Inspiration

Can entrepreneurship be learned

Can entrepreneurship be learned?

Inspiration, Operations, Reflections

Can entrepreneurship be learned? This is a thread of the timeless argument of nature vs nurture. Can someone be taught how to start and grow their own business, or are entrepreneurs just born this way? A scan of founder bios suggests the latter.

Afterall, Shopify was started by a photographer, a coding guy, and a jock. Also, Airbnb was founded by two industrial designers and a software engineer. Not one business degree between them. But the answer is not so clear-cut. Because though someone may have entrepreneurial qualities in their nature, it is often due to nurturing that they achieve success.

The Entrepreneurial Nature

First, what does it mean to be entrepreneurial, or to have an entrepreneur mindset? Academics have studied what is different about entrepreneurs, and what they all have in common. Many psychologists use the 5-Factor model to explain personality traits.

Usually known by the acronym OCEAN, it’s Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism. The idea is that all personalities can be expressed as a blend of these 5 factors. As shown below, the key behaviours of being an entrepreneur can be explained by the OCEAN model, which supports that the entrepreneurial nature is hard-wired into our personalities.

Risk Taking

All entrepreneurs have a high tolerance for risk. After all, there is never a guarantee of success when putting up cash and capital to build an offering and a team. Being comfortable with a constant level of uncertainty is just part of being a business owner.

According to the OCEAN personality model, this requires a high level of Openness and Agreeableness. Additionally, accepting risk requires a high level of emotional security, which means entrepreneurs tend to score low on Neuroticism.

Self-Motivating

Entrepreneurs make things happen. Especially in the early stages of growth, there is no external force or set of expectations. Businesses are built driven by the motivation of the entrepreneur. This aligns with a high level of Consciousness. Also, with Extraversion, since the process of setting up a business requires getting out there to communicate with new people.

Creative

Most of all, entrepreneurs are creative. After all, entrepreneurship has been defined as “a creative process of identifying and pursuing value-creating opportunities, often in the face of uncertainty and risk.” That involves being curious and coming up with ideas that fill consumer needs and market gaps. As a result, according to the OCEAN personality model, entrepreneurs have a high level of Openness.

Successful Entrepreneurs Who Never Went to Business School

Also making the case for nature vs nurture are the success stories of these entrepreneurs who never went to business school. Clearly, success in business doesn’t require training in business.

Anita Roddick

At one time, she was the wealthiest woman in Britain due to the global success of The Body Shop. Previously, she ran both a hotel and a restaurant. Unsurprisingly, she grew up in an entrepreneurial family. Her mother owned a little cafe in their town, where Anita worked many hours as a teenager.

Martha Stewart

Martha Stewart

Not everyone knows that Martha was a Wall Street broker with a degree in history and architectural history. Her first company was a catering business, and her entrepreneurial nature leveraged her skills in cooking, decor, and design into a global empire. From the first book in 1982, Martha developed a brand identity which is now synonymous with style and good taste.

Jeff Bezos

Back in 1994, Jeff left his career as a hedge-fund manager to open an online bookshop in his garage. Obviously, this grew to become the global marketplace Amazon. While he studied computer science at Princeton University, he clearly had what it takes to be a successful entrepreneur. Particularly, his ability to be creative and tolerate risk. He kept expanding Amazon even though it didn’t make a profit for the first 5 years.

Mentoring and Entrepreneurship

Clearly, it is possible to be successful in business without training in entrepreneurship. However, many high performing entrepreneurs credit mentoring for their success. For example, Y Combinator runs programs which bring expert advice and connections as well as cash to high-potential new businesses. AirBnB, Stripe, and DropBox were once just fledgling startups until the support of Y Combinator nurtured them.

Also, as we’ve seen from shows like Dragon’s Den and Shark Tank, it takes more than cash investment to scale up a business. The input and guidance of someone more experienced can shortcut a path to success. Clearly, mentoring and entrepreneurship go hand in hand. 

Can entrepreneurship be learned?

In my view, entrepreneurship can be learned. Specifically, it can be nurtured and developed. However, there must be a foundation of an entrepreneurial nature and mindset. It’s the same with any set of skills and abilities. For example, a vocal coach can help someone become a better performer, but only if they have a good voice to begin with.

