When to Say “No” to an Investment Offer

startup, investment, VC, venture capital Finding an investor is challenging. So it is understandable that when you are ready to start accepting term sheets that you would be tempting to accept your first offer after having reached out to countless investors. Though lack of financing can cause you to overemphasize the pros of accepting an investment offer, remember that there is much more at stake when dealing with an investor than your finances. Sometimes simply saying ‘no’ or ‘you are no the right fit’ is the smartest move. In order to evaluate compatibility with your potential investor, there are two things you should focus on:

  1. The Term Sheet

It’s not just about how much money you get, but about how much you are willing to give up for it. Your term sheet is an agreement that establishes the terms and conditions at the base of an investment. It addresses information pertaining to the identification of parties involved, initial purchase price, contingencies that may constitute changes in your agreement, time frames for decision making, equity, etc. It is your responsibility to know and understand its content. In most cases your term sheet is the starting point for negotiations. Investors, backed with their professional experience and legal team, will draft term sheets in favor of their interests. Be ready to come to the negotiating table equally prepared. If you do not see eye-to-eye on an important matter, it may be best to walk away from the offer.

 

  1. What your investor can offer you

Money will help businesses grow. However, it should not be the only thing that the investor has to offer.  The reputation of the venture firms is often taken into consideration. Having a credible investor attached to a startup can assist with credibility, which can be helpful in forming business partnerships and hiring new employees.Many investors wind up taking board seats, so for these roles it can be helpful to find someone with industry experience or an expertise in scaling startups. Investors can help with problem-solving and can also make introductions. A good investor should be available to communicate with you, offer expertise, and give you honest feedback on your operations when needed. You should also look to see if said investor has a contact pool that you may be able to leverage in the future.

Declining an investment offer doesn’t mean you are closing the door to a particular relationship. Explain your business needs are for the time being, and express to an interested investor that you look forward to doing business with them in the future. Refusing to accept an investment offer does not have to be a negative experience. Show gratitude, explain your reasoning, and exchange pleasantries on your way out. You never know when you may cross paths in the future.

 

4 raisons pour lesquelles les petites entreprises doivent avoir un blogue

blogueSi en tant que propriétaire de petite entreprise, vous envisagez de commencer un blogue, arrêtez de considérer la question et commencez à écrire. Plus d’excuses! «Je ne suis pas un bon écrivain» «Je n’ai pas d’idées originales» ou «Je n’ai pas le temps» ne sont pas de bonnes raisons; d’autant plus que les avantages d’un blogue dépassent de loin les inconvénients. Si l’on considère que d’ici 2020, les clients gèreront 85 % de leurs relations sans parler à un être humain, et que les blogues sont classés  comme la 5e des sources les plus fiables d’informations en ligne. Ce que coûte vraiment un blogue vous est le temps.

Si vous faites partie de la minorité qui n’a pas encore joint le mouvement, voici 4 raisons pour lesquelles nous croyons que vous ne devriez pas attendre plus longtemps :

  1. C’est économique

Il est généralement très peu coûteux de créer un blogue et de le tenir à jour. Les blogues peuvent être intégrés à votre site Web déjà existant, ou être créés indépendamment. Peu importe, c’est un mode de commercialisation parmi les moins coûteux pour les entrepreneurs. Il y a aussi de nombreux hébergements WordPress bon marché et fiables parmi lesquels vous pouvez choisir.

  1. Génère du trafic vers votre site

L’ajout d’un blogue à votre site Web peut considérablement augmenter la circulation très ciblée de votre site. Les recherches démontrent que les entreprises qui bloguent reçoivent 97 % plus de liens vers leur site Web. Afficher des nouvelles convaincantes et perspicaces dans votre blogue, tout en utilisant stratégiquement des mots clés pour optimiser les moteurs de recherche, grâce à des publications en temps opportun, vous aidera à construire un public fidèle.

