| p>What does it take to start a successful | | | | $15,000 (CDN) to those that meet their eligibility |
| business? According to Roger Pierce, a popular | | | | requirements. The driving force behind this |
| media speaker, columnist(1) and co-owner of a | | | | successful program is their pairing of young |
| company that trains new entrepreneurs, "You | | | | entrepreneurs with experienced entrepreneurs. |
| need to have a passion for entrepreneurship!" | | | | Pierce agrees that working with business mentors |
| Inspired at a very young age by his grandfather | | | | and coaches is vital for new entrepreneurs' |
| who started and built his own land surveying firm, | | | | success because they can provide you with |
| Roger Pierce loved the idea of owning his own | | | | guidance, advice and encouragement. |
| company because he could see the immediate | | | | It might not appear to be a challenge at first |
| fruits of his grandfather's labour. Entrepreneurship | | | | glance but Roger often sees and has experienced |
| is definitely in his blood as he still remembers his | | | | first hand that jumping into a business partnership |
| first ever contract was to mow lawns and at age | | | | too soon can be costly. He recommends a trial |
| 16, he organized his first big dance gig where he | | | | alliance and easing into a partnership. According to |
| sold 500 tickets! | | | | Roger, it is not enough to form a partnership |
| After graduating from Sir Sandford Fleming | | | | based on complementary skills sets. He chuckles |
| College in Peterborough for business, he launched | | | | as he compares a partnership to being married, |
| Pierce Marketing Communications in 1994 and | | | | "You end up spending more time with that person |
| made his first client the college. How's that for | | | | than with your spouse." But even before entering |
| salesmanship! According to Roger, college provided | | | | into a partnership, Roger stresses the importance |
| him with the practical and tactical skills necessary | | | | of having a solid partnership agreement drafted |
| to run his own business. To his credit, his small | | | | by a business lawyer. This way, you are |
| business ventures ranged from selling electronic bill | | | | protected should the partnership turn sour. |
| boards, to tradeshows, to media buying, to | | | | Pierce also recommends doubling the time you |
| marketing, to barter exchange and eventually to | | | | expect to take to get a business off the ground. |
| his current business, BizLaunch ( which he | | | | He often sees entrepreneurs give up too easily in |
| co-owns with business partner, Andrew Patricio, | | | | their new business ventures just when their |
| to train new entrepreneurs to succeed in business. | | | | businesses are about to take off. "You need to |
| BizLaunch opened its doors for business in 2003 | | | | stay motivated without becoming overly |
| and has since trained over 4000 entrepreneurs. | | | | optimistic while keeping the business plan realistic," |
| What makes their business unique is their | | | | says Pierce. Your persistence will pay off in the |
| one-on-one coaching and post-support after their | | | | long run. Also, "Don't target too many people. |
| clients have taken their 30-hour training program. | | | | Keep it narrow and deep," he recommends for |
| With no real competitors except for the | | | | new business owners. For example, one of their |
| government, BizLaunch has adeptly made them | | | | clients who owns a storefront and sells board |
| an alliance partner and has worked with them on | | | | games and figures, also uses the storefront for |
| government sponsored business programs for | | | | tournament space and has successfully targeted |
| youth. | | | | young men ages 18-25 living in central Toronto. |
| Not surprisingly, Pierce understands youth and | | | | This narrow focus has paid off for this young |
| business. He has been involved with Junior | | | | store owner as he is the leader in his niche |
| Achievement (JA), an international non-profit | | | | market. |
| organization dedicated to educating and inspiring | | | | To ensure success when starting a business, |
| young people about business and economics, since | | | | Roger Pierce highly recommends keeping your |
| high school. Now that he has an opportunity to | | | | expenses low and thinking outside the box. For |
| give this knowledge back, he is enthusiastic about | | | | example, he suggests "starting an online store |
| working with young entrepreneurs who make up | | | | before opening up a store front" or in BizLaunch's |
| part of BizLaunch's client base. He says working | | | | case, launching an upcoming television series about |
| with young entrepreneurs out of school is great | | | | entrepreneurship to reach a larger audience. He |
| because they "have unlimited enthusiasm, are fast | | | | also suggests keeping a part-time job while you |
| learners, and are flexible to adapt to changes." In | | | | build your business if you do not have access to |
| fact, BizLaunch was hired by the Ontario | | | | start-up capital. And finally, "get fired", says Roger. |
| government for their "Summer Company | | | | "If you know you want to leave your job to start |
| Program" to provide enterprising students aged 15 | | | | a business, it is best to be let go and get a |
| to 29 with hands on business training and | | | | severance package to use as seed money," |
| mentoring to start and grow a successful | | | | explains Pierce. |
| business. | | | | According to Pierce, there are three goals |
| With the number of women starting their own | | | | entrepreneurs should be striving for: |
| businesses and the increasing immigrant population | | | | To Sell - sell your product or service to others |
| in Canada, Roger reports that 60% of BizLaunch's | | | | To Delegate - delegate the details of execution to |
