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Category Archives: Starting a small business

Determining the Market for Your Business Versus Customer Development

When you start a new business, it is suggested sometimes to determine your 'market'. There is often confusion on the definition of a 'market'. I think the wrong area to focus on is the macro – economic approach where you determine, for example, that China is the biggest and best 'market' for your new business. I think the better question is: ... Continue reading

What Type of Startup are You?

There are two radically different types of startups. One type tends to have the following attributes: -          The type of business and business model exists and the startup is looking to implement it. Opening a retail store or a restaurant is an example. Buying a dump truck and a backhoe and finding customers to hire them out to is ano... Continue reading

Shareholders Agreement – Advice

A good shareholders agreement is one you hope you never have to use. Any corporation with more than one shareholder should have one in place, but not many actually do. The corporate law firm should prepare the final document, but there are 4 major issues the shareholders can iron out themselves before they start paying lawyers fees: Disability –... Continue reading

Rick Spence – 7 Great Secrets of Entrepreneurial Success

[caption id="attachment_1297" align="alignright" width="100" caption="Rick Spence"][/caption]Rick Spence is a Toronto-based business writer, consultant and speaker. He provided the keynote talk at the kickoff of Startup Canada’s visit to Windsor this week. The event was hosted by the Odette School of Business, where I am the Entrepreneur in Resid... Continue reading

Now is the Perfect Time to Start a Small Business

4 reasons why now is the best time to start a small business: Technology advancements – The cost required to invest in the technology needed for your new business is at an all-time low. Only a year ago I spent $20K upgrading the server and backup system at my physical office building. Today the 'cloud-based' technology is becoming a realistic op... Continue reading

How to be an Entrepreneur

So you want to be an entrepreneur?  Before we figure out the 'How', we need clarity on the 'Why'. One of the ingredients for entrepreneurial success is knowing the passion for what you do. When you have clarity on your 'Why' you can be passionate about 'How' you run your business. How #1 – Align your business plan with your 'Why' so you can be ... Continue reading

Improving Business Owner to Banker Communications – 3 Tips

Bankers speak one language – business owners speak a different one – when they get together without a translator, the result is usually frustration. Here are some tips I have accumulated from over 30 years of being a translator. 1) Don’t assume that logic or reason are important to the lender – The most popular argument to a banker when ... Continue reading

Just Get on the Bike! Start a Small Business

I often have the pleasure of being a sounding board for people who are thinking about starting a business. They have an idea and they are kind of confident it will work. They have researched it on the internet. They have figured out a catchy name for it. Aspiring small business owners tend to perform the things that are in their comfort zone and a... Continue reading

Are You Like the Frog in a Pot of Boiling Water?

Are you like the frog in the pot of boiling water? It is a known scientific fact that if you take a pot of water and bring it to a boil and then take a frog and drop it in – guess what happens? It jumps right out. Surprised? I didn’t think so. It is another known scientific fact that if you take a frog and put it in a pot of water at room te... Continue reading