  1. Positionnez votre marque en tant que chef de file éclairé

Les blogueurs accomplis sont des experts en stratégie de marque. Les blogues offrent aux entreprises l’occasion de discuter de questions importantes dans le secteur de leur industrie. Par ailleurs, les blogues permettent aux entreprises de montrer à leurs consommateurs qu’ils font plus que simplement vendre des produits ou offrir un service. L’utilisation de cette sorte de plateforme vise à attirer les lecteurs qui ne cherchent pas nécessairement à acheter quelque chose. Il y a de fortes chances que ces lecteurs reviennent dans le futur, quand ils seront effectivement à la recherche d’un produit. De nos jours, les consommateurs ne font pas qu’investir dans des produits, ils investissent dans tout ce qu’une entreprise représente. Les blogues constituent la meilleure façon de manifester que vous représentez le style de vie que vos consommateurs souhaitent connaître.

  1. Établir des relations avec vos clients
Les blogues permettent d’offrir une touche personnelle. Cet aspect informel vous permet de créer une relation amicale de confiance avec votre public. L’ajout d’une section pour les commentaires, ou d’option de répondre à vos messages peut contribuer à susciter un dialogue intéressant. Idéalement, ces relations publiques positives permettront d’enrichir votre image de marque en vous présentant comme une entreprise qui se soucie de ses clients. Si vous créez régulièrement du contenu perspicace pour votre marché cible, vous pourrez vous établir comme source d’information importante.

Maintenir un blogue a aidé de nombreux entrepreneurs à faire passer leurs activités de la misère à la richesse. Dooce et Shoemoney en sont d’excellents exemples. Si ces raisons ne suffisent pas à vous convaincre qu’écrire un blogue est essentiel, posez-vous une question simple : Qu’ai-je à perdre en démarrant un blogue? Exactement. Rien que du temps bien dépensé. Essayez!

Why So Many Crowdfunding Campaigns Fail

crowdfunding, startupCrowdfunding platforms, such as Kickstarter and Indiegogo, have become mainstream in the past few years. There are many reasons why early stage entrepreneurs have turned to crowdfunding. Some of these reasons include not wanting to take out more debt, validating product market fit or  simply to create a brand following. Crowdfunding serves many benefits such as crowdsourcing, opportunities to pre-sell, and starting a campaign is usually free. As great as these things might sound, having a successful crowdfunding campaign is harder than it seems. For every successful Kickstarter campaign, two fail, and about 9 out of 10 Indiegogo campaigns fail to reach their goals. Here are a few reasons why experts believe that so many crowdfunding campaigns fail.

  1. Companies Fail to Establish Credibility

There are so many projects and initiatives on crowdfunding platforms, you must find ways to stand out in the clutter. Many crowdfunding initiatives have a reputation for unmet promises. Highly publicized credibility issues run deeper than product or supply-chain issues. The PME funded company, Revols, had managed to avoid such issues with their highly successful Kickstarter campaign, which garnered 2.5 million dollars in just a month. Their Kickstarter video showcased their credible partners, endorsements from industry experts, and specific accreditations to their name. They also hired a PR firm in order to make sure the right image was being spread prior to launch. Two weeks prior to starting their campaign Revols visited established media outlets with product demos in various North American cities. Like Revols, you have to be on top of your PR game.

  1. The Video is Too Long

A video that is too long is not likely to be shared on social media platforms. Keep your video length between 1 to 3 minutes long, so that people who would like to share your video with their network will be likely to. Sharing aside, people are also busy and have short attention spans. They want something, short and informative to watch.

 

  1. The Video Doesn’t Tell a Story

Videos have the capability to tell stories better than any other medium. Your video should have a story line that elicits emotional feelings from the viewer. If your video doesn’t seem sincere, you will have a difficult time getting investments or even people following-up on your brand down the line.

  1. Companies Aren’t Clear About How They Will Use the Funds

If you know exactly what you’re going to be using your money for, so should your backers. Investors want to know how their money will help you. Putting out vague statements such as “help our business grow” or “we need your help to expand” does nothing to show that you have a strategic plan moving forward. To our previous point, not being specific also doesn’t do anything to boost your credibility.

  1. No Testing

By testing we are referring to two things. The testing of the product and the testing of your Kickstarter page prior to launch. Before investing people want to know that your product has been tested and that it has garnered positive reviews from users and industry experts. Investors and backers want to be sure that their money is going into a quality good that has been vouched for. Testing your Kickstarter page means sending it to friends, family, mentors and trusted individuals in order to get feedback on its presentation and content. Building social capital prior and during your launch will have immense payoff.

