Canada Entrepreneurial

11/05: Why home-based is growing in Canada?

Why home-based is growing in Canada?


Some key factors driving the growth of homebased
businesses in Canada are:

• Technology – increasingly more available,
accessible, affordable and usable.
• Restructuring – large corporations and
government shedding skilled professionals.
• Lifestyle – greater focus on home life and
being near family or friends.
• Commute time – desire to reduce stress and
time of travelling to workplace.
• Service sector – growth in opportunities that
home entrepreneurs can readily exploit.
• Aging population – early retirement and
longer life span allowing more scope for home
entrepreneurship.

03/06: Pros and Cons of Starting a Business

Pros

* Satisfaction of creating your own job.
* Able to follow your own interests.
* Variety because no day is predictable.
* Feeling of control over your schedule and working conditions.
* Opportunity to be creative and test your ideas.
* More tax deductions.
* Flexible work hours.
* No imposed dress code.

Cons

* Potential for financial loss if business doesn't succeed.
* Isolation if you work alone.
* Possible financial sacrifices for you and your family.
* Constant pressure to keep sales up and work coming in.
* Loss of a workplace structure.
* The need to do paperwork and record-keeping.
* No benefits such as health, dental and disability.
* No sick pay or vacation leave.
* Long hours.
* Unpredictable income.

03/06: Canadian Entrepreneurs Myths and Realities

Do you, like many people, believe that self-employment would be your ideal career path? It's a good idea to make sure that this belief is "grounded" in reality.

Myth: I'll be my own boss--I won't have to answer to anyone.

Reality:You have to answer to your customers, your financial institutions, the tax collectors, landlords and anyone else with whom you're doing business.

Myth: It shouldn't take more than a month or two to get started.

Reality:You'll need the first 6-12 months to focus on planning, researching and testing your ideas with potential customers.

Myth:Everyone is sure to want my product or service.

Reality:They might, but you'll have to put in a lot of time and energy building a profitable customer base.

Myth: I'll get rich.

Reality:Not necessarily and not right away. Most businesses take at least a year or longer to begin to make money.

Myth: I'll have a lot more free time on my hands.

Reality:Most entrepreneurs say that they have never worked harder or longer. You set your own pace, but if you want your business to be a success you'll put in as much time as is needed.

Myth: I can offer my products cheaper and better than everyone else.

Reality: When you add in the cost in time and money to develop and advertise your products, you may find that your prices will be the same or more than the competition.

03/06: Canada Entrepreneurial FAQ

Most self-employed have an entrepreneurial approach to life that affects the way they think and act. The questions and answers below can help you assess your potential ability to be your own boss.

Entrepreneurs tend to share certain characteristics and attitudes about life, but all have a strong inner drive to strike out on their own.

Am I a self-starter?

Successful entrepreneurs believe that they control their own destiny and refuse to be at the mercy of others or of events. As a result, they take the initiative in starting projects and getting ideas off the ground.

Am I confident that I can succeed?

Successful entrepreneurs are optimistic about projects they undertake, and are good at motivating others and sharing their enthusiasm when pursuing goals.

Am I flexible? Can I adapt to change and handle surprises?

To succeed in business, you must accept change and use it to your advantage. Successful business people monitor trends, adopt new technologies, compare themselves to the competition, and listen and watch with an open mind.

Am I creative? Am I always looking for new approaches and ideas?

Entrepreneurs have a great capacity to dream up and carry out projects. They are highly motivated by their desire to bring their own approach to doing things.

Am I willing to take calculated and moderate risks?

Successful business people gather as much information and support as possible before making a move. In this way, they build a safety net for themselves and decrease the amount of risk involved.

Do I believe that money is the best measure of success?

The desire for money is not a prime motivation for most successful business people. Rather, they seek personal fulfilment and enjoy doing their best.

Am I able to set long-term goals? Can I stick with them, even if I'm faced with a difficult problem or situation?

Successful business people are patient and determined. They work toward a goal, delay rewards until a future time, and persist even in difficult times. They understand that it takes time to be a success--sometimes years.

Am I good at making decisions, and are my decisions generally sound?

Successful business people tend to be comfortable making their own decisions. They say, "When I decide to do something, I carry it through to the end, overcome any obstacles and face all the issues."

Am I a good organizer? Do I pay attention to details?

Conducting a successful business requires organizational skills and competence. Your self-discipline and ability to pay attention to details can make the difference between success or failure.

Do I have good communication skills?

Successful entrepreneurs must communicate their ideas in many different situations to many different types of people. The ability to present your ideas--in a business meeting, formal proposal or other circumstances--is essential to attracting customers and clients.