Necessary skills of an Entrepreneur
- Ability to raise and manage money
- Foundation of Business is advantageous
- Degree in entrepreneurship is highly recommended
- Background in business is essential
- Tolerance for taking risk and ability to multi-task
- Excellent planning and decision-making skills
- A well-rounded individual that is self-motivated and excellent at problem-solving
Steps to becoming an entrepreneur
- Identify the business you want to create
- Create a business goal and plan
- Identify your target audience
- Understand your personal finances and obtain optimal funding required for your business
- Create a support network for your business
- Market your business through social media
Identify the business you want to create
- Consider creating a business with your existing network
- Explore different businesses which you can create. Research fields that interest you
- Determine how much risk you can take
- Identify the problem and solutions to solving the problem
- Identify if there is a need in the market for the business you want to pursue.
- Research the market
Create a business goal and plan
- Executive Summary: Briefly describes the business, product/service, market and the business’s position. In addition, the summary should highlight the forecasted financials required for the business.
- Company Description: Brief introduction into what the company will do; mission statement; business structure; target marketplace and how the product will meet the needs of that marketplace.
- Industry Analysis: Analyze the company’s industry and its position within large industry. Analyze the target market desired.
- Market and Competition: Analysis of the industry’s market conditions and competition (number of competitors and their market share).Analyze the strengths and weaknesses of competitors and what gives your company a competitive advantage over your competitors.
- Products and Services: Detailed description of products/services, benefits to the customer, how the product differs from competition.
- Strategies and Goals: Describe strategies which will help you attain product/service share in your target market.
- Marketing and Sales: Detailed description of marketing strategies and forecasted sales based on market research. Describe how forecasted sales will be achieved.
- Operations and Management: Outline who is responsible for was and how tasks will be assigned to each person or team. Provide descriptions of members the business and outline what each business member will be responsible for. Highlight any gaps for certain positions necessary for the company.
- Financial requirements: Outline the amount and type of financing needed to accomplish the business plan.
- Financial statements: Forecast balance sheet, income and cash flow statements.
- Exhibits/Appendix: Any supporting materials and/or legal materials.
More information on business plans: http://businessenterprisecentre.ca/business-plan-wizard/
Resources for start-up businesses
MaRs, Entrepreneurship 101
Description: 5-week course including mentorship and tools to create a start up
Website to sign up: https://www.marsdd.com/entrepreneurship-101-online/checkout/
- Starter Company Plus (Up to $5000 grant) [Ontario youth 18-29]
Locations to apply for grant: https://www.ontario.ca/page/small-business-enterprise-centre-and-community-based-provider-locations
Requirement: Must be able to make a cash or in-kind contribution for at least 25% of the grant into the business
- Summer Company (Up to $3000) [Ontario Youth 15-29]
More information: Provides start up money and advice and mentorship
Eligibility requirements: http://www.ontariocanada.com/screen/eligibility_questionaire.do? language=en
Apply through a small business enterprise centre:
- Aboriginal Business and Entrepreneurship Development (Up to $99,999 grant) [For Aboriginals or majority-owned Aboriginal businesses]
- Locations to apply for the grant: http://www.aadnc-aandc.gc.ca/eng/1100100033216/1100100033220
- YEDI program (Up to $30,00 of equity-free seed funding upon completion of 16-week program)
More information: http://www.yedinstitute.org/programs/incubator/
Brief description: Business incubator aiding to kickstart and grow start-up businesses
- Futurpreneur Canada (Up to $15,000 collateral-free loans and low interest rates)
For more information and to apply: https://www.futurpreneur.ca/en/get-started/financing-and-mentoring/
- Additional funding from BDC available (Up to $30,000)