By: Mario Escoto Damas
November 9th, 2022
So, you have a new business idea and feel excited about getting started as soon as possible. You trust your intuition and really think that you have something unique and amazing that will make people crazy and wanting for more. You already dreamed about how big and successful your business will be and you will be investing all your resources, time, and a huge amount of effort into it..... But first, Hold on! This blog is something you should read first!
I had the privilege to grow up in a very hard-working, entrepreneurial family and I got involved in the family business since I can remember. I worked my way up to leading the business and implementing changes and strategies to diversify the business's revenue sources, leading to the creation of new ventures. The experiences of "been there, done that" have allowed me to serve as an advisor, consultant, and mentor for numerous startups and businesses.
Understanding some basics of the psychology behind entrepreneurship will make a difference on how you perceive and evaluate opportunities, make decisions, and move forward to reach your goals. In this blog, I will share some recommendations for aspiring entrepreneurs:
1. Please, do your research!
It is not a good idea to make decisions based merely on assumptions. It might be that your business idea is innovative, unique, or even ahead of its time, which can be a huge advantage, but it might also be that someone, somewhere already did exactly the same thing or even something similar. If that is the case, doing extensive research into your idea will help you understand if similar businesses exist, understand your target market, and frame up a different innovative approach.
2. Create a business plan
A well-written business plan includes aspects such as your products or services, target market, strategies, and finances. It is intended to give you direction, layout your goals, and track your progress while your business grows. More importantly, it is a powerful tool to attract potential investors so they can determine whether your business is worth putting money into.
3. Connect with advisors and mentors
No matter how much expertise you have in your field, you should consider making connections in the entrepreneurship ecosystem and share your ideas to get feedback from experienced businesspeople. Here at the Northwestern Ontario Innovation Centre, we have a great team of knowledgeable people and a number of helpful programs and resources available for entrepreneurs of all backgrounds so please reach out!
4. Be passionate about it
Dedicate all of your skills, knowledge, time, and energy to your business. If you do it with enthusiasm and commitment, it will have a positive impact on your attitude, ignite the same passion within your team, and your potential customers will be more likely to believe in you and in what you are trying to do.
5. Build an efficient team
Sometimes entrepreneurs need to wear several hats BUT let's face it, nobody can be good at everything. Every entrepreneur needs talented people around them who have complementary skill sets. The best advice is to find people who are not like you but who are good at doing what they do and what you can't do. Finding the smartest people you can to complement your strengths is crucial for your business to be successful.
6. Get prepared to work hard
If you ever asked successful businesspeople how they reached the top, hard work will be among their top reasons. Overnight success does not exist. Your determination guarantees achievement.
7. Stay open and flexible
Entrepreneurship is a risky business and the chances of making mistakes, and even failure, is always a possibility. Business owners need to adopt a flexible mindset and have the ability to overcome unexpected changes and adverse situations. If at any point you fail, you must see this as a good learning opportunity. Based on my own experiences, success is a pile of failures that you stand on.
We at the Innovation Centre, want to help businesses reduce their chances of failure and we are committed to supporting entrepreneurship in Northern Ontario. As a personal final remark, after all these years of running businesses, I can assure you that Entrepreneurship is really worth it. Despite all the ups and downs, challenges, and hard work, it definitively opens your life to an infinite world of possibilities for you, your community, and your beloved ones.