The global pandemic has led to a frenzy of startup companies and entrepreneurs. Forbes has indicated that the result could be laid-off workers who have, in turn, started their own new companies. Stuck in our houses, one might wish to be productive, and new ideas (or, as we say, Eureka moments) can suddenly inspire us.
So, now, you might be wondering how to be a successful entrepreneur in Canada. With the digitalization of the market, small businesses can thrive. All around the world, there are studies that have shown that the idea and application of startups are becoming more and more popular! So, you have come to the right place.
Who Is an Entrepreneur?
An Entrepreneur is someone who creates a business. This person is held accountable for the risks and also enjoys most of the rewards. This process of setting up a business of your choice and handling it is known as entrepreneurship. She/he is seen as someone who is innovative, whose mind is brimming with quality ideas and sources.
Entrepreneurs play an extremely key role in any economy. They create start-up companies and affect the economy in many ways. One thing necessary for an entrepreneur to remember is that you have to secure funds. That can be done through loans and crowdfunding. Make a business plan and hire some labour. Then acquire resources and lead your company with your skills.
4 Easy Steps to Become Successful as an Entrepreneur
#1 Come up with the best business plan
Prepare a Business Plan as one of the first steps. List down your strengths and skills, and areas of expertise. Write down your corporate structure. Calculate your fiscal year-end outcome—market research to validate the plan. Find out why people would be interested in your company and propose marketing techniques. Prepare everything so that you are confident while presenting your plan to investors.
It is advisable to remember that 80% of businesses fail in the first 5 years, so it is safe to go through your plan and reassess. Make sure that you are ready to start the business.
Different Entrepreneurships to choose from :
- Small Business: Hairdressers, or owning grocery shops, maybe plumbers or opening a small boutique.
- Large Business: Small businesses can in no time become large companies. You can create a company like Google or Samsung if you believe in it and work hard.
- Scalable startup entrepreneurship: For this, you have to have a unique idea that can bring a change in the market. Scalable startups try to find a problem in the market and then proceed to create a solution for the funds that large companies will provide.
- International entrepreneurship: Entrepreneurs conduct business transactions across the country’s boundaries. You can sell the products to an outside market if it is profitable and has a sustainable demand.
- Social Entrepreneurship: These entrepreneurs are concerned with environment conservation and animal rights. They partake in philanthropic activities for the economically lower communities. You will be keen on transforming society while ensuring economic sustainability. An example would be running an NGO.
Choose the entrepreneurship that genuinely interests you. You can also go ahead and purchase a Canadian franchise and kick start your business if you have secured the required fund.
#2 Choose a Name and Brand Identity
This is an extremely important step. In Canada, the government does place more name restrictions on corporations than sole ownerships but do not forget to consider legal issues while selecting a name. Choose a name that is iconic and unique but also simple to be remembered. Let it be positive in nature and memorable.
According to this study, over 2000 Canadians desire to be entrepreneurs! It has been noted that small businesses are becoming the foundation of the Canadian economy increasingly. 98% of businesses in Canada are reportedly small businesses. According to the survey, about a third of Canadians are currently entrepreneurs. Due to Covid-19, entrepreneurship in Canada has emerged with new vigour. 9 million entrepreneurs are currently in Canada, while 2 million are starting their businesses.
#3 Choose the Right Blend of Marketing
This is the key to a successful company. Promote your business through social media. Start off your business by applying specific marketing initiatives. The more you promote, the more your future customers will know about your company and the more they will be interested in buying.
The Future of entrepreneurship is digital, which makes it more accessible for women. And according to statistics, the Canadian future of entrepreneurship is e-commerce:
|Entrepreneurs that sell online and offline||59%|
|Entrepreneurs who sell only online at the moment||37%|
Who is Selling Online?
|Female population||Male population|
What do aspiring Canadian Entrepreneurs want:
|Networking opportunities and collaboration with other entrepreneurs creating a chain||35%|
|Webinars that include discussion among many entrepreneurs||28%|
#4 Believe in Yourself
And remember, failure can happen to anyone. Sometimes, the best plans fail but believe in yourself. If you believe in yourself, the confidence will be visible to your investors, and people will more likely place their trust in you.
|Male entrepreneurs in Canada||Women Entrepreneurs in Canada|
Generation Statistics (in Canada)
|Generation Z and Millennials population||Generation X population||“Baby Boomers” population|
Case Study: How to Be a Successful Sports Betting Entrepreneur
All successful top card players and entrepreneurs share a lot of similar traits. They both take risks, consider and calculate. Starting a business is quite similar to gaming. So, if you are into taking risks, calling bluffs and having a little fun, you can become a gambling entrepreneur.
If you know the niche, your life may become as easy as in She’s a Rich Girl free slots. This game was made by IGT casino software which has two versions to offer – real or fun; both have a free spin bonus, wild, and scatters.
- Keep track of your wins and losses. In order to improve one’s betting strategy, one must keep in check what works out for them. You have to analyze and spot the trends of your wins and losses. Find out the areas where you excel. Once you find your specialty, focus on it.
- Use Logic. Logic is what will help you win. Do not let your emotions corrode your mind. Spot your weaknesses and try to find a solution.
- Manage your Finance. Be efficient with the funds you are using. Think like any successful entrepreneur. Would they invest in this bet? Will you receive a reward? Is it a large one-time huge profit or consistent regular profit you are looking for? Choose the way you use your money. If necessary, create a schedule.
Anyone with great business ideas can be an entrepreneur. You can choose to start a company or become a veteran in betting games. Choose an idea that is your expertise and invest time and money. Be innovative and resilient, and no one would be able to stop you from becoming a successful entrepreneur.