Know-how you need

This week’s Financial Post column looks at the benefits of formal peer networks: organized groups of (non-competitive) business owners who meet regularly to discuss mutual problems and issues. If your business isn't ready for a board of advisors, this is the next best way to get ongoing, informed know-how and advice from experienced entrepreneurs who understand your business.

And as the story shows, in times like these, peer boards can help more than ever.

Excerpt:
"We talked about what assets would be best in a recession, and decided that would be cash," says TEC chair Pierre Gosselin. As a result, his peer group all started boosting their balance sheets and disposing of surplus inventory months before it became trendy (or necessary). One business owner cut his firm's inventory to $3-million from $9-million and arranged a $1.5-million financing just before the bank vaults slammed shut. When the recession hit, he was able to expand his sales reach while competitors were struggling to meet payroll.

The article cites an alphabet soup of organizations that offer peer groups, such as TEC Canada (The Executive Committee), Young Presidents' Association (YPO), Entrepreneurs' Organization (EO), and the Canadian Association of Family Enterprise (CAFE). I also mentioned Innovators' Alliance, Presidents of Enterprising Organizations (PEO), and Communitech, all based in Ontario.

Readers have since reminded me of the Business Roundtable, which operates in BC and the Maritimes, and told me about a new group called the Inner Circle, which is just moving into Canada from the U.S.

UPDATE: Another reader has reminded me that the Strategic Coach program offers similar benefits (although I perceived it to be more for self-development than peer counselling). He says, "I have been a member for 14 years. In my view, nothing could be finer for the business owner for their professional and personal lives."

You can read the complete article here.

As a bonus, here are the Business Roundtable’s Top 10 Survival Lessons:

1) Never run out of cash.
2) The only thing worth cash is more cash.
3) Don't spend time trying to raise cash; spend it trying to find new business.
4) Be prepared to provide collateral to the bank but not more than necessary... Negotiate.
5) Find a banker who believes in people, not just the numbers and keep him/her informed.
6) Learn to say No!
7) When things are really tough, go on the offensive - don't hide.
8) Assume things are worse than they look, because they probably are.
9) Get people involved in your company who can give it some credibility when needed.
10) Believe in yourself and don't forget to stop and smell the roses once in a while.

We Never Close

I've noticed recently that several Canadian business websites I have visited recently have been “shut down temporarily for repairs.”

We all know that’s shorthand for “the company is going belly-up,” right? But that’s not always the case, because some of these companies really are overhauling their websites. And for some reason they have elected to shut their site down rather than go with the old one while the new one is being put together.

Memo to management: Don't do it. “Under construction” is for shysters who have bought domain names and hope to sell them at a premium. Or for companies that have gone bust, and have no idea what to use their site for.

Every human being on earth who researches your company looks it up on the Net first. Your website is their first stop. It should never, ever be down, if you can help it.

If you're redesigning your website, and most people usually are, keep your old site up till the new one is ready to go. Who cares if it no longer matches your new corporate colours? A temporary misalignment is better than even one prospect assuming your company is in trouble – or sleeping with the fishes.

Facts at Your Fingertips

I only recently discoverd what a wealth of information the Toronto Public Library offers small business owners - and of course, many of these resources are available to anyone, anywhere through the wizardry of the Internet.

And now, through the miracle of copy and paste, reproduced below are some of the best online information resources available to entreprneurs - selected and annotated by Toronto's finest librarians.

If you appreciate this stuff, buy a kid a library card.

Aboriginal Business Enterprises
Magazines and Journals
Advertising, Marketing and Public Relations
Networking and Mentoring
Blogs (Weblogs)
Organizations and Associations
Bookkeeping
Procurement (Selling to Government)
Business Closure or Expansion
Purchasing, Leasing and Outsourcing
Business Ideas and Innovations
Registration, Business Name, and Incorporation
Business Improvement Areas
Research Tools
Business Plans & Planning
Sales
Chambers of Commerce
Shipping
Education and Training
Small Business-Central Ontario
Electronic Commerce
Small Business-Eastern Ontario
Entrepreneurship
Small Business-Greater Toronto Area
Family-Based Businesses
Small Business-Northern Ontario
Financing
Small Business-Ontario-Wide
Franchising
Small Business-Southwestern Ontario
Home-Based Businesses
Taxation
Human Resources
Trade Shows
International Business Enterprises
Women and Business
Law and Legislation
Young Entrepreneurs

The Secrets of Selling

My Financial Post column this week tries to sum up a full-day conference in 700 words.

The Art of Sales conference, which took place late last month in Toronto, brought together major-league speakers on sales and marketing, communication and time management. I summed up five presentations in 700 words.

Highlights:
* Sales coach Jeffrey Gitomer called the multibillion-dollar business stimulus packages in the U.S. “political B.S." As he pointed out, "If you're an entrepreneur, there's no bailout for you. You are your own bailout."

* Communications coach Frances Cole Jones urged attendees to make better use of the word “You.” Instead of telling prospects what makes your product or service the best, she says, shift your pitch to make it about them. "Your health is important to us. That's why we use only the purest ingredients..."

* Think Big guru Michael Port reminded folks that selling is not about products, but people. "If we look at selling as a numbers game, or just overcoming objections, then we miss something huge," he said. "We're missing mad, passionate love for the people we sell to."

Click here to read the full story.

Similar Art of Sales conferences will take place in Calgary on June 12, and in Vancouver and Montreal this fall. Check out http://www.theartofproductions.com/home.html for more info.

Leaders tell their recession-beating stories

The March issue of PROFIT Magazine has lots of recession-fighting tips for you and your business.

Its article, "How to beat the recession", features tried and true strategies from entrepreneurs who have beaten slowdowns before, and are working to do it again.

JOSEPH MIMRAN of Toronto-based Joe Mimran and Associates, founder of Club Monaco, says recession is a great time to acquire strategic assets cheap. In the recession of the early '90s, he acquired choice retail locations in Toronto, New York and other key centres for just 12% to 15% of what he would have to pay for them today. “These are the times that can set you up for the next big move in the marketplace."

DOUG KERR of Vancouver homebuilder Kerr Construction survived the slow markets of the 1990s by surveying consumers’ wants and needs, then doubling his sales and marketing budget to promote his services with weekly mailouts. During slow times, Kerr found that three-quarters of his business came from existing clients, so he “serviced the heck” out of them to earn repeat business. “It didn’t really matter what the economy was doing,” says Kerr: “It was what I did that made a difference.”