| clients are women and 33% are new Canadians | | | | line managers or to someone who can handle the |
| who are of Chinese, Spanish, East Indian and | | | | details |
| South African descent. As I sit in on a free | | | | To Duplicate - Duplicate your business through |
| 90-minute Staples BizLaunch start-up seminar and | | | | franchises and issuing licenses to allow others to |
| look around me, this statement is confirmed. | | | | do what you do |
| BizLaunch offers a series of free seminars at | | | | However, his best advice for those who plan to |
| various Staples & Indigo locations around the | | | | start their own profitable business is to "build your |
| Greater Toronto Area throughout the year to | | | | business as if you are going to sell it or pass it on |
| educate new entrepreneurs and to drum up new | | | | tomorrow." This will ensure the proper systems |
| business for their 30-hour "Up & Running | | | | are in place so that anyone can be trained to |
| BizLaunch Program". This affordable program was | | | | take over. |
| designed to help new entrepreneurs create | | | | Article Summary of Best Practices for |
| profitable small ventures. | | | | Entrepreneurship: |
| With manufacturing being sent out to third world | | | | - Be passionate about entrepreneurship |
| countries, Canada is becoming a service based | | | | - Acquire the practical and tactical skills necessary |
| economy and is confirmed by Industry Canada's | | | | to start and run your own business through |
| business statistics that reveal that the greatest | | | | business training programs at your local colleges or |
| job loss has come from the manufacturing sector. | | | | professional training companies |
| According to Roger Pierce, there are tons of | | | | - Find free resources available through the |
| small businesses opening up, namely web-based, | | | | government or the local community about starting |
| special niche, online retail and outsourcing | | | | your own business |
| companies. And with one million Canadians | | | | - Find alliance partners that are a good fit and |
| predicted to start their own businesses in this | | | | make sense for your business |
| decade, it is necessary to understand how to | | | | - Give back to the community by becoming a |
| set-up a business for success. | | | | mentor or coach for new entrepreneurs |
| "Clarity, momentum and accountability is | | | | - Research the dynamics of your marketplace, |
| necessary for entrepreneurs to succeed," says | | | | economy and the demographics of your target |
| Roger. You need to be clear and focused on what | | | | audience to start a viable business |
| your goals are to be successful in business. In | | | | - Be clear and focused on your goals; motivated |
| addition you need to be motivated to execute, | | | | to execute them; and accountable for all your |
| and be accountable for all your actions. Therefore | | | | actions |
| a business plan is necessary to guide and map | | | | - Write a solid & viable two year business |
| your efforts. According to Pierce, "4 out of 5 | | | | plan to serve as a guide and map for your |
| small businesses do not have a business plan." This | | | | efforts |
| is a costly mistake because business owners | | | | - Business plans should be modified as business |
| become reactive rather than proactive as a result | | | | planning is an ongoing process |
| of not having a viable business plan. He believes | | | | - Prepare and present a solid and viable business |
| that an ideal business plan should not be longer | | | | plan to acquire start-up capital |
| than two years as market conditions change and | | | | - Be prepared to invest "love capital" into your |
| things happen that we cannot predict. Once the | | | | own business |
| two years are up, be prepared to do another | | | | - Check for available mentoring programs to |
| business plan as business planning is a continuous | | | | finance new business ventures in your region |
| process. | | | | - Find mentors and coaches to work with you to |
| When asked what the greatest challenges are for | | | | receive guidance, advice and encouragement |
| new entrepreneurs, Roger mentions start-up | | | | - Form trial alliances to test partnerships |
| capital, mentoring, partnerships, timelines and | | | | - Have solid partnership agreements in place |
| focus. According to Roger, new entrepreneurs | | | | before working with business partners |
| expect the banks to finance their businesses | | | | - Double the time you expect to take to get a |
| 100%. Reality is banks will not provide business | | | | business off the ground, and don't give up too |
| loans to those who do not have a business credit | | | | easily |
| history and who cannot show viable business plans | | | | - Don't target too many people; keep it narrow |
| where they will generate a profit in their new | | | | and deep to succeed in your niche market |
| business ventures. He warns that you should be | | | | - Keep business expenses low |
| prepared to sink some "love capital" into starting | | | | - Work a part-time job while you build your |
| your own business whether it's your own funds | | | | business if you do not have access to start-up |
| or receiving financial support from your family and | | | | capital |
| friends. | | | | - Build your profitable business as if you are going |
| If you happen to be a young entrepreneur | | | | to sell it or pass it on tomorrow, to ensure the |
| between ages 18-34 looking for start-up capital, | | | | proper systems are in place |
| you might just be in luck. Pierce recommends | | | | (1) Roger Pierce writes two columns each |
| applying to the Canadian Youth Business | | | | Wednesday in The Toronto Sun called "Up & |
| Foundation ( who provides start-up loans up to | | | | Running" and "BizLaunch". |