  1. Your Goals are Unrealistic

Don’t aim to get millions of dollars right off the bat. Even Revols had the objective of raising only $100,000 before they reached their $2.5 million mark. You should plan and set a timeline for the investments you hope to receive. Being conservative with your estimates is always better. Your goals should be SMART, in other words, specific, measurable, attainable, relevant and time-bound.

These are some of the main reasons why crowdfunding campaigns fail. If you do the right planning in order to avoid these mistakes your crowdfunding campaign will already be more likely to rise above the clutter. Even if you don’t achieve your campaign goal, you should still be leaving the platform with more than you entered. You should have more supporters, a longer e-mail list, and most importantly, a better idea of what it is that your consumers want.

Pourquoi tant de campagnes de financement participatif échouent-elles?

Financement Participatif

Au cours des dernières années, les plateformes de financement participatif, comme Kickstarter et Indiegogo, sont devenues dominantes. Il y a plusieurs raisons pour lesquelles les jeunes entrepreneurs peuvent se tourner vers les campagnes de financement participatif, incluant, en autres, le désir de ne pas s’endetter, valider l’adéquation produit / marché, ou tout simplement créer une visibilité de sa marque. Ces campagnes de financement offrent de nombreux avantages tels que l’externalisation ouverte et des possibilités de prévente, sans compter qu’il n’y a généralement aucuns frais pour démarrer une campagne. Cette approche peut sembler très excitante, mais c’est plus difficile que ça en a l’air. Pour chaque campagne Kickstarter réussie, deux échouent, et environ 9 campagnes Indiegogo sur 10 ne parviennent pas à atteindre leurs objectifs. Voici quelques raisons pour lesquelles les experts croient que tant de campagnes de financement participatif échouent.

  1. Des entreprises ne parviennent pas à établir une crédibilité

Il existe tellement de projets et d’initiatives sur les plateformes de campagnes de financement participatif que vous devez trouver des façons de vous démarquer de la masse. Plusieurs de ces campagnes ont acquis une réputation de promesses non tenues. Des problèmes de crédibilité hautement médiatisés vont bien au-delà des questions sur les produits ou sur la chaîne d’approvisionnement. La société Revols, financée par PME, a réussi à éviter ces problèmes grâce à une campagne Kickstarter très réussie qui a recueilli 2,5 millions de dollars en un mois. Leur vidéo Kickstarter présentait leurs partenaires crédibles, le soutien d’experts de l’industrie, et une adhésion spécifique à leur nom. Ils ont également embauché une agence de relations publiques afin de s’assurer de propager l’image désirée avant le lancement. Deux semaines avant de lancer leur campagne, Revols a visité des organes d’informations reconnus de différentes villes nord-américaines avec des démonstrations de leur produit. Tout comme Revols, quand il est question de relations publiques, vous devez bien maîtriser votre jeu.

  1. La vidéo est trop longue

Une vidéo qui est trop longue n’est pas susceptible d’être partagée sur les plateformes de médias sociaux. Limitez la longueur de votre vidéo à 1 à 3 minutes — ainsi, il y a plus de chance que les gens la partagent dans leurs réseaux. Mais, même si on laisse le partage de côté, il faut admettre que les gens sont très occupés et qu’ils ont une capacité d’attention limitée — ils veulent regarder quelque chose qui est court et informatif.

  1. La vidéo ne raconte pas une histoire

Mieux que tout autre moyen, les vidéos offrent la possibilité de raconter des histoires. Votre vidéo doit avoir une trame qui suscite des émotions chez le spectateur. Si votre vidéo manque de sincérité, non seulement aurez-vous du mal à obtenir des investissements, mais les gens auront peu tendance à retenir votre marque.

  1. La façon dont les fonds seront utilisés n’est pas claire

Si vous connaissez exactement la façon dont vous utiliserez l’argent, vos bailleurs de fonds devraient la connaître aussi. Les investisseurs veulent connaître comment leur argent vous aidera. Des déclarations vagues comme «contribuez à la croissance de notre entreprise» ou «nous avons besoin de votre aide pour grandir» ne démontrent aucun plan stratégique pour l’avenir. Comme nous l’avons mentionné ci-dessus, le manque de précision ne fait que renforcer votre manque de crédibilité.