RITA TSANG, CEO of Toronto-based Tour East Holidays, beat the SARS crisis of 2003 by boosting employee communications. With travel to and from Asia reduced to a trickle, says Tsang, “We didn’t lay off anybody at all. What we did was have very good internal communications. We let them know that it was indeed a very difficult time, but that we’d hold on. We encouraged them to take their discretionary vacations. We also reduced work hours so that people worked on rotation." She says the company's decision to avoid layoffs gave employees "a great sense of belonging. They were grateful that the company was there for them."

In addition, the company expanded its tours to include closer-to-home speciality destinations, such as spa holidays. "It was really well received, and today we continue to grow in that area."

For more war stories, click here.

When Buzzwords Attack

All business people should be working constantly on refining their elevator pitch - the 10-second to two-minute description they use to explain what they or their companies or their products actually do.

In mingling with the software moguls at the Branham 300 lunch event in Toronto earlier today (see previous posts), I found myself meeting lots of people who weren't able to escape the jargon and explain their offering (and benefits) in language that could be easily understood by laymen, journalists, or their children or grandparents.

So when I saw this video, I had to laugh. Click below and watch as a standard corporate video descends into buzzword hell and becomes increasingly - and humorously - incomprehensible. Then think of the poor journalists, ad agencies, accountants and spouses who have to follow jargon of this type every day.

Click here to meet the Rockwell Retro Encabulator. (It's just two minutes.)



Thanks to John Mayer for the link. (Yes, that John Mayer. We're Twitter pals now.)

Good News from Canada's Top Tech Companies

Today I attended the launch of the Branham 300 Top Technology list at the Turf Club bar in Toronto, in my capacity as a director of one of the software companies on the list. It was interesting to be there not as a journalist, which is my usual affiliation, but as a bona-fide member of the industry.

The place was packed with representatives from many Toronto software and IT companies. I was pleased to see what good networkers they were – people were constantly (and confidently) starting up conversations with complete strangers in a way I have not seen before at networking events in this city.

The Branham 300 represents a list of the 250 largest Canadian technology companies, both public and private, as well as a list of runners-up known as The Next 50. The list also subdivides into several other lists:
· Top 25 Canadian IT Multinational Companies
· Top 25 Canadian IT Up and Comers
· Top 25 Canadian Software Companies
· Top 25 Canadian IT Professional Services Companies
· Top 25 Canadian IT Hardware and Infrastructure Companies
· Top 10 Canadian IT Security Companies
· Top 10 Canadian Wireless Solutions Companies
· Top 10 Canadian xSP Companies
· Top 10 Canadian Healthcare Solution Companies

According to Branham Group president J. Wayne Gudbranson, the news from this year's industry survey is good. Average sales for the companies in fiscal 2008 rose 18% over the previous year, a higher figure than most people expected. Total sales for the 300 companies exceeded $70 billion for the first time.

More than 40 companies made the Top 250 list for the first time, pushing many familiar names off the ranking - and into the new Next 50 list, created this year just for this reason.

You can read more about the Branham survey and meet lots of exciting Canadian entrepreneurial companies - just click here.

The list is published this month by Backbone Magazine.

Dragons on the Prowl

While Dragons' Den auditions continue across the country, (click here for the schedule, or click here to read how the auditions have been going so far), Enterprise Toronto is holding its own special event next week.

Dragon Robert Herjavec and DD host Dianne Buckner will be at City Hall from 6 pm to 8:30 pm on April 7 to talk about the "Dos and Don'ts" of asking for capital.

Sure, it's a game show, but most of the lessons apply to all of your business life, so why not come out if you're in town? I will be one of the roundtable of guest "business experts" helping people hone their pitches.

This is not an audition, but pitchers hoping to come out to the April 18 Toronto audition - or anyone working on their presentation skills - would be well advised to take advantage of free coaching.

Click here to register.

Related notes:

* You can also audition for Dragons' Den online. (Or watch the video pitches so far.)

* I am scheduled to help out with the April 18 auditions at the CBC in Toronto, so come on down.

* Click here to read my account of being a "Dragon for a Day" in this week's National Post.

Do you know these free security tools?

Worried about viruses and spam and other malicious attacks on your computer or website? ITBusiness.ca has a story on “eight great free security tools” that can help secure your IT assets.

You’ll encounter security software like Avast Home Edition, antispyware utility a-Squared HiJackFree, shields such as Online Armor Personal Firewall, and proactive insulator SpywareBlaster. And they're all free.

Check out the article here.

Retro Niches in a Global Economy

At the Spring Cottage Life Show in Toronto today, exhibitors were revelling in a recession-free day. Retailers seemed to be selling lots of stuff, and cottage-country real estate agents (I know, I know) seemed to feel that the long, cold winter of their discontent was finally over.

One interesting trend: a new wave of “retro” design in boats, toys, and appliances. Baby boomer nostalgia? Recessionary longing for a simpler time? All I know is it’s fun stuff and very cool. In a world of bland conformity, products such as these attest to your individuality, your taste, and your love of pastel colours.

Pasted here are pix of a 60s-style 14-foot runabout from Retro Boats of Kitchener, Ont., and fridges and stoves from a similar era from Elmira Stove Works, a third-generation manufacturer in Elmira, Ont.





Two great examples of Canadian companies that are finding unique and creative ways to succeed in a global economy.

Ontario questions minimum-wage increase

Here's a bit of good news. Yesterday, Ontario premier Dalton McGuinty told Ottawa business leaders that he's considering axing an increase in the minimum wage scheduled for 2010.

The minimum wage will rise as scheduled this Tuesday, by 75 cents to $9.50 an hour. The 2010 increase would raise the minimum wage another 75 cents, to $10 an hour.

The Toronto Star reports today in a front-page story that McGuinty explained his dilemma by saying, "Like all prudent business managers we have to take into account ... what's happening to the economy as a whole."

I agrees. Governments must be especially frugal about using their power to legislate contracts between private, independent parties.

When the economy is going well, yes, let’s share some with the young people and the recent immigrants, who are the most common beneficiaries of minimum-wage legislation. But when the economy is tanking and bankruptcy rates rising, why would any sane government load any more burdens on the small businesses and marginal retailers who are the most common employers of minimum-wage workers?

Look at the history. Minimum wage rose by 75 cents to $8.75 just a year ago. That’s a 9.4% increase. I wish someone would legislate me a 9.4% raise.

The three annual increases announced a year ago amount to a 35% increase in two years – a ridiculous burden for employers in good times, and economic suicide in times like these.

Kudos to the government for reconsidering. There is nothing wrong with admitting a mistake.

I am particularly disappointed with the response of Progressive Conservative MPP Tim Hudak, who used this welcome acknowledgment of uncertainty to score cheap political points. Hudak, considered the front-runner in the current PC leadership campaign, called McGuinty's statements "a broken promise," according to the Star. "Page 38 of the Ontario budget papers talks about the minimum wage increase, and now, less than a day later, they're backing away."