Afterall, even with all the vocal coaching in the world, I can’t carry a tune. Similarly, with training and practise individuals can win Olympic medals or sports championships, but only if they have a baseline of athletic ability. Essentially, any talent can be improved with training. And entrepreneurship is a talent which benefits from mentoring and business coaching.

Can entrepreneurship be learned? Read More »

Community Involvement for Entrepreneurs

Community Involvement for Entrepreneurs

Inspiration, Marketing

Corporate philanthropy isn’t just for the big brands. Clearly, a small business can’t manage global projects in the billions of dollars like The Coca Cola Foundation or the  Nike Community Impact Fund. However, it is still possible for a small business to make a positive impact on the world. Community involvement for entrepreneurs can take on many forms so both the community and the business benefits.

Benefits of community involvement for entrepreneurs

Obviously, contributing to charities and participating in social causes benefits the community. Additionally, there are many benefits for entrepreneurs. For any business owner considering becoming involved in their community, read on to learn reasons why it’s worthwhile.

Friendship

After all, when spending time with like minded people, friendships will form. Community involvement for entrepreneurs opens up a whole new social circle outside their usual networking crowd.

Personal Development

Giving to others is an opportunity for personal development. Learning about a cause or an issue broadens the mind and provides more perspective on your own life and business.

Leadership Skills

It’s also possible to develop leadership and management skills. For example, when I was President of the Board of a women’s shelter, I dealt with issues like governance and staff performance, which built my communication and mediation skills.

Good Karma

Sure, it may be a little cheesy. But doing good things for others is simply a good thing to do. It feels great to be of value, contribute, and help others. This creates a positive feeling which can flow over into all areas of life and business, and attract more positive things.

Networking

In addition to making friends, community involvement for entrepreneurs is also valuable for networking. After all, there will be other business owners out there with the same goals, and people doing corporate volunteer programs. So it’s a chance to make new connections and expand your network.

Brand Visibility

Sometimes, community involvement allows for more brand visibility. For example, sponsoring a fundraising event in exchange for displaying the company name and logo.

More ideas are in the next section below, Ideas for Small Businesses.

Tax Writeoff

Donations in cash and in kind may create tax savings for your business. Check with an advisor to see what is available in your area.

Business Awards Nomination

This should never be the only reason for contributing and volunteering. However, it’s a fact that these activities may help a nomination package for a business award. After all, social responsibility is valued, so award panels prefer to recognize entrepreneurs and businesses who make the effort and investment to help others. For more on this, read “Are Business Awards Worth it?”

Team Building

The opportunities for team building is another benefit for a small business. For example, signing up for a charity fun run as a team. Or teaming up in pairs to work a shift serving food at a shelter. Also, involve staff in the decision making and planning of the company’s community involvement. This lets them share the positive experience and benefits of contributing. Working on this project develops teamwork and bonding which will benefit their on the job communication.

Be strategic

As shown above, there are many benefits from community involvement for entrepreneurs. It’s best to be strategic about selecting the what and how.

Naturally, it’s important to pick something that is meaningful for you. It just doesn’t make sense to devote time and energy to a cause you don’t deeply care about.

However, it is recommended to align with your brand and customer avatar. Consider what your clients would feel good about supporting. For example, if your company provides products or services for pets, then a Humane Society or animal welfare organization is a good fit. Or for a business related to home decor, repair, or maintenance, then a homeless shelter or Habitat for Humanity is a good choice.

In Canada, it’s part of the culture for families to stop at Tim Hortons before or after (sometimes, before AND after) doing activities together. Which is why their Timbits sports program is such a brilliant example of strategic corporate philanthropy. They help children participate in sports, which benefits their physical and mental health. And the Timmies logo is on every kid on the field.

Be open to ideas

Community involvement doesn’t have to be donations or sponsorship. My last company participated in Cleaning up the Capital, which improved the appearance and safety of neighbourhood parks and playgrounds.

Overall, consider your business as a way to help people. Perhaps there is an opportunity to provide training or employment for people with disabilities, like through EasterSeals.

Strategic Community Involvement for Entrepreneurs

Ideas for small businesses

First of all, it doesn’t have to be a charity, like a foundation searching for a cure. Consider all the needs of the community where your business operates. For example, senior homes, schools, homeless shelters, food banks, halfway houses, animal welfare, accessibility, and environmental causes. Here are some ideas to help find the right fit for your business.