  1. Aucun test

Par test, nous faisons référence à deux choses. Tester le produit et tester votre page Kickstarter avant le lancement. Avant d’investir, les gens veulent savoir que votre produit a été testé et qu’il a reçu des critiques positives des utilisateurs et des experts de l’industrie. Les investisseurs et les bailleurs de fonds veulent être certains que leur argent est investi dans un produit attesté de qualité. Tester votre page Kickstarter signifie l’envoyer à des amis, la famille, des mentors et des personnes de confiance afin d’obtenir des commentaires sur la présentation et le contenu. Développer le capital social avant et pendant votre lancement offre des avantages considérables.

 

  1. Vos objectifs sont irréalistes

En partant, ne vous fixez pas comme objectif d’obtenir des millions de dollars. Même Revols avait pour seule ambition de récolter 100 000 dollars avant d’atteindre la barre de 2,5 millions. Vous devez planifier et fixer un calendrier pour les investissements que vous espérez recevoir. Il est toujours préférable d’être prudent dans vos estimations. Vos objectifs doivent être SMART, en d’autres termes, spécifiques, mesurables, atteignables, réalistes et temporels.

Voilà donc quelques-unes des principales raisons pour lesquelles les campagnes de financement participatif échouent. Une planification appropriée qui évite ces erreurs vous offrira déjà plus de chances de vous démarquer de la masse. Même si vous ne réalisez pas votre objectif, vous devriez tout de même être en mesure de quitter la plateforme plus fort que vous ne l’étiez à votre arrivée. Vous devriez avoir plus de sympathisants, une liste de courriels plus longue, et surtout, une meilleure idée de ce que vos clients veulent.

How to Find Investors for Your Business

investors, business, start-upsFinding the right investor for your business, let alone any investor, is a difficult task. You have to know where to look, who to network with, and the kind of resources your business needs. The last thing you want is an investor who can only provide financial support. You will likely speak to over a dozen of investors before finding the right one for you. It will be a tiring process, but meticulousness is necessary if compatibility is what you’re looking for. Here are 4 tips on how to find investors for your business when the time is right.

  1. Get an introduction from a mutual acquaintance

Asking members of your professional and social networks if they know any investors should be your first step. Entrepreneurs will have an easier time to get a meeting with an investor when introduced by a mutual acquaintance that the investor trusts. It is important you network constantly and consistently. Networking, whether in a social or professional setting brings about many advantages. The more good relationships you build, the better your chances of being introduced to an investor that is willing to give you his time. Remember that when networking you are not just gaining exposure, you are building connections with the networks of others as well. If someone they know has a need that matches your business, or vice versa, and you’ve made a good impression, chances are you will get a referral.

 

  1. Research where they’re going to be

If you have particular investors in mind, research where they are going to be. Many investors spend time at speaker series and conferences open to the public. In order to get the attention of your prospects make sure to attend these events, and have your elevator pitch ready. You might just have a small window of opportunity to speak to them, so make sure you provide them with just enough information to spark their interest, and provide them with your business card. Make sure to get permission to contact your prospect in order to continue the discussion further.

 

  1. Understand your KPIs and market

Your KPIs and market will help you determine exactly what kind of investment your business needs. This is what will lead you to the finding the right investor for your business. Understanding your KPIs will showcase precisely where your business is lagging and where it is prospering. You will therefore be able to identify your selling points to your investor. Additionally, understanding your market will indicate the kind of experience you need your investor to have. Which companies have they invested in? What industries are they most interested in? how does their investment track record look? What do they provide the companies they invest in?

 

  1. Research credible online communities

LinkedIn is a great online platform to find investors. It is, however, not the only one. There are many social networks that connect you directly with investors from other countries. These investors are usually interested in contributing to the global business environment. Such platforms include Crunchbase, AngelListXing, Plaxo, Startup Nation, and Meetup. While it will take much more work and precautions to assess compatibility with an investor you met this way, it should not prevent you from expanding your search to online resources.

 

Finding investors for your business will be a difficult task. Especially at the beginning stages of business development when your business hasn’t gained much traction yet. Just keep in mind that your relationship with your investor is worth more than a business transaction. Therefore, make sure you know exactly where you are looking and what you are looking for.

