B6
BUSINESS
W E D N E S D A Y, A P R I L 1 , 2 0 1 5
EDMON TON JOU R NA L edmontonjournal .com
CAPITAL IDEAS c apital id e a se dm o nt o n .c o m
P R O J E C T L E A D E R : K A R E N U N L A N D , 7 8 0 - 4 2 9 - 5 2 6 0; k a r e n @ c a p i t a l i d e a s e d m o n t o n . c o m
COMMUNITY QUESTION:
UPCOMING:
What’s your advice for a student running his or her own company?
APR
20
Lunch with John Herdman
Business owners share words of wisdom for budding entrepreneurs
APR
TEC VenturePrize Awards Celebration
“Regardless of age, you still need to do your homework. If business experience is lacking, the research and work you complete to determine your potential success is critical. Work on a business plan and don’t forget that marketing and communications regarding product, price and placement is essential. Also, the E-Myth by Michael Gerber is a must read.