Board of Directors

Non profit boards are unpaid, and they always need committed people to keep the organization going. Joining a Board is a meaningful way to contribute time and skills.

Volunteering

There are many ways to be hands-on for a cause. Include employees to make it a team building exercise. Or, reward staff with perks earned by volunteering to a cause they care about.

Sponsorship

Many events have a range of business sponsorship opportunities that will get the company name and logo different levels of exposure. For example, website listing and link, banners at the event, menu sponsor, and table sponsor. Also consider golf clubs, since they often organize fundraising events and rely on business sponsorships to boost the donation.

Matching Donation

Run a campaign to raise funds for a specific cause and pledge to match donations from customers.  

Customer Selected Donation

This is another way to make a donation and engage new customers at the same time. At the point of sale or contract signing, give the new customer a choice of donation. For example, I knew a plumbing company who allowed customers to choose where a $5 donation would go, giving 3 different local charities as options. Pausing to make that decision really connects the customer with the donation process, and it’s a positive experience knowing that in hiring that company, they are also helping a cause they care about.

Silent Auction

Help raise funds by donating products or services to a silent auction. Attend the event if possible, as a way to learn more about the cause and meet new people.

Conclusion

Overall, there are many benefits from community involvement for entrepreneurs. It can raise brand visibility and awareness. There are many opportunities to network, make connections, and build friendships. In fact, it’s a learning experience which can grow leadership and management skills. Also, it’s a chance to develop closer bonds among employees. But most importantly, it’s just good karma to help others. All business owners should consider how to contribute to the needs of their community.

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What it’s like to win a business award

What it’s like to win a business award

Inspiration, Marketing, Reflections

Any entrepreneur would love to be named “Businessperson of the Year” or win “Company of the Year. I mean, who doesn’t want to be recognized for all their hard work? I certainly did. When I was growing my last company, I made business awards part of my strategic planning.If you’ve wondered what it’s like to win a business award, read this to get a glimpse of the experience, and how to prepare to make the most of it.

First - Setting the goal

When I left my cubicle corporate life to start my own company, I immediately became involved in the local business community. I joined the Chamber of Commerce, the Better Business Bureau, and networking groups.

Not surprisingly, this involved going to lots of meetings. As in, old-school, get in the car to drive and park and walk into a room of strangers meetings. One event was a gala evening for the Businesswoman of the Year Award. Champagne flowed. There was swag and glitter and local media with cameras. It was a very high profile event in the capital city where I lived. And as I watched the winner go on stage, I set a goal. That one day, I’d win Businesswoman of the Year.

Next - Long term planning

By the time I submitted my 10 page nomination package to the Businesswoman of the Year Award committee, I’d adjusted my expectations. Several years had passed. I was more seasoned both as an entrepreneur, and with award programs. I already knew what it’s like to win a business award. My company had been a finalist for Company of the Year,  and twice won the Torch Award for Business Ethics. Also, I’d been named to the coveted Forty Under 40 list for my city. Although these were rewarding and fun experiences, they were also part of my long term planning.

Actually, these awards were strategic, to boost my nomination package for Businesswoman of the Year. Because by this time, I knew how much publicity and prestige the finalists received in the run-up to that gala event.

Therefore, my goal was to get into that final 3 for the Entrepreneur category. And I did that by building my resume and accomplishments to deliver what they looked for. I evaluated the award criteria and compared it to the profile of the winners.

Accordingly, I made choices which had immediate benefits and also served to support my nomination package. For example, taking on a volunteer leadership role for the board of a local women’s shelter.

Then - the preparation

Every business award event involves preparation. After all, you can’t just roll in like it’s a casual breakfast meeting. These things do tend to be gala evenings. Expect black tie, a 4 course meal, and cameras everywhere. Also, because it’s such a high profile event, there may be local celebrities and dignitaries. So if you’ve ever wanted to shake hands with the mayor of your city, this is a chance to do it. 

Without a doubt, the runup to the Businesswoman of the Year Award was the most exciting preparation I experienced. First of all, there was a photoshoot by a famous Canadian photographer. Coincidentally, that photographer was the very same woman I watched win the Businesswoman of the Year Award all those years earlier – the inspiration for my goal. Also, there were interviews with local media. However, my favourite part was going to a high-end jewellery store to select items to wear on the big evening. These beautiful and expensive pieces would be loaned for the night under very tight security.