 

What Your MVP Should Accomplish

MVP, start-up, business, MontrealYour business’s MVP is more than just your minimum viable product. Sport teams aren’t the only ones with a most valuable player.  As an entrepreneur in the product development stage, your minimum viable product is without a doubt your most valuable player.  A team’s most valuable player teaches, remains focused, sets reasonable goals, is a representation of security, and gets the job done. All of these are also embodiment of a quality minimum viable product. Saying that your minimum product is also your most valuable may sound like a contradiction. Here are a few reasons why they are not mutually exclusive and what your MVP should accomplish.

  1. Fix the basic problem you are trying to solve:

This is your testing stage. It is the first step you must take in order to validate consumer need. What do your customers want? How will your product satisfy consumer needs before you decide to invest a significant amount of capital into your product development? Here is where you must balance your product efficiency and usability. At this stage you must aim to identify the core problem your product is going to solve. Products can have a varied set of interesting features, however, if you are unable to prioritize and rank your features based on importance you should probably take a few steps back and re-evaluate your strategy. Your MVP is supposed to be the most basic version of your final product. This will allow you to make the necessary modifications, if need be, based on the responses you will get. An MVP is about learning from your potential customers, not about impressing them. The goal here is to learn about your product and your customers’ expectations in order to prevent spending on unnecessary costs in following stages.

  1. Identify your Early Adopters

Your early adopters are your trend setters. Identifying the wants and needs of your early adopters during this testing stage is key. First of all, this will help you define your marketing strategy and sales process in the upcoming stages. Because early adopters are very knowledgeable on the industry you intend on entering, they are known to be credible sources of information to members of their network. By identifying who your early adopters are and how you will be able to satisfy their needs, you are bettering your chances at word-of-mouth advertising. Secondly, from the perspective of feedback, they are your most honest critic. They know of most products out there and are not interested in the popularity of your brand or impressing those in their surroundings by purchasing your brand. Early adopters want quality. Early adopters live for new and cutting-edge products. Learning about their expectations will allow to create a quality product and a compatible marketing plan.

  1. Figure the amount people are willing to pay for your product

Finding out the price customers are willing to pay for your product during the MVP stage will give you further indication on the positioning of your product in the market versus other competitors. This will also give you a better idea for your pricing strategy moving forward. If you are met with feedback that indicates a higher willingness to pay for your MVP, you can explore the possibilities of a more expensive pricing strategy for example. Of course, such a decision also depends on how much it costs to make your MVP.

  1. Inform yourself on the positioning of your product

Simply put, positioning symbolizes the place your product holds in the mind of the consumer. If you intend to enter a market where you will be competing against numerous other similar products, it is crucial you occupy a unique and easily identifiable place in the consumer’s mind. Because your MVP is such a basic version of your final product, there is much flexibility with the route you can choose for branding. The goal here is to start developing your brand persona and identity based on the feedback you get from your testers. Of course, this in addition to marketing research will lay the foundation for your marketing strategy moving forward. For instance, based on the feedback you will be getting on your MVP, you will be able to identify your main product differentiators, your strengths, weaknesses, and base some of your market research on these components.

 

  1. Map out your following stages toward market
Learning from your MVP, means setting up metrics and different forms of measurement prior to testing. Your MVP findings will be your foundation in mapping out the following stages of your business activity. What you need to do is find tangible ways to record and monitor your feedback and research findings. There are some Pre-MVP considerations you should establish prior to testing. You can create a grading scale for answering each of the questions listed below. For instance, a low response would mean 0 points, medium; 5 points, and high level; 10 points. Lower points for questions would require further investigation justifying the unfavorable responses.
  • Whether the problem you are trying to solve is really important to users
  • Whether users are actively trying to solve this issue now with other services or self-made solutions
  • Are they active during the interview
  • Do they agree to come and discuss the solution with you when it’s ready
  • Do they agree to refer other people to you
  • Are they ready to pay for the solution right away
There are also many available online programs and application that will not only help you with the planning process of creating an MVP, but also provide you with useful KPI tools.

