Entrepreneurship Posts...38 cmfmag.ca MARCH MADNESS 2016 MARCH MADNESS 2016 cmfmag.ca 39 WAYPOINTS...
Transcript of Entrepreneurship Posts...38 cmfmag.ca MARCH MADNESS 2016 MARCH MADNESS 2016 cmfmag.ca 39 WAYPOINTS...
38 39cmfmag.ca cmfmag.caMARCH MADNESS 2016 MARCH MADNESS 201638 cmfmag.ca MARCH MADNESS 2016
WAYPOINTS
ENTREPRENEURS
When you were 12 years old, what was
your ‘moon shot’ dream? I remember
wanting to be a professional hockey player
(ok, I started with a Canadian cliché). I also
wanted to be a veterinarian, an adventure
guide in Africa and a soldier. Ideas for
careers were pretty easy to come by then.
As kids, we were really in touch with what
we wanted and were passionate about.
Now fast-forward 20, 30 years or more
and you are thinking about starting your own
business, your own legacy. Congratulations! It
is an incredibly fulfi lling way of life. So what is
your idea, your concept?
After spending 15 years helping entrepreneurs
across Canada start and grow their
answer this question as honestly as you can. Why do you want
to be an entrepreneur? Think about this for a moment before
you read on...
The reasons confessed by successful entrepreneurs are
many. Freedom and control are almost always at the top of this
list. Creativity is usually in there as well. Perhaps it is the chance
to build something, or pursue a passion – all are valid, and there
are several more. So which one speaks to you the most? If you
know which one does write it down now. If you don’t yet know,
then you will need to fi nd the answer at some point.
Of course, fi nancial rewards fi nd their way in the mix as well.
But the desire for money has to be supported by some other
compelling reason. That is what will keep you focused on your
business when you hit obstacles along the way.
In my coast-to-coast tour with POE, I have seen many
serving personnel locked into their ‘must do’ ideas. Individuals
passionate about marksmanship setting up shooting schools;
training personnel setting up programs for positive psychology
or fi tness; technical personnel bringing their skills to the civilian
sector as consultants. Other members have pivoted o� of their
military skills and started businesses with entirely new ideas
such as fi nancial advisors, home based craftsman or artisans,
and ‘gig’ contractors.
But what if you or your spouse is still serving and locational
stability is not in the future? You don’t want to have to invest and
keep restarting your business every time you are transferred. So
let’s look at the ‘gig’ contractor? What is it?
Two of the most common examples you see are Airbnb (now
the largest hotelier in the world) and Uber (the alternative taxi).
Now I am not recommending these specifi c businesses but
rather a way to create your business. The ‘gig’ model is well
suited for serving personnel and their families because the
business model has mobility and scalability built into it. Services
provided in the ‘gig’ format are many and include writing,
bookkeeping, designing, and coaching, etc. Why does this work
for active personnel? Well if you choose to become a career
coach, for example, and you get transferred from Gagetown to
Shilo you can keep your business going as your main contact
method with your clients is digital. The same would apply to
becoming a writer (on freelancer.com for example).
You may ask, ‘what if I don’t have skills in these areas?’ Well if
you like the gig concept, two things can happen. You could train
yourself to acquire the skills if you have a passion in any of these
areas (quality online courses are available for most skills), or you
can create an online store that sells products/services for skills
that you already can create/provide.
Lots to think about here isn't there? Well let me add one more
important point, a mission critical one that when worked properly
increases your chance of success by a signifi cant amount.
Here is it. You are not creating a business for today’s
marketplace. What in fact you are doing is creating a business
for the marketplace of the future. Your job is to research the
idea(s) you are most passionate about and try to fi nd evidence
that the market will still want (and pay for) what you o� er a year
or more into the future. How do you do this? Talk to people
about your idea, research competitive websites, read whatever
you can to learn about the forces at play. Why? Just imagine all
the opportunities that closed and opened as the Canadian dollar
went below 70 cents and oil below $30/barrel.
Remember good business ideas take into account:
• Your passion and goals
• Your current life situation and
• How much the market wants what you are o� ering
When you have a good focus on these three things, you have
put yourself on a solid path to creating a successful and fulfi lling
business.
Look for “10 Things You Must Do For Entrepreneurial Success”
in the Spring issue.
About POE
Prince’s Operation Entrepreneur is a unique national,
bilingual program that provides those leaving the CAF with the
education, mentoring, financing and tools they need to start up
and run a successful business.
Go to www.princesoperationentrepreneur.ca for information
on free one-day workshops open to all members of the military
community and seven-day boot camps.
Entrepreneurship: Where to look for your great ideaBy Scott ArmstrongPrince’s Operation Entrepreneur’s Entrepreneur-in-Residence
39cmfmag.caMARCH MADNESS 2016
businesses (the last two years giving entrepreneurial
workshops to the military community at Canadian
Forces Bases across Canada) two main idea generators
constantly come to the front of the line.
The fi rst generator works something like this. You take
what you are currently doing in the military and apply it
to civilian life. Whether you are a mechanic, IT technician,
logistics o� cer, etc., the skills you have acquired in the CAF
do transfer very well into the civilian entrepreneurial realm.
A small engine repair shop, an IT consulting fi rm, a security
personnel business or your strong logistics training applied to
project management create strong ideas for starting your own
enterprise. And this may be exactly what you want to do because
you love the work – you are drawn to it.
But is there something else you have always wanted to try? Welcome to
the second idea generator, which, by the way, is incredibly useful for serving
personnel and their spouses/partners. In this scenario you step back – step
out of the trenches and see what is going on. By this I mean you are checking
in with your strong drives and desires, and the marketplace. Ask yourself this
question, ‘If I could do anything, anything at all, what would it be?’ Now I know
you may be busy as you are reading this article but I encourage you to stop for a
minute and actually write down a few of your ‘must do’ ideas. These are passions
you know you would go the extra distance for.
You actually wrote them down? Congratulations! Now yes, I know all the ideas
you have now written down will not become viable enterprises. You may have some
restrictions such as:
• You may still be serving and can only work on your business on a part-time
basis
• You expect to be transferred in the near future, so your business needs to be
mobile (which is why technology-based enterprises are so attractive – more later)
• You have a young family to be cared for, again limiting your time
But these restrictions should not stop you from thinking about and writing
down ideas you are strongly drawn to. An idea not backed with conviction
and passion is almost assuredly next month’s abandoned project.
So here is your next step in vetting and prioritizing your ideas. Try and