While the COVID-19 pandemic has harmed many Canadian small businesses over the last year and a half, it has also been a time of growth and opportunity for entrepreneurs.
A new poll suggests that Canadians seem more optimistic than ever about their ability to start a business, even in the face of adversity. Despite the economic depression caused by the pandemic, Canadians’ business aspirations have actually reached a four-year high, according to the most recent RBC Small Business Poll.
Among the business owners polled by RBC, nearly a quarter of them, or 24 percent, said they started their business during the pandemic. More than half of Canadians polled (55 percent) said they have thought about owning a business.
“Canadian entrepreneurs have faced a myriad of challenges over the last 15 months, and it’s made for some devastating headlines,” said Don Ludlow, Vice-President of Small Business, Partnerships & Strategy, RBC. “But we’re also hearing countless stories of entrepreneurs who are finding ways to turn these challenges into new opportunities for growth and change.”
It’s great news for Canada, but Tom Jakobek, an experienced entrepreneur and founder of KBNJ Consulting, Inc., said that first-time entrepreneurs will need more than optimism to make their business successful in the long term.
“Canadians have always been very entrepreneurial, and I think the numbers here speak to our national resilience,” Jakobek said. “However, it will take more than resilience and optimism to make money five years down the road.”
Have a Vision
The growth of a company is limited only by the vision that gives it momentum. It’s vital for the founder of a company to know what the short-term and long-term goals are, and have a plan for how to execute them.
And that vision needs to be shared and communicated in a way that everyone in the company can understand. When anyone at a business answers the phone, they should be able to easily and quickly communicate the business strategy in a few words.
“That is money in the bank,” Tom Jakobek said. “When everyone on your team is on the same page and understands the larger goals of the business, then you have the synergy that makes things happen.”
Many entrepreneurs struggle with this. A recent study of about 600 entrepreneurs found that 84 percent of them have experienced imposter syndrome — the idea that they lack the ability or knowledge to succeed.
That’s okay, Jakobek said. Entrepreneurs don’t have to have all the answers. But they do need a vision and a plan.
Find People That Can Help
Although the Western world has always been in love with the idea of the lone genius, the reality is that no one succeeds alone. You’ll need the help of your staff, your managers, and any other qualified people you can convince to get on board with your business, Jakobek said.
It doesn’t stop within your company, either. Find a mentor or a coach that can help you assess your own ideas or see the gaps in your business strategy.
“Everyone likes to talk about Steve Jobs or Bill Gates or Elon Musk, and those are great examples of smart entrepreneurs, but I guarantee they also had other smart people helping shape their ideas,” Jakobek said. “We all need that.”
Read Books
Even in a world increasingly ruled by technology and the ability to adapt to it or embrace it — books have their place, Jakobek said.
Find books that inspire you. They don’t have to be books about business or finance, although that’s a good place to start, he said.
“Entrepreneurs need to know as much as possible. They need to walk into a room and know at least as much as everyone else,” Jakobek said. “And reading gives you that knowledge.”
Not sure where to start? Here’s a list of relevant business books suggested by Entrepreneur.com.
As Canadians increasingly embrace self-employment and entrepreneurship, they will not only be uplifting themselves — but their entire country said Don Ludlow of RBC polling.
“The entrepreneurial spirit is stronger than ever and business ownership is increasingly being seen as a viable career path for many Canadians in light of the opportunities created by the pandemic,” said Ludlow. “As the economy re-opens, their success will be critical in driving job creation and employment, and accelerating our economic recovery and growth.”