Your MVP is your most valuable player. Think about it. A general manager of a sport`s team first secures his star player, his MVP. The team’s MVP is the reliable player that can be counted on to lead the team, deliver the needed results, and perform. At this point the general manager starts to form the team around his MVP. Hence, your added product features. Without your MVP your product loses almost all of its value to its customers. Would you have bought tickets to a Chicago Bulls game if you knew Michael Jordan wasn`t playing? Probably not. At this stage, the goal is to learn. Sometimes this can mean going back to the drawing board. But, what this always means is that you are saving yourself time and money moving forward.

4 Reasons Small Business Owners Must Blog

If you’re a small business owner that has contemplated starting a blog, stop contemplating and start writing. No more excuses! “I’m not a good writer” “I don’t have any original ideas” or “I don’t have time” are not good enough reasons, especially when the benefits of having a blog far outweigh the weaknesses. In fact, considering the fact that by 2020 customers will manage 85% of their relationships without talking to a human, and that blogs have been rated as the 5th most trusted source for accurate information online, the only thing blogging is really costing you is time.

If you are part of the minority that hasn’t jumped on to the blogging bandwagon yet, here are 4 reasons why we believe you shouldn’t wait much longer:

1. It’s Inexpensive
Firstly, blogs can be very inexpensive to create and maintain. They can be embedded into your already-existing website or be launched independently. It is a low cost marketing channel that is available to you as an entrepreneur. There are also numerous cheap and reliable WordPress hosting companies available for you to choose from.

2. Drives traffic to your website
In addition, Adding a blog to your website can drastically increase the amount of highly targeted traffic your website receives. Research has shown that companies who blog receive 97% more links to their website. Producing compelling and insightful news for your blog, while also strategically using keywords, making sure your blog is SEO friendly, and being timely with your publications will help you with building a loyal following.

3. Position your brand as a thought leader
On top of that, it has been proven Successful bloggers are brand builders. Blogging offers businesses a chance to discuss important issues relevant to their respective industries. Furthermore, it allows businesses to showcase to their consumers that they do more than just sell products or offer a service. The goal here is to utilize blog space in order to attract readers when they aren’t necessarily looking to purchase anything. Chances are that these readers will return in the future when they are, in fact, looking to buy.

These days consumers aren’t just investing in products, they invest in everything a business symbolizes. Blogging is the best way to show to your consumer that you represent the lifestyle they want to support.

4. Build relationships with your customers
Finally, blogs have a personal touch to them. This informality allows you to create a friendly and trusting bond with your audience. Adding a comments section, or an option for customers to reply to your posts can help with sparking interesting dialogue. Conveniently, the positive PR will enrich your brand image as a business that cares about its customers. If you continuously create content that is insightful to your target market, it will help establish you as a primary source of information them.

Blogging has helped numerous entrepreneurs carry their businesses from rags to riches. Great examples include Dooce, and Shoemoney. If these reasons aren’t enough to convince you that blogging is a must, ask yourself one simple question: What do I have to loose from starting one? That’s right. Nothing but time well spent. Give it a try.

Debunking Myths About Introverts

introvertHillary Clinton once said that she is neither an extrovert nor an introvert. In her words she is an “extro-introvert.” Whatever that may mean, one thing is for sure: It seems as though identifying as one or the other comes with the fear of being judged. If you embrace being an extrovert you may be perceived as loud and obnoxious. On the other hand, if you declare that you are an introvert it is likely that you will be judged as a person who is shy and would rather be left alone. Unfortunately, such misconceptions can also be found in the business world and, most times, introverts get the short end of the stick.

In a world where entrepreneurs are constantly networking, speaking in front of large crowds, and looking to grow their businesses, it can seem as though entrepreneurship is made for extroverted people. In a poll conducted by USA Today, results showed that 65% of executives believed that introversion was a barrier to leadership. However, on that same token, some of the world’s most successful entrepreneurs are self-proclaimed introverts. Bill Gates, Mark Zuckerberg, and Warren Buffet are just a few names that come to mind. Often times the reasons why people may dub introverts as less competent is exactly the reason for their success.

Myth #1: Extroverts are better at public speaking
Malcolm Gladwell has a talent for making people reflect on their actions. He too, can captivate thousands on stage while remaining completely calm and collected at the dinner table. To him public speaking, also pitching, is not an act of extroversion; it is a storytelling technique. Furthermore, some of the things that introverts fear about public speaking and pitching are the exact same things feared by extroverts. The hostility of the crowd, remembering lines and general anxiety levels can be found with all people.