If Hudak wants to head a common sense, pro-business party, why not welcome the review? If he needs to be negative, Hudak could have pointed out the insanity of a 35% increase in two years. But to make it so hard for a government ever to admit it might be wrong is a mistake, a disservice to voters and taxpayers.

I will leave it to the neo-cons to explain why every increase in the minimum wage is a blow against the poor. I will only point out that if grown adults with marketable skills are still working for minimum wage, there is something seriously wrong. And we should not be redistributing funds from hard-pressed, innovative entrepreneurs to encourage those underachievers.

Green Light: The Freedom to Fail

I just finished talking to a Toronto entrepreneur in a fairly traditional industry who blew me away with his commitment to (and excitement for) reinventing his business based on changing markets and emerging customer needs.

I was most impressed by his passion for encouraging his staff to innovate. Since no one knows where their market is headed, he thinks the secret to success is to empower front-line people to take initiative and try new things every day.

He thinks it’s something more business owners should do. In his words:

“Most businesses have stopped being creative, because they're afraid to fail. Society has attached a stigma to failure. We’ve goofed. Failure is part of learning.
“We have this idea that everything has to be successful the first time. But that's not the way we learn. We fall down, we get up. We fall down, we get up. We’ve forgotten that. We’re not giving our staff permission to be creative.”
“I tell my staff, ‘I’ll support you. I’ll give you the green light. Don't be afraid to fail.”

Maybe we should start a "Green Light" campaign. Every business that believes in innovation and creativity should post a green light in their lobby. Representing the freedom to fail, so that we all may learn and succeed.

What do you think? Do we have a chance?

Cranky Contrarian

My column this week in the Financial Post stems from a jaded interview with U.S. marketing consultant Michael Port, author of a 2008 book entitled The Contrarian Effect:Why It Pays (Big) to Take Typical Sales Advice and Do the Opposite.

You see, most of his “contrarian” advice (such as “establish yourself as a trusted advisor”) is the same stuff I've been learning at sales training for years. But Port defended himself well, saying that just because people learn this stuff doesn't mean they practice it. He still sees professional sales people basing everything they do on the ABC rule: “Always be closing.”

Here’s an excerpt from the story:
So what’s Port’s solution? He believes in slowing down the sales process. Don't base it on all-or-nothing decision points: make it about developing ongoing relationships, with multiple offers along the way to keep customers hooked. The offer might be a product, or an introductory sample or an invitation – anything that keeps the sales relationship alive and moving forward.

“The concept of closing doesn’t make sense,” says Port. “Why would you try to close off something? Why wouldn’t you try to keep things open?”

Read the whole story here.

Richard Page

I've just returned from the funeral of a friend and colleague, Richard Page.

One of the fittest people I know (he’s been known to run back home to the Scarborough Bluffs from business meetings in downtown Toronto), he was taken last week by brain cancer at the age of 56.

Richard was advertising sales director at PROFIT Magazine when I was publisher. We went on lots of sales calls together, broke a few sales records, came up lots of new ideas and actually pulled some off. He left around 2001 to get involved with a startup magazine. Clearly, the entrepreneurial atmosphere of PROFIT was infectious.

But the economy had passed its peak, and Richard ended up working on lots of different entrepreneurial projects. He was also a board member, chair, and huge supporter of the Canada Safety Council. When we met once or twice a year to stay in touch and compare notes, I rarely understood what he was working on, but it was always a complex, creative solution with public service foremost in mind.

Today I learned that a risk-management tool Richard developed for regulatory agencies is now in place and working well with a leading regulatory body. I think he was on the brink of great things – which makes his passing all the more tragic.

The good news is that Richard lived life to the fullest. When he learned seven months ago about the brain tumour that was causing dizzy spells, he wrote up a motto and taped it to his fridge. It went something like this: “I will live each day to its fullest one day at a time.”

In between doctors’ visits he continued to work, but also found more time for family, music, reading, and his many other passions. Family members were amazed that his overall mood was one of joy – appreciating every day, every moment, every friend.

May all of us be able to say the same.

Fiddler on the Move

A great sub-headline on an article in the March issue of Inc. magazine sums up the startup experience:

"A new business is like a shortwave radio. You have to fiddle patiently with all the dials until you get the reception you want."

(For extra credit, how many of those dials can you name?)

(In the ensuing article, author Joel Spolsky mentions the following dials to fiddle with: "Price. Location. Employees. Marketing. Advertising. Return policies. Trade shows. Products. Search-engine optimization. And every item in your budget.")

Fiddle here to read the original article.

Lost your job? How lucky can you get?

My friend George Torok, the Power Marketing expert, wrote a fabulous article in the Hamilton Spectator this week. His theme: “Luck is more a matter of perspective than it is the roll of the dice... Because how you feel will determine your actions and outcome.”

If you've recently lost your job, you probably feel unlucky. But that may not be the case, says Torok. “If you lost your job today -- you have a lot of company and help available. And it's socially acceptable to tell your out-of-work story. Lucky you.”

He goes on to tell his own story: about entering the workforce in 1979 just as a recession was brewing. He lost his first job in 1979 and his second in 1980. Between 1979 and 1983 he had eight different jobs, sometimes two at the same time, supporting a young family.

In the end, those experiences taught him the lessons needed to build his own business and write his signature book on personal marketing.

His money quote:
“Recently, the news quoted an individual who lost his job after 28 years. He was complaining. Meanwhile I was thinking how lucky he was -- for 28 years all he had to do was show up and do the same job every day.
How lucky can you get?”

You are your own lucky control board.

You can read the whole story here.
Or learn more about George at www.Torok.com.

Two views of Hamilton: Choose your perspective

By the way, how did I find out about George's article? He Twittered it. I clicked through and read it online. I liked it, so I blogged about it.

This is how marketing works today. If you have something to say, getting the word out has never been easier.

Lucky us.

New form of financing spotted!

This week’s Financial Post column looked at a new form of finance: purchase-order financing. It’s geared to manufacturers and distributors that deal in "durable” goods and have solid relationships with sound customers.

While expensive, purchase-order financing will be of special interest to companies that have tapped out conventional credit sources and need additional credit to land new orders or big accounts. Jim Reddon of Toronto-based Intuitive Capital calls PO financing “probably the earliest-stage and most aggressive kind of [non-equity] financing you can find.”
Read the full story here.

Bonus: In tough times, tapping your employees for bold new ideas may be your best growth strategy. My column in the latest issue of PROFIT explains how to start and run your own skunkworks – a team dedicated to brave new projects. You can learn how to “kick up a stink” here.

