Starting up: What Entrepreneurs Need to Know
Live Twitter #StartupChats hosted by Startup Canada and Scotiabank
Q&A with Startup Canada Guest Advisor Christine Whone
🇨🇦 Canada’s #1 Entrepreneur Twitter Chat
In this edition of Startup Canada’s #StartupChats, we discuss the key needs to consider when beginning your entrepreneurial journey, for starting up your new business.
I love participating in #StartupChats because of the vast business intelligence openly shared by Canadian Guest Advisors and participants helping others in their #entrepreneurial journey.
This is my favourite question and my answer from this edition of #StartupChats.
To unpack the answer, my recommendation is to not get caught up in the business of comparison. When you discover your level of integrity, it is key to your success and to stay true to it. Embrace being competitive, because good healthy competition is great as it keeps you motivated to pursue the goals you have set out to achieve, but don’t be persuaded by someone else’s goals for success with a comparison. This is integrity.
A1 Successful entrepreneurs make decisions with integrity and stay true to their level of success. They are competitive but do not compare their level of success to others. #StartupChats
— Christine Whone (@christinewhone) February 12, 2020
Why #StartupChats?
Startup Canada asks the best questions to get you thinking and inspire your next steps in educating yourself about what you need to know as an entrepreneur.
During this Twitter chat, we discussed key things you need to know when beginning your entrepreneurial journey, starting up your new business. 😎
Join Startup Canada live on Twitter each week on Wednesday and Friday using the hashtag #StartupChats 12 pm-1 pm ET.
The event had 91 contributors, 38.6 million impressions, and trended nationally at #5. The Wakelet can be found here.
Christine’s Answers for ‘Starting up: What Entrepreneurs Need to Know’
Q1 First question: What are the characteristics of a successful entrepreneur? Tag entrepreneurs who inspire you! @scotiabank #StartupChats
A1 Successful entrepreneurs make decisions with integrity and stay true to their level of success. They are competitive but do not compare their level of success to others. #StartupChats
Q2 What are the benefits of starting your own business? @scotiabank #StartupChats
A2 Financial literacy and financial independence, leveraging your good business ethics, deeply understanding business ecosystems and consciousness, building strong communication and professional acumen #startupchats
Q3 What are some of the most common mistakes entrepreneurs make when starting a business? @scotiabank #StartupChats
A3 They make a little money and don’t resist the temptation to spend it. Learn how to invest money for business growth. #StartupChats
Q4 What is the ‘Lean Startup Canvas’, what are its key principles, and how can it help entrepreneurs start strong? @scotiabank #StartupChats
A4 Resist urges to spend money when executing ideas and go lean to start. For example, you have an idea for an app, consider building it as a web application (it’s cheaper and easier for a variety of reasons) to validate a marketplace. Build iterative products #StartupChats
Q5 List the first 5 ‘to-do’s for every entrepreneur when setting up their business. Tag and link any relevant support and resources. @scotiabank #StartupChats
A5 Buy what you need, not what you want. Kill non essential expenses before you are bleeding money. Validate your expense costs. Create three tiers of pricing for levels of customers to lean in, automate business operations with tech. #StartupChats
Q6. What advice do you have for entrepreneurs who are interested in setting up their business online? Tag and link any support and resources. @scotiabank #StartupChats
A6 Get the right sales tax (GST/HST/PST) information for online sales. And test every step of your ecommerce shopping cart experience several times before going live. Automate as much of it as you can that’s affordable and within reason of your startup budget #StartupChats
Q7. What advice do you have for entrepreneurs about funding their business? Tag and link any relevant resources. @scotiabank #StartupChats
A7 Start lean, get sales, use metrics to validate your next steps. Invest wisely. Absolutely listen to customer feedback! #startupchats
Q8 Being a business owner can be trying at times and a lonely journey. What networks, resources and support can entrepreneurs access during their start-up stage? @scotiabank #StartupChats
A8 Make sure you are telling supportive successful people your ideas. Always discern feedback. Feedback may seem negative but it always holds value, so your ability to read between lines and judge it well matters in order to pivot to your version of success #startupchats
Q9 What is the value of mentors and advisors for new business owners? What advice do you have on finding the right mentor or advisors? @scotiabank #StartupChats
A9 The value a mentor offers you is bringing encouragement in success with your ideas. They understand the journey of marketing an idea, and a good mentor always ask you questions to help coach you to discern and choose the best path of success for yourself #StartupChats
Q10 What inspirational quotes have served you and your business that you feel could be relevant to every entrepreneur? @scotiabank #StartupChats#StartupChats
A10 “I have a plan for my success.” When in doubt, refer to your success plan. Refer to the plan daily, and say this quote to yourself daily. And remember, plans are allowed to change, but they are still the plan. #StartupChats
Q11 What is your final piece of advice for entrepreneurs starting a business? @scotiabank #StartupChats
A11 Entrepreneurship is an adventure. Enjoy the ride! 🤸 #StartupChats
What do you think entrepreneurs need to know about starting up? Leave your insights in the comments below.
About the Author
Christine Whone is a Designer, Digital Strategist, and Online Instructor helping business professionals create their desired outcomes in business and entrepreneurship using design and technology.
“Set yourself up for success.”