Myth #2: Extroverts are better at networking
It is common knowledge that introverts enjoy reflecting on their thoughts internally. However, you don’t have to be as outgoing and vocal as an extrovert in order to network successfully. This myth also assumes that all people present at networking events are extroverted, which is likely not the case. Adapting to different behaviours, and building relationships is what networking is all about. Introverts tend to dislike small talk and enjoy deeper one-on-one conversations. This can be a definite plus when present in a room full of people who are passionate about their start-ups and projects.

Myth #3: Extroverts are better business leaders
It’s not that extroverts are better business leaders, it’s that extroverts and introverts have different ways of running businesses. There is not one right or wrong way. Being analytical, and allowing others to do some of the talking while you listen, can allow for richer strategies to be put in place. Having great listening skills, empathy, and alone time, are characteristics that can positively contribute to leadership.

Whether you identify as an introvert, extrovert or “extro-introvert” your success as an entrepreneur is not dependent on this. Let us also not forget that great entrepreneurs remain true to themselves. They do not try to be someone they are not. More importantly, good entrepreneurs know their strengths in addition to their weaknesses. If you are smart enough as an entrepreneur, you can partner with someone who compliments the traits you lack. Unfortunately, there are many myths floating around making introverts feel like they must compete with extroverts when what matters most is adapting to different settings. Fortunately for us introverts, these myths are mistaken.

The Costs and Rewards of Being an Entrepreneur

entrepreneurDreams of launching a start-up are often times quite magical, inspiring, yet very misconstrued. The first investor you may approach might not fund you, and in turn the accelerated growth you may have hoped for, may take the backburner for a while. Truth is entrepreneurship is far from all flowers and rainbows. As a matter of fact, the top 3 reasons why most start-ups fail are (1) Your product or service does not meet a real need, (2) Running out of cash and (3) Not having the right team. Launching a start-up is always a challenging and draining experience that requires sacrifice, dedication, and hard-work well before you can dwell in the luxe life. Heading a start-up is full of brick walls, costs, and rewards, even when business is booming.

Envision a to-do list so full of work the font is illegible. Now, double the amount of tasks on that list. That is what awaits you. In your first year of business, you will have to deal with way more than you thought you ever would. Since you likely won’t have enough capital to hire employees at this stage to help with the workload, you will have to take on designing your website, writing blog posts, implementing marketing strategies, looking for investors, dealing with taxes, and so much more. Chances are that you might simply not know how to do most of these things, which will leave you doing hours’ worth of research about how to do tasks such as embedding social media links to your website. In such situations your best bet would be to find resources available to entrepreneurs for help. Luckily, countless such resources are available for entrepreneurs in Montreal.

At the early stages of business development what you will soon realize is that you won’t be able to master every aspect of your start-up at once. Yes, you will quickly become an expert juggler but beware not to get so caught up in your work that you lose sight of what matters for your business to remain afloat. The aforementioned top 3 reasons of why most start-ups fail can help keep you on track as well as having a clear vision of where your business is heading.

This last tip is probably most important. As an entrepreneur you may find yourself complaining that 24 hours in a day is just simply not enough. You will have so many things to do, yet so little time to do anything. 10-hour sleep nights will become a notion of the past, along with breakfast and two hour lunch breaks. Time management is key, as well as, being surrounded by a supportive network of peers, mentors and family members.
If this hasn’t scared you off from starting your own business, great. This post is not meant to discourage you from following your dreams of being an entrepreneur. To the contrary, it is meant to prepare you for what awaits. Being an entrepreneur is difficult due to the uncertainty of the future that lies ahead and the amount of risk you must be able to take on.

Hopefully, for many of you with great risk will come great reward. The financial, emotional, and personal gains of entrepreneurship are countless, and it is a very fulfilling experience when you realize that all your sacrifices and hard work have paid off. ProTip: don’t give up on your entrepreneurial dreams. Truth is, it will never get easier, but you will get better.