Cutting Your Prices

Do you dare lower your prices in this economy?

Inc. Magazine this month has a good story on this subject. Writer Ryan McCarthy profiles three business owners and their price-adjusting dilemmas.

Bottom line: Sometimes you have to give something up to get more. But you're better to create value for customers without chopping prices, since lower prices can create problems later.

For instance, online retailer PearlParadise.com began noticing sales falling off last fall. Eager to save the Christmas season, founder Jeremy Shepherd created a "luxury for less" campaign and cut prices in half on Tahitian pearls. Result: December volume were up 16%, with the less-expensive pearls accounting for 40% of revenue.

GotVMail, a Needham, Mass.-based company that offers virtual phone systems, offers a $9.95/ month service that doesn't leave much room for price-cutting. So it improved its plans, by increasing the number of minutes offered per plan and including some services free that the company used to charge for. The changes cut GotVMail's margins by 10% but offered customers an average savings of 40%. Result: Signups rose 40% in November.

McCarthy’s conclusion: “Bundling more services for the same price can be an effective way to be more competitive without cutting deeply into profits.”

Read the full story here.

Hunting Season for PROFIT 100

If you run a fast-growing company, or know someone who does, now is the time to enter the annual PROFIT 100 ranking of Canada’s Fastest-Growing Companies.

The PROFIT 100, now in its 21st year, is the definitive ranking of Canada’s top entrepreneurial firms. Its alumni include some of the biggest names in Canadian business, such as Research in Motion, Sleeman Breweries, Forzani Group and WestJet Airlines.

Companies that qualify for the list enjoy many benefits, including coverage in the June issue of PROFIT Magazine, and an exclusive invitation to the PROFIT 100 CEO Summit, a conference for entrepreneurial achievers. As with other awards programs, appearing in the PROFIT 100 rankings also tends to attract new customers, employees and business partners.

The deadline is March 31, 2009. For more information or to enter online, visit http://www.profit100.com/

D-Day (D is for Dragon)

For the third year in a row, I will be helping to audition “pitchers” for Dragons’ Den tomorrow at the CBC Broadcast Centre in Toronto.

If you're there, come up and say “hi.” But Expect No Mercy.

My job is to help separate the posers from the pitchers. I’ll be asking pitchers the usual revealing questions: “How big is your market?” “What makes your product/service unique?” “What will it sell for?” “What kind of market research have you done?” And, of course, “What makes you the one person in a million on whom I would want to risk my personal money?”

Potential pitchers (whether in the Den or elsewhere) should also be able to defend their valuations. If I ask you how much money you want from the Dragons, and you say “$1 million for 50% of my company,” then you'd better be able to explain why your idea/product/business is worth $2 million.

If you need more time to practice, I am also scheduled to help out at the second Toronto audition, which will be held Saturday, April 18.For more information see http://www.cbc.ca/dragonsden/apply/

Selling to Enterprise

My column this week in the Financial Post looks at the fine art of selling to big business.

It’s based on a Direct Engagement panel I took part in, along with Ontario’s minister for small business, Harinder Takhar, and two ambitious entrepreneurs.

Excerpt: “My key message was that selling to big businesses requires the dreaded Three Ps: preparation, process and patience. You need to understand your customers' needs - in terms of product, service, logistics and reassurances - long before you make your first sales call.”
Panelist Tony Lacavera of Globalive Communications noted that most businesses are innately nervous about entrusting major contracts to unknown companies. He suggested entrepreneurs reduce the buyer's risk by initially asking for just a fraction of the available business - say, 2% or 5%. "Downsize your proposal, but not your ambition," he said. "Get in and do a great job with a small piece [of the business]. Do whatever you can to make the buyer look good internally."

You can read the full story here.

Communicate again

I got an email today (or is it tomorrow there already?) from a consultant in Australia commenting on my column last month on change management.

He mentioned that he's involved in a major technology implementation for an enterprise level client in Brisbane.

"Tight timeframes, limited resources, client has undergone massive changes over the past 5 years – many people fatigued by technology…however, we’ve been executing well…key for us as a Chg Mgmt Team is to communicate…communicate and communicate…"

I think his three-part success formula is spot-on. Just when you get tired of communicating your message is usually when people most need to hear it again.

It reminded me of the two success tips I heard a few years ago from an entrepreneur who had just won a Global Traders Award in Ontario: "You have to overcommunicate. And you have to overcommunicate."

Dragons' Den Auditions Begin

The wind is breathing signs of spring
And now the Dragons are on the wing!

Forgive my bad poetry, but as the air warms up, the CBC is once again sending out its producers across Canada to pre-audition pitchers for its Dragons’ Den reality TV series.

That’s the show where you pitch real celebrity investors on your business idea, and they either negotiate with you in public to buy a piece of the business, or scoff at your naivete and send you packing. Or worse.

Auditions start Saturday March 14 (in Toronto) and finish in Montreal and Windsor April 11.
Here’s the schedule as I received it today.

ONTARIO
HAMILTON: Tuesday, March 24
SAULT STE MARIE: Monday, March 16
KINGSTON: Friday, March 27
THUNDER BAY: Monday, March 23
LONDON: Wednesday, March 18
TORONTO: Saturday, March 14 and Saturday, April 18
NORTH BAY: Tuesday, April 7
KITCHENER-WATERLOO: Thursday, March 19
OTTAWA: Saturday, March 28
WINDSOR: Saturday, April 11

BRITISH COLUMBIA
CAMPBELL RIVER: Friday, April 3
PRINCE GEORGE: Tuesday, March 31
KELOWNA: Thursday, April 9
VANCOUVER: Friday, April 3 and Saturday, April 4
NANAIMO: Wednesday, April 1
VICTORIA: Monday, March 30
NELSON: Tuesday, April 7

ALBERTA
CALGARY: Friday, March 27 and Saturday, March 28
EDMONTON: Wednesday, March 25
FORT McMURRAY: Tuesday, March 24

QUEBEC
MONTREAL: Saturday, April 11
QUEBEC CITY: Thursday, April 9

SASKATCHEWAN
REGINA: Wednesday, March 18
SASKATOON: Thursday, March 19

MANITOBA
WINNIPEG: Saturday, March 21

ATLANTIC
HALIFAX: Saturday, March 14
ST. JOHN’S, Nfld.: Wednesday, March 18
MONCTON: Tuesday, March 31
SAINT JOHN, N.B.: Thursday, April 2
CHARLOTTETOWN: Saturday, April 4

For more information, and to confirm dates and time, check www.cbc.ca/dragonsden

Boiling the Ocean, Opening the Mailbag

I've received some positive feedback on this week’s Post Column on “boiling the ocean.”

