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10 powerful thoughts on entrepreneurship

06 October 2015 by National Bank
entrepreneurship

Are you dreaming of starting a business but don't know if you have what it takes? Are you wondering if you need a business plan or management training?

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During a webinar, Michel Grenier, head of the Centre d’entrepreneuriat ESG-UQAM, answered questions by Randy Ferguson. The expert in entrepreneurship addressed certain key issues for those who are drawn to the prospect of becoming business owners.

Here are ten powerful thoughts he shared about entrepreneurship:

1. The qualities of an entrepreneur

To be a successful entrepreneur, you will need perseverance, discipline, passion, confidence in your own abilities and good problem-solving skills.

2. A business plan is like itinerary

If you ask a student about a trip planned for the summer, the student will tell you that he or she doesn't have a plan. However, if you dig a little deeper, you'll learn that the student does actually have a plan and has chosen the key stops on the trip. A business plan is similar: If you're working on a project that you're passionate about, you already know the key aspects of it. If you wish to obtain assistance, advice or support, you will need a written business plan.

3. Success hinges on support and encouragement

As an entrepreneur, you will need the encouragement and support of people who can help you, whether they're family and friends or organizations dedicated to supporting entrepreneurs. Keep those who belittle your project at bay.

4. Most businesses are not created to make money

Making money isn't the only reason people start a business. The businesses that stand out were started by entrepreneurs who wanted to build something exceptional, as was the case for Cirque du Soleil.

5. Being successful takes work

Starting a business is as demanding as it is exciting. You will need to roll up your sleeves and get to work.

6. Resilience is key

"The Canadiens don't give up when they go through a slump," said Michel Grenier. The same principle applies to entrepreneurs. When you slip up or fail, you will need to get back up and keep going. This calls for resilience.

7. Building a network is crucial

It's impossible to do everything or know everything. That's why it's important to build a network of people to guide you, support you and encourage you.

8. You must constantly improve yourself

To live with passion, you have to enjoy your work. To continue to enjoy your work, you must always strive to improve yourself. A coach can help you with this.

9. Success lies in your strenghts

Your skills and strengths will enable you to build a strong company. Your network or a mentor can help you address your weaknesses.

10. You need to know how to count

You don't need to know everything about accounting and finance to start a business. However, if you understand that more money needs to come into the business than leaves it, you will be successful. Knowing how to count is the most important skill.

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