What it’s like to win a business award

At last - the Gala

The day of the gala evening was like the run up to a wedding. A tuxedo for my husband. Hair and makeup for me. And a huge sense of anticipation. The loaner ring on my finger cost more than my first car. It felt like a costume party to be so dressed up and out on a school night. We shared my table with friends from the business community. It was genuinely a good time, mostly because I had no expectation of winning. After all, I’d reached my goal. It was this – the publicity and credibility of being Finalist, and the fuss and celebration of the Gala. Another Finalist in my Entrepreneur category had been in business much longer, and I believed she would win.

Finally, the moment for my category arrived. From the podium, in front of hundreds of people, my bio along with the 2 other Finalists were read out. Meanwhile, footage of pre-recorded interviews flashed on the big screen above the stage. The moment they broke the seal on the envelope, I knew they’d be calling my name. And then, they did. They called my name. Immediately, everyone at my table jumped to their feet, and a TV camera was in my face. I made my way to the stage reaching for balance in my high heels and for words to say. I had not prepared a speech. Meanwhile, from the table, my friend and marketing expert Deanna White quietly clicked “send” on a press release. The news of my win hit the inboxes of key media contacts before I even got to the podium.

Being the winner

The next couple of days were surreal. In large part to Deanna’s preparation and marketing expertise, my win was covered by local media. Taking my youngest to school, the crossing guard called out “Congratulations!”. Several parents and teachers approached me to say the same, and ask questions about my company. Floral deliveries arrived at my office. My email was flooded with congratulations from almost all my contacts, and from people I’d never met.

Naturally, by the time the flowers were wilting, everyone had moved on, and things went back to normal. Nevertheless, I had the pleasure of keeping the Businesswoman of the Year Award in my office for a whole year. And like the Stanley Cup, my name is still on it. Though it was truly a surprise to win, it was a deeply rewarding and affirmational experience.

What to expect from participating in business awards

There are many reasons to include business awards in your strategy. Perhaps it’s to raise the profile and visibility of your brand. Also, it may be used to strengthen a pitch for investors, or attract a buyer. In any case, here are some tips on what to expect from reaching the short list or finalist stage, and what to expect from winning a business award.

More sales pitches

As soon as you and your company hit the list of nominations or finalists, expect more email and calls. Some will be spammy, because bots scraped the web and added you to email lists. However, many will be local, and personalized. From SEO specialists to investment advisors to graphic designers, you are now on the radar of businesses looking for new clients. Be open to these opportunities to expand your network. After all, a higher profile is one of the reasons to get involved in business awards.

More work

If you thought preparing the nomination form and submission package was the end of it, think again. This is one thing about what it’s like to win a business award; it does create more work. So expect more leads and customer enquiries. Clearly, this is one of the benefits of doing it in the first place. Therefore, prepare ahead so there is capacity for this extra work. Furthermore, there is the work involved to fully leverage your win. For example, updating marketing material, social media profiles, and client communication.

More attention

You may hear from people you forgot you knew. Of course, the level of attention correlates to the profile of the award, and the skill of your publicity person. Regardless, expect more attention from people seeking a mentor, business advice, or to ask about your business.

More expenses

Being part of a gala evening costs money. So in your strategic planning, build that into your business budget. After all, the tickets are not free. Buying a table is the norm, so you can share the event with a spouse, business partner, key employees, friends, and colleagues. There may be babysitting costs, transportation, hair and makeup. Obviously, there is the wardrobe. Men have long had formal wear rental options available. Happily, this is now available for women with companies like Rent The Runway, which has a category just for award season.

A slump

After the rush and excitement of the award ceremony, the win, and all the attention, expect a bit of a slump. After all, there may have been weeks or even months of anticipation and buildup. Especially if the awards had been part of your long term strategy. And just as there are post-holiday blues, the same deflating feeling may creep up. Seek the support of your inner circle, and look for a new project to occupy yourself.

Preparing to win a business award

Clear time in the schedule after the winners are announced. Have your marketing plan prepared and ready to go. Prepare to bask in the glow of the winning spotlight. Also, create the space to take advantage of the opportunities your award brings. Book those meetings to expand your network. Broadcast the win across all social profiles. Add the award to marketing material and messaging. Oh, and prepare a speech, just in case. For a full list of how to leverage your win, see “Are Business Awards Worth it?” 

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