“Boiling the ocean” refers to businesses taking on bigger markets than they can possibly handle. Silicon Valley cynics used it to describe starry-eyed companies that wanted to change the world but it can also usefully be applied to businesses that simply take on too much.

This column referred to an Oshawa-based entrepreneur who wanted to sell an innovative new service to homeowners throughout the Greater Toronto Area. Nothing wrong with that, except her service is complicated. It takes too long to describe and understand. And her marketing budget just isn't big enough to allow her to overcome that knowledge barrier over such a broad marketplace.

The secret, I suggested, is to select a reduced market segment that represents some of her best prospects – and is small enough for her limited marketing funds to have some impact.
You can read the full story here.

One reader emailed me today and said, “Great article, thanks. I have a prospective client that needs to hear this... and your expert advice will help me give them the message.”

Most writers work without ever getting much feedback, so it’s hard to know when you’ve produced something that really resonates. Thanks, G. Comments like these are very helpful.

I also heard from a longtime contact, a Montreal entrepreneur I've known since my PROFIT Magazine days. He offered some very useful advice beyond what I had written, so I’m glad I can offer it here.

“You are correct in abandoning the mass market for a smaller niche market, but there would be an even better approach for "Shirley". While she has had limited sales, I would suggest that she truly understand the profile of those customers that bought. Then, find more customers with the same profile. Let Shirley communicate with those who bought and ask, "Why did they buy?" This dialogue can generate a wealth of information that can be used to find more of the same type of customer. Inexpensive to garner this information, and enormously powerful to use. Then, prepare a mailing targeted to those same type of customers.”

Thanks for writing in, D. My very public education continues.

Be the Change You'd Like to See

I’ve been having a number of conversations with people lately about the media. Specifically, how much do today's chronically gloomy headlines on TV and newspapers contribute to recessionary thinking by focusing people on the cutbacks, layoffs and other bad economic news?

Frankly, I’m surprised people take this point of view so seriously. I talked to one executive yesterday who was blaming the media for making the recession worse – and then he slipped into the conversation the fact that AIG had just lost $62 billion - the biggest quarterly loss in history. By his logic, he should now take responsibility for making good that loss.

The media didn’t create this recession. The media didn’t invent funny-money mortgages and horses’-asset-backed paper. The media did not create overcapacity in the auto industry or scare oil prices into falling like a rock.

Still, I agree the media have a role to play. In the last recession, no one was watching CNN, Canada had only one business daily, and there were no round the clock Canadian all-news stations on TV or radio to tell us how badly off we are. So I think they are responsible for perpetuating some of our economic fears.

What can be done about it? You can't turn the media off. And they can't stop reporting problems, such as the Stelco shutdown announced today.

Yes, the media could be more sensible. For instance, today CBC.ca came up with the headline, “BMO Q1 profit dips 12%.” Given today’s sensitivities, they might better have titled the story, "BMO still in the black," which is quite a feat in international banking today. But this is really just a nuance.

The media are just doing their job, but they're as confused about what’s going on as anyone.

It’s up to business to show leadership here. Be your own media filter. Instead of looking for (praying for?) positive economic news, create positivity around you. At work, with your staff, with clients and suppliers, share your vision of the future, and why it’s going to be better than today. Let people know what they can do to help get there, and they will rally around you.

Describe where you want to go. Be the change you want to see. Make hope a weapon.

While your competitors are sitting there in shock, staring at the headlines.

The Future of Business

My column this week in the Financial Post focuses on “cleantech”: the much vaunted new industry sector covering products, services, technologies and energy solutions that promote environmental sustainability and are expected to create new wealth and thousands of jobs.

Two government agencies devoted to sustainable business solutions last week released a “Cleantech Report” that focuses on the growth potential of Ontario environmental firms and analyzes the key challenge facing cleantech entrepreneurs.

The big challenge: commercializing cleantech products and technologies. As the report points out, Canadian companies are known “for underperforming in their efforts to commercialize their products."

Based on interviews with Ontario cleantech entrepreneurs both successful and aspiring, the report authors cite 12 commercialization “best practices.” My article summarizes six of those success tactics – while making the point that they apply not just to cleantech companies, but to virtually any business trying to market innovation.

Excerpt:
Be intentional about growth: The authors say many cleantech entrepreneurs set arbitrary growth targets for their companies every year. But they found the more successful companies set specific growth targets based on the critical mass they think they will need to survive and compete in their markets.

You can read the full story here.

Or you can download the full report here, for free. If you are at all interested in the future of business, you need to read this document.

7 Opportunities in the Current Recession

If you read just one blogpost this year, this is the one.

I attended the Wisdom Exchange today at the Mars Discovery District in Toronto, an annual gathering of leading growth firms sponsored by the Ontario government. Ontario’s ministry of small business recognizes that a tiny minority of SMEs, the export-oriented gazelles, account for a disproportionate share of job creation, and it does a great job of encouraging, motivating and supporting the CEOs of such companies through educational opportunities such as the Wisdom Exchange.

I moderated a panel on financial alternatives in challenging times, where I learned a lot about purchase-order financing and angel investment. I also attended an excellent session on innovation, by U.S. innovation expert Scott Anthony of Innosight, and heard an inspiring first-person turnaround story from John Keating, CEO of Cambridge, Ont.-based Com Dev International. You will be hearing more about all these topics later in this space.

For today, I want to share with you a portion of a presentation from Jayson Myers, the respected economist who now heads up Canada's largest industry association, Canadian Manufacturers & Exporters.

Myers offered a fair bit of bad news to the group – he warned that the recession “will be deeper and last longer than consensus forecasts,” and that total Canadian merchandise exports have actually been falling for six years. He also cited several major business risks going forward, such as: further turmoil in financial markets, China (especially if it ever tires of financing U.S. deficits), the US treasury market, and appreciation in the Canadian dollar.

But here is the good news. Myers also cited a whole listfull of business opportunities created by the current downturn. Not every company is in a position to seize these opportunities, but those who can should definitely be looking at this list as a recipe for action.

Opportunities in the Current Recession:

· For companies with cash and investment strength
· Replace competitors (who falter or struggle in this economy)
· Acquisitions
· Respond to new and emerging customer demand
· New product and market development
· Infrastructure and Innovation (including the smart grid, green energy, health care, logistics and security, and energy – all areas where Canadian companies have some advantages)
· Product specialization, services, new processes, new skills

Print out this list and stick it on your fridge. It’s your way out of this economy.

Hail to the Chief

We conclude USA Week here on Canadian Entrepreneur with a nod to PROFIT Magazine’s story this month on "5 Management Lessons from Barack Obama."

