The Canadian economy is staging a revival after the Great Recession. During the Recession, some brave individuals launched their own ventures.
Eric Morse and Paul Woodford, leaders of QuantumShift, Canada’s premier executive development leadership program and network of entrepreneurs, interviewed 400 individuals. They asked them what they wished they had known and done from the outset, when starting their own ventures.
- Keep Learning: According to Wally Budgell, president of Robertson Bright Inc., devoting time to constant learning and self-improvement was significant.
- Remember the Basics: Adam Hill, CEO of LGM Financial Services, felt focusing on the basics (e.g. an effective business plan and a competent management team) was important.
- Keep Everyone on the Same Page: According to Frederic Boulanger, CEO of Macadamian Technologies Inc., ensuring that everyone was on the same page facilitated faster understanding of organisational goals.
- Follow Your Intuitive Instincts: Roberta MacGilivray, president of B.G.E Service & Supply Ltd., felt that listening to your gut instincts could be crucial.
- Instil a Common Culture Among the Workforce: Richard Stacey, president and CEO of Northern Response (International) Ltd., felt that a common mission and a set of values helped in creating a committed and engaged workforce.
- Hire Right: According to Karen Richardson, president of Freeze-Dry Foods Limited, hiring right helped you get the right people.
- Find a Mentor: L.T. Hilworth, CEO of Maple Farm Equipment Partnership, believes that finding supportive peers and mentors could help you wade through difficult waters.
- Prompt Action: According to Michael Going, co-founder of Good Earth Coffeehouse, moving smart and moving fast help you take advantage of opportunities faster.
- Customer Satisfaction: Vik Khanna, CEO of Khanna Enterprises Inc., believes that focusing on customer satisfaction always bred success.
- Evaluate the Opportunity Thoroughly: For Will Andrew, president of Trimark Sportswear Group, avoiding linking finances to make an opportunity a reality could yield hidden returns.
Entrepreneurs are strong indicators of the economy’s well-being. They follow innovative approaches, boost healthy competition and create employment opportunities. These tips could help the new entrepreneurs follow their examples.
Source: The Globe and Mail