Here’s a transcript of my Dec. 30th Tweet Chat with
GotoMeeting Canada, on entrepreneurship and the Future of Work. I have eliminated most of the Twitter address/hashtag clutter.
The beauty of Twitter’s short-messaging model is that you have
to get to the nub of each issue: make your point, then stop. No frills, no vacillating,
no buts. I hope you find some value in the following distillation.
@GoToMeetingCA: We're excited to have @nationalpost
columnist and consultant @rickspence with us today to chat about
#entrepreneurship and the #FutureofWork
@GoToMeetingCA: First off, what does it take to make it as
an #entrepreneur in Canada?
Rick: To make it as an entrepreneur, you need a vision,
commitment to quality and service, courage, persistence.
You need to be prepared to work harder than ever before. You
have to think about business 7 days a week.
To start, you must do something better than anyone in your
market, whether you create apps or open a café
You also need to understand your market, what makes other
people in it successful. (Get out and
ask people!)
Also, you have to understand basic finance.
How long till your business reaches break-even? What sources
of capital can you tap?
I believe we all have to be entrepreneurs. Full-time jobs
will be scarce; we'll have multiple client/employers
So we must all think of ourselves as entrepreneurs. We must
know how we create value in our chosen markets.
@GoToMeetingCA All
fantastic points. How does the climate for #SMBs and #entrepreneurs in
Canada look to you right now?
Rick: The outlook is always favorable for entrepreneurs.
They specialize in seeing connections that turn into opportunities.
We all have to learn to zig when others zag. There is always
opportunity to do something better, cheaper, faster.
E.g., in tough times, businesses outsource work. Great
opportunity for entrepreneurs who do 1 thing well.
Most markets evolving. Businesses, consumers demand new
products, eg security solutions or balsamic vinegars
Lots of room for entrepreneurs to supply specialty products
and services to demanding clients with more money than time
For established small businesses, leverage your flexibility.
Be first to see new trends, meet changing demand
Markets and consumers are changing fast. You can zig and zag
while big competitors wait for board approvals!
Rick: Lots of trends for entrepreneurs to chew on this year.
Health, fitness and environment: We need new solutions in these areas
Canadians want change, and they’re willing to pay, For healthier
foods, better workouts, greener products.
Also, so much opportunity in tech. Apps, games, video. And
biotech, nanotech, big data, materials, security.
In general, our increasingly complex society breeds new
problems that demand better solutions. All opportunities!
Plus, social issues are hot. How can business create new
solutions to poverty, education, mental health?
And for those who know nothing about nanotech, personal
services and anything re pets are huge opportunities
When looking for new opportunities, ask yourself two
questions:
What are people spending more money on today?
What nagging problems can we (as individuals, businesses or
society) not seem to solve?
The intersection point of these two lines of thought is
where your best opportunities lie.
@GoToMeetingCA:
Can you tell us about a Canadian #smallbiz that has
really impressed or inspired you?
Rick: I love G Adventures, world’s largest adventure travel
firm. Socially conscious, very successful.
Just talked yesterday to a Toronto entrepreneur making 3D
printers that are safe for children and easy to use.
Check out Poieo3D. Your
kids will love you! They might even put down their phones.
@GoToMeetingCA
Amazing! Could be the next new #Techvibes20
company? :)
In Waterloo,Thalmic Labs soon to release gesture-control
armbands. Amazing home-grown tech to control video games, appliances, etc.
In Vancouver, Indochino sells fashion-forward custom suits
at half off retail. Neat mix of tech and tailoring.
So many great companies. Innovation, value and values are
alive and well in Canadian entrepreneurship.
@GoToMeetingCA: You mention one of the top 5 dos of small
businesses is to innovate: http://sqz.co/o9DQd38 via @financialpost
What advice do you have for #entrepreneurs to stay
innovative?
Rick: To stay innovative, stay curious. Always ask yourself,
Why are things done this way? What other solutions would work better?
Find people to brainstorm with. What’s not working? How
could we do it better?
Always look for fast, easy, cheap ways to test your ideas,
theories and solutions. Test, test, test.
Crowdfunding can help you test new ideas. Even if you don't
raise the money you want, lots of great feeback.
Plus, crowdfunding helps you build a community that cares
about your solution. What could you accomplish together?
If you're a business owner, encourage innovation by staff.
Reward ideas. Give people resources to test their theories.
@GoToMeetingCA Good
point. Many #startups
we've spoken to mentioned the right team is crucial for business growth
Rick: As Silicon Valley guru Steve Blank says, startups
aren’t businesses. They're research lab testing new ideas.
Rick: So many common mistakes entrepreneurs make! Like,
neglecting to develop a business plan!
Not vetting potential partners properly for alignment, work
ethic, resiliency. Know who you're teaming with!
Not looking into insurance and other red-tape chores
entrepreneurs need to pay attention to.
Being undercapitalized, and not spending enough time trying
to raise money. Not seeking "smart" money
Spending too much time trying to raise money.
Entrepreneurship is a complex business, and opportunities
for mistakes abound. Stay focused, have fun.
@GoToMeetingCA Do
you have any tips for #entrepreneurs
when it comes to making connections and building a network?
Rick: Entrepreneur or employee, building strong business
relationships is the most important thing you can do.
Get out and meet people, build friendships, stay in touch.
Find ways to create value for people in your network.
Strong networkers make the best leaders. And your network
will help you in so many ways.
Your network can provide ideas, encouragement, advice,
references, testimonials, leads on funding. Work it!
I’m doing a lot more work on networking lately, including a
new presentations series. It’s the secret sauce of success!
@GoToMeetingCA Good
to hear, looking forward to that!
Rick: I’m a huge fan of Twitter. It’s my network for keeping
in touch with thought leaders in areas I care about most.
Breakfast with Twitter is like sitting down and having
coffee with the smartest people you know. Or don't know.
@GoToMeetingCA:
Best quote ever.
Rick: To make it more two-way, of course, you have to work
Twitter. Retweet, respond, ask follow-ups, engage.
Some great minds I follow: @danmartell @Inc @ventureLAB_ @coachgoldsmith @FastCompany @WBrettWilson @SBLeaders
Other great Twitter sources: @FrancisMoran @davidcrow @Entrepreneur @GlobeSmallBiz @GuyKawasaki @scottgerber
And of course @FPEntrepreneur!
@GoToMeetingCA: Any words of wisdom
for young entrepreneurs who may be considering getting into the #startup scene?
Rick: Know your stuff. Partner with great people. Develop a
partnership agreement. Don’t skip the business plan.
Prepare to work harder that you've ever worked before. But
you won't mind, because you're in business for yourself.
Also, I was once asked for my best three-word piece of
advice. I said, "Make the Call.”
"Make the call" means something different to
everyone. We all have conversations we've put off. But it works!
@GoToMeetingCA Thanks
for your time, @rickspence! It was
great chatting with you about the #FutureofWork. All
the best for 2015.
Rick: Thanks for this! All the best to you and yours.
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