What Entrepreneurs Need to Know
Updated: October 16, 2024
Original Published Date: February 14, 2020
Live Twitter #StartupChats discussing what entrepreneurs need to know
Q&A with Startup Canada Guest Advisor Christine Whone
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.
Q1: What are the characteristics of a successful entrepreneur? Tag entrepreneurs who inspire you!
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.
Q2: What are the benefits of starting your own business?
A2: Financial literacy and financial independence, leveraging your good business ethics, deeply understanding business ecosystems and consciousness, building strong communication and professional acumen.
Q3: What are some of the most common mistakes entrepreneurs make when starting a business?
A3: They make a little money and don’t resist the temptation to spend it. Learn how to invest money for business growth.
Q4: What is the ‘Lean Startup Canvas’, what are its key principles, and how can it help entrepreneurs start strong?
A4: Resist urges to spend money when executing ideas and go lean to start. For example, if 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.
Q5: List the first 5 ‘to-do’s for every entrepreneur when setting up their business. Tag and link any relevant support and resources.
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, and automate business operations with tech.
Q6: What advice do you have for entrepreneurs who are interested in setting up their business online? Tag and link any support and resources.
A6: Get the right sales tax (e.g., GST, HST, PST) information for online sales. And test every step of your e-commerce 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.
Q7: What advice do you have for entrepreneurs about funding their businesses? Tag and link any relevant resources.
A7: Start lean, get sales, and use metrics to validate your next steps. Invest wisely. Listen to customer feedback!
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?
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 the lines and judge it well matters to pivot to your version of success.
Q9: What is the value of mentors and advisors for new business owners? What advice do you have on finding the right mentor or advisor?
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 asks you questions to help coach you to discern and choose the best path of success for yourself.
Q10: What inspirational quotes have served you and your business that you feel could be relevant to every entrepreneur?
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.
Q11: What is your final piece of advice for entrepreneurs starting a business?
A11: Entrepreneurship is an adventure. Enjoy the ride!