Le coût et les bénéfices de devenir un entrepreneur

entrepreneurRêver de lancer une nouvelle entreprise est souvent assez magique, inspirant, et vraiment truffé d’idées fausses. Le premier investisseur que vous approchez pourrait refuser de vous financer, et la croissance accélérée que vous espériez devrait alors être mise en attente pour un certain temps. En vérité, les fleurs et les arcs en ciel sont loin de caractériser l’entrepreneuriat. En fait, les 3 principales raisons pour lesquelles la plupart des entreprises en démarrage ne réussissent pas sont (1) le produit ou service ne répond pas à un besoin réel (2) être à court d’argent, et (3) ne pas avoir la bonne équipe. Démarrer une nouvelle entreprise est toujours une expérience stimulante et épuisante qui exige des sacrifices, du dévouement et un travail acharné, pendant longtemps avant de pouvoir connaître une vie de luxe. Diriger une nouvelle entreprise c’est faire face à des murs, des dépenses, et des récompenses, même quand les affaires sont prospères.

Imaginez une liste de choses à faire qui est si remplie que les caractères sont à peine lisibles. Maintenant, doubler la quantité de tâches à accomplir sur cette liste. Voilà ce qui vous attend. Dans votre première année d’activité, vous aurez à traiter avec beaucoup plus que vous n’auriez pu l’imaginer. Mais puisqu’à ce stade vous n’aurez probablement pas assez de capitaux pour embaucher des employés avec qui partager la charge de travail, vous devrez effectuer la conception de votre site Web, écrire des blogues, exécuter des stratégies de marketing, chercher des investisseurs, vous occuper des impôts, et beaucoup plus encore. Il est fort possible que vous ne possédiez tout simplement pas les connaissances pour accomplir la plupart de ces choses; il vous faudra donc investir plusieurs heures de recherches sur la façon de réaliser des tâches telles que l’intégration de liens de médias sociaux à votre site Web. Dans de telles situations, le meilleur choix serait de trouver des ressources qui sont créées pour aider les entrepreneurs. Heureusement, de telles ressources sont offertes en grand nombre pour les entrepreneurs de Montréal.

Dès les premiers stades du développement de l’entreprise, vous réaliserez rapidement que vous n’êtes pas en mesure de maîtriser en même temps tous les aspects de votre nouvelle entreprise. Bien sûr, vous excellerez bientôt à jongler avec tous ces éléments, mais méfiez-vous, il vaudrait mieux ne pas vous trouver tellement enchevêtré dans votre travail au point de perdre de vue ce qui est essentiel à la survie de votre entreprise. Les trois principales raisons, mentionnées ci-dessus, pour lesquelles la plupart des entreprises en démarrage ne réussissent pas peuvent vous aider à rester sur la bonne voie tout en maintenant une vision claire de la direction de votre entreprise.

Ce dernier conseil est probablement le plus important. En tant qu’entrepreneur, vous vous plaindrez peut-être que 24 heures dans une journée ne sont tout simplement pas suffisantes. Vous aurez tellement de choses à faire, et pourtant, si peu de temps pour faire quoi que ce soit. Des nuits de sommeil de 10 heures ne seront plus qu’un concept oublié, de même qu’un petit déjeuner et des pauses déjeuner de deux heures. La gestion du temps est essentielle, autant que de vous entourer d’un réseau de soutien composé de pairs, de mentors et de membres de la famille. Si la lecture de cet article ne vous a pas fait renoncer à démarrer votre propre entreprise, fantastique! Son objectif n’est pas de vous décourager à poursuivre vos rêves d’entrepreneur. Au contraire, il est destiné à vous préparer à ce qui vous attend. En raison de l’incertitude concernant l’avenir et du nombre de risques que vous devez prendre, il est difficile d’être entrepreneur.

Espérons que pour beaucoup d’entre vous, de grands risques soient accompagnés de grandes récompenses. Les bénéfices financiers, émotionnels et personnels qui découlent de l’entrepreneuriat sont innombrables, et l’expérience peut s’avérer très enrichissante quand vous réalisez que tous vos sacrifices et le travail acharné portent leurs fruits.

Conseil professionnel: ne renoncez pas à vos rêves d’entrepreneuriat. En vérité, ce ne sera jamais vraiment plus facile, mais en fait, vous deviendrez bien meilleur.