PROFIT editor Ian Portsmouth says the new U.S. president, who dashed into Canada today for seven unforgettable hours, can teach us a thing or two about landing customers. Here’s an excerpt:

* In order for Obama to demonstrate his empathy for the average citizen, he portrayed himself as the American everyman: shooting hoops with voters, conducting kitchen-table talks for a national TV infomercial audience and even wearing jeans and sneakers at campaign stops. LESSON: Be like your customers.

* If John F. Kennedy was the first TV president, Obama is the first Internet president. The Web-savvy former senator used text messaging, Facebook, YouTube and Twitter to recruit Obamamaniacs and raise millions in campaign contributions. LESSON: Grow with Web 2.0.

You can read the full story here. It'll take you two minutes.

The 30 top innovations of the last 30 years

PBS’s Nightly Business Report teamed up with the Wharton School of the University of Pennsylvania, to select the 30 most important innovations from the last 30 years. The list was made public today. No prizes for guessing the top four (see below).

I think this list is useful in a couple of ways. First of all, it’s always good to remember how new so much of the technology we use today really is. Secondly, I’m a big believer that business opportunities arise at the intersection of different trends. (The iPod combined data-storage advances with Internet communication, just as the Blackberry combined cellphones and computers). So as you ponder this list, think about how each of these individual innovations could be mixed and matched to create tomorrow’s next big opportunity.

30. Anti retroviral treatment for AIDS
29. SRAM flash memory
28. Stents
27. ATMs
26. Bar codes and scanners
25. Bio fuels
24. Genetically modified plants
23. RFID and applications (e.g. EZpass)
22. Digital photography/videography
21. Graphic user interface (GUI)
20. Social networking via internet
19. Large scale wind turbines
18. Photovoltaic Solar Energy
17. Microfinance
16. Media file compression (e.g., jpeg, mpeg, mp3)
15. Online shopping/ecommerce/auctions (e.g., eBay)
14. GPS Systems
13. Liquid Crystal Displays
12. Light emitting diodes (first real devices in 1960s; in products in mid-70s)
11. Open source software and services (e.g., Linux, Wikipedia)
10. Non-invasive laser/robotic surgery (laparoscopy)
9. Office software (Spreadsheets, word processors)
8. Fiber optics
7. Microprocessors
6. Magnetic resonance imaging (MRI)
5. DNA testing and sequencing/Human genome mapping
4. E-mail
3. Mobile phones
2. PC/laptop computers
1. Internet/broadband/WWW

Learning from Obama

This seems to be USA Week here at Canadian Entrepreneur. So to honour next week's visit to Canada by President Barack Obama, one more America-themed post...

The Financial Post's Executive Blog recently posted included a freelance article by a Ryerson University business student, Greg Murray, on "What Barack Obama Taught Me About Business." Murray's list of lessons featured some terrific observations.

* Establish a clear and simple brand identity, then stick to it. "The Obama campaign was always about change."

* Manage your employees through metrics. "The Obama campaign amassed a payroll of 5000 employees with a volunteer base in the millions. Each employee and volunteer had metrics to meet. Whether it was a field organizer assigned a set amount of volunteers to recruit, or a fundraiser delegated a certain amount of money to raise, everyone knew their goals and their role in the organization."

* Stay one step ahead of your competition. "David Plouffe has repeatedly stated that Obama is president today because of their state-by-state strategy during the primaries. They were usually one state ahead of the Clinton campaign."

* Keep your customers' expectations in check.
Well, three out of four isn't bad.

You can read the full story here.

All-Star Advice

The January issue of Inc. Magazine had a lot of great recession-fighting tips collected under the title, “The Ultimate Business Tune-up for Times Like These.”

Among the business owners surveyed were John Mackey of Whole Foods, Jenny Craig, Bernie Marcus of The Home Depot, and Brian Scudamore of Vancouver-based 1-800-GOT-JUNK?(Maybe they forgot he’s Canadian.)

Here are my favourite tips from the article.

Tony Hsieh, Zappos.com: During the first month of training, Zappos offers new employees $2,000 to quit, plus their time worked. It sounds expensive, but in the long term, it's not. We want people to be here because they are passionate about customer service and because they like our culture. We don't want people who are just here for a paycheck.

Jenny Craig: Rather than cut staff, we have gone against the conventional wisdom and advertised to bring in more business. While our competitors were hunkering down, we would spend a bit more than we had planned, which resulted in a huge competitive advantage.

Bert Jacobs, Life Is Good: We randomly call our retailers and ask, "During this difficult time, is there anything we can do to help?" You would be surprised how many requests you can meet. For example, retailers have input about the upcoming season. They say, "I think you guys have gotten too far away from bright color palettes. Everything seems to be earth tones now." You hear 60 retailers mention that, and you make a change. Then, you give them a sneak preview. They are ecstatic that you listened to them.

Paul Orfalea, Kinko's: Reward co-workers who deliver leads that turn into clients. Now is the time to reinforce the notion that everyone is in sales and marketing.

John Chambers, Cisco Systems: Even in the midst of a downturn, make sure you prepare for the rebound. Start planning as soon as possible for how you are going to gain share and differentiate yourself from your peers.

You can read the full story here.

Something we can all learn from

I have friends who have been to Florida in the past few weeks and come back with nightmare stories of distressed property sales, empty malls and economic cataclysm. But apparently there's another story writing itself under the Florida sun.

Mark Usher, a partner with Toronto-based specialty finance firm Wellington Financial, attended last week's Annual Florida Venture Forum in Naples. He came back with renewed respect for America's entrepreneurial spirit.

As he writes in Wellington's blog, "I can report that after spending two and a half days with 600 entrepreneurs, VCs and the various service providers who support the industry, the spirit of the U.S. entrepreneur is alive and well. Everyone I met and listened to at the conference acknowledged the tough place they are all in. But the determination, resiliency and can-do attitude was extremely invigorating...

"After attending the conference, I am much more optimistic that better days lie ahead. Obama’s inauguration message of pulling up your socks and working harder to get through this was resonating with the conference attendees..."

"The spirit of the U.S. entrepreneur is something we can all learn from - no problem or obstacle cannot be overcome."

Heady stuff. Almost unCanadian. But a powerful message nonetheless.

Perhaps our obstacles can be overcome as well.

Read Mark's full blogpost here.

Change is hard. Think harder!

How do you manage change? How do you convey the need for change, and then actually get people to embrace new attitudes and behaviours?

My Financial Post column this week covers “Five Unusual Ideas about Change,” a recent presentation by University of Toronto management prof John Oesch.

To whet your appetite, here are his five concepts:
1. Rather than emphasize the benefits of the proposed change, highlight the potential losses from not changing.
2. Be explicit about “what’s in it for you” (you, that is, not them)
3. Recognize the bias toward the status quo.
4. “Pull” can be more powerful than push
5. The Data Dilemma

“Change management is one of the most written about, but least understood, aspects of leadership,” notes Oesch. “While many change leaders follow existing models and perform requisite rituals, too many continue to rely on hope as a strategy for success.”

You can read the full column here.

Stimulate This!

This week's Financial Post column took a second look at a little item in last week's federal budget: Jim Flaherty's proposal proposal to spend $5 million over the next two years to help upgrade the "financial literacy" of Canadians.

But imagine what would happen if the feds got what they wish for. Financially literate consumers would see right through a stimulative budget trying to persuade hard-pressed Canadians to spend lots of money on cars and real estate in uncertain times.

I propose a better idea: invest more in entrepreneurship education.

Excerpt: Entrepreneurship education is the foundation of financial literacy. After all, financial assets aren't just something you manage; they first must be created. Entrepreneurship values alone -- vision, initiative, selling skills and the dedication to meeting people's needs -- teach you how to build the value that leads to wealth.

You can read the full column here.

Earlier this week I received a delightful email from a Post reader who is working hard to save an entrepreneurship training and development program is his hometown. He asked for permission to adopt the slogan, "Entrepreneurship education is the foundation of financial literacy," as his personal mantra as he goes about raising funds for the program.

I wished him the best of luck. And anyone in a similar position is welcome to adopt it, too.

Let me know if it helps!

Four Years Old

I just missed the big anniversary; on Sunday, Feb. 1, this blog turned four years old!

If it were a child, this blog would be starting school, learning to skate, and constantly being warned to look both ways and never talk to strangers.

(Good thing it's just a blog.)

In those four years there have been 800 posts. I'm a little less chatty than I used to be: looking at the first year, I see I used to tell jokes (usually with some sort of business slant), and I spent more time looking at wacky companies and even test-driving high-tech equipment. I even wrote a short post about the sheer wonder of having (gasp!) high-speed Internet in my hotel room!

Ah, the sweet days of youth, that shall not come again.

Here's a sample of 2005 content: my favourite joke, which contains an instructive warning against making assumptions about other people:
(Warning: may be offensive to four-year-olds.)

A little girl walked into a pet shop and asked,"Excuse me, do you have any rabbits here?"

"I do," the clerk answered, and leaned down to her eye level. "Did you want a white rabbit or would you rather have a soft, fuzzy black rabbit?"

The little girl shrugged. "I don't think my python really cares."

Nightly Rant Report

I just laid a rant on the people who produce the PBS TV show, Nightly Business Report.

For some reason they sent me a press release trumpeting the fact that NBR is launching a month-long report on eunemployment. It's called, “Reviving the Economy: Jobs.”

"As part of this month-long series, NBR reporters will tackle the following topics:
o How those with jobs can prepare for possible unemployment
o How to look for work
o What sectors/areas are still hiring
o Problems with employment insurance system."

I looked at that bumph and thought, Where's the self-employment angle?

So I replied to the hapless PR guy with the following rant:

"Where the heck is your coverage on entrepreneurship: making your own job?

There is immense structural change going on. Many jobs and companies will disappear forever. But the work they did will have to do be done by somebody - which creates tremendous opportunities for creative, competent individuals who think of themselves as "free agents" rather than "unemployed."

If you treat people like victims, they will act like victims. Your exclusive focus on "how to get a job" could impede many people in your audience from recognizing that self-employment is a viable, and not entirely unattractive, option.

It sure beats Starbuck's. Not that they're hiring either."

The PR guy wrote back, saying "You bring up a tremendous point, I think." (I love the hesitation there.) So he passed my email on to the managing editor, who sent back this reply:

"actually.. we’re working on that as well.
we're planning a story on starting your own business... looking at new opportunities and franchises."

So I wote back and said, "Yeah, but... a month-long series on the hell of unemployment... and one story on starting a business? I really think you are missing an opportunity to be of service to your audience.

Today's young people get it, because they know how easy it is to start doing business today. Entrepreneurship is a genuine phenomenon as important as unemployment, except it's hopeful. And it encourages action and self-confidence, not victimization."

I just don't understand why stories about how to apply for a job are so much more interesting and important than how to create your own job.

Makes the CBC look positively entrepreneurial.

So many startups

I think we’re in the midst of a startup boom.

Lately I’ve been receiving an increasing number of inquiries from people who are starting a business and think I can help them with specific questions.

The sad truth is, I’m pretty much a small business management and marketing generalist: I have a pretty broad knowledge of a lot of industries, opportunities and business strategies, but my roots go deep in only a few sectors (marketing, media, sales, spelling...). When people ask me for industry-specific help, I usually have to put up my hand and opt out.

This week, for instance, I have been asked for advice from a new type of insurance company, a renovations-related company and a transportation firm – three of the many industries I know almost nothing about. I usually fall back on suggesting they seek advice from people they know who are already in the industry – people can be very patient and generous with their times and expertise when they think you are capable, sincere and genuine.

I also advise people to make the most of their local chamber of commerce, enterprise centre, economic development office, or Community Futures outpost. All these organizations have business experts who should be able to help you with marketing ideas, industry contacts, and specific problems.

Yesterday one person asked for some basic introductory marketing tips. Since I didn't know his industry, I tried to help by throwing him this bone, which applies to just about any startup in any industry:

“One thing I would advise any startup to do is to put up a quick and cheap website announcing what you are intending to do, and then promote it through Google AdWords or a similar pay-per-click ad services from Yahoo or Microsoft. What you do is identify the keywords that any prospective customer of yours may be using to look up information on the Web, and then "buy" those search terms through Google. That way you can present a short, three-line ad to anyone who searches for those search terms.

You can choose how much you will pay for that exposure, and decide where in the world you want your ads to appear (all of Canada? Ontario? Ohio? Michigan and Indiana and Chicago?). You pay only when someone clicks on your ad to visit your website or follow up on your offer. It's a very cheap and manageable way to collect market intelligence and begin building a prospect list.”

It’s great to see so many people launching businesses and reaching out for help and advice. (The worst entrepreneurs are the ones who try to do everything all by themselves.) The key is to keep on asking until you reach the people who can help you the most.

How many billion? Budget Reaction 2009

Oh, fate plays strange tricks. The Conservatives release a budget promising $64 billion in deficit spending over two years - while the Liberals are forced to walk a thin line between encouraging economic stimulus and betraying the Chretien/Martin legacy of balanced budgets.

Lots of good stuff in Tuesday's budget: Tax breaks for individuals that will be hard to roll back, money for home renovations and big infrastructure projects, extended benefits for UI recipients, more credit for small business.

They're also increasing the amount of small business income eligible for the reduced federal corporate income tax rate of 11%. The new maximum would be $500,000, up from the current limit of $400,000. The Finance department expects this measure will be worth $45 million in the 2009–10 fiscal year and $80 million in 2010-11.

The Canadian Federation of Independent Business has its budget reaction here.

The Financial Post has aggregated the reactions and opinions of a number of top economists: click here.

Canada's mayors whine for more.

"Hell or High Water": Click here for the CBC's nostalgic look back at prominent budgets of the past.

Dragons second-guess Stephen Harper

This weekend I caught about half of the CBC News special “The Dragons Decide” featuring those darn dragons from Dragons’ Den talking about their plans for stimulating the economy. I must admit that when I first heard about it, I thought this was just too goofy: having entertainment-geared personalities like the Dragons play out their roles on “The National” seemed to make as much sense as inviting Brent Butt to discuss gasoline prices.

Yet, it worked. The CBC got a bunch of earnest people together to pitch the Dragons on their ideas for economic stimulus: investing in infrastructure, for instance, or green technology, or higher education, or the auto industry. Each Dragon was given an imaginary $4 billion to invest wherever he or she chose.

Yes, we had the painful arguing-over-top-of-each-other scenes that may be appropriate when discussing an entrepreneur with a bright blue mousetrap, but seems undignified when talking about the future of the nation. But at the end, we got a good discussion of issues and possibilities. And yes, Kevin O’Leary proposing to invest his $4 billion in eliminating corporate income tax and capital gains tax entirely.

Most of the Dragons went for a more modest approach: investing in IT research, infrastructure and green technology. Which makes a lot of sense to me – I think green tech is going to be the next Internet, a game-changing revolution that will create incredible entrepreneurial opportunities while sweeping away many old habits, behaviours, technologies and ways of life. Green is the way to go.

(The Dragons also reserved a few billion for investing in small and medium-sized business: investing in Canadian entrepreneurs. I would take that further and say, let’s also invest in entrepreneur education: so more Canadians can learn to take responsibility for their futures and create economic value on their own.)

The best part of the show was seeing the Dragons face down the CAW’s Buzz Hargrove at the end. They accepted his argument that other countries’ export restrictions have hurt the North American industry, but they swatted away his claims for the auto sector as a high-tech industry of the future. Time to move on, they said, and once again I think they're right.

You can read about the show and watch portions of it here.

Bonus: Here is Kevin O’Leary’s advice to Buzz Hargrove:

“It’s very, very difficult to watch the sun set when you know there’s nothing you can do about it. I gave no dollars to [your] idea. We have a great system in this country- capitalism provides for bankruptcy, and from the ashes of the dead comes the heartbeat of new life, and you’re not letting that happen. Your patient’s dying, and you’re keeping it alive on a slow-drip program, and I hate to see that torture. Pull those tubes out and let that grandmother die – it’s time.”

The Private-Equity Opportunity

My Financial Post column this week looks at the surprising interest American private-equity investors are suddenly showing in small and mid-sized Canadian companies.

It's a window of opportunity for entrepreneurs looking for growth capital and strategic direction, management buyouts, or succession. But it's not for everybody, and the window may not stay open long.

You can read the full story here.

This can't be good

I'm not a hard-right-winger, but even I get nervous when I see governments turning onthe taps to help us.

Advice for a would-be consultant

The other day I was contacted by a woman who's been out of the workforce for a while, but wants to get back to work. She's an expert in purchasing, marketing and administration, but says that employers write her off because of her age. She asked whether I thought she could make it as a consultant.

Here's what I wrote back:

I think you are in good shape, consulting-wise. Today we're seeing more and more companies contract out specialist services such as marketing, and even purchasing. You just have to find clients who value your experience.

You need to get the word out about what you can do. Why not attend some meetings at the local chamber of commerce, and meet local business owners? Make sure you prepare a 10-second "elevator pitch" to explain clearly and quickly what you do. Example: "I'm a consultant who helps local business owners manage two areas that usually keep them up at night: marketing and purchasing." Be prepared to cite examples of some of your marketing successes, or anecdotes about how you saved money or accomplished other miracles through savvy purchasing.

You'll save time by choosing a target market. Do you want to work for big firms, who pay well but are often difficult for outsiders to crack? Or do you want to tackle startups and small businesses, which may not pay as well, but offer you a chance to make a real contribution and get more satisfaction from your work?

Invest in yourself. Read a book on running your own consulting firm. Buy Google pay-per-click ads in your local area to let prospects know you're out there. Get some professional-looking business cards printed (not at Staples or Office Depot!). Consider taking out an ad in local business papers or magazines. Brush up on your networking skills and attend more local business events. Consider volunteering in a not-for-profit to demonstrate your skills and build up your confidence.

It may not feel like it now, but the business world needs you. It needs your skills, experience, judgment and common sense.

Best of luck.

What would you have told her?

Dragons' Den goes out with a Bang

The CBC gave me a sneak peek at the season finale of Dragons’ Den.

It’s a special retrospective show recapping the big deals that were done, great moments in Dragon infighting, the pitchers’ worst mistakes, and new interviews with the Dragons complaining about each other. It’s on Sunday, Jan. 11, and it’s a lot of fun. It’s one of the few TV shows that a whole family can watch together, and everyone will get something out of it.

In attention to the mistakes and infighting, the show contains some useful business content. The Dragons sum up how to get their attention, and what makes a winning pitch. I liked what Kevin O’Leary had to say about the pitchers’ biggest flaw: “90% of them blew the chance to make a good first impression.”

I also liked Arlene Dickinson’s summary of the three things every pitcher must do if they want to earn investment from a Dragon.
1) Captivate us.
2) Show us the opportunity .
3) Talk about what you've done to date.

O’Leary made it even simpler: “What is the opportunity, and how can I make money? That's all I want to know.”

A few other highlights of the show:
* the chef apologizes for making the Dragons eat dog food;
* Brett Wilson on pitchers’ biggest weaknesses: forecasting sales and assessing the value of their company.
* Wilson on what he looks for in a pitcher: “humble confidence”
* Jim Treliving admitting that “no one knows what’s really going to work”
* Dickinson nailing Wilson for making “the worst deal of the year”
* and Robert Herjavec dishing on what Kevin O’Leary is really like.

Oh yeah, they also announce the winners of the $75,000 “Armchair Dragons” award, sponsored by Concrete Equities. (I don't think I’ll give that one away. But it’s an intriguing choice.)

Sunday, Jan. 11, at 8.pm. Could be 8:30 in Newfoundland.

Dragons Den will be back for another season. Auditions will likely be in April. You can stay in touch with the show by clicking here.