start Up Strong is an important factor and as #entrepreneurs one thing we universally understand is the need to do more while spending less – why should our approach to marketing be any different?

If this sounds like you, check out my free ebook ‘How to Market a Startup: 10 ways to bootstrap your sales funnel for success. #StartupChats

To check out the awesome advice from all of the advisors who participated in this How To Start Up Strong chat, view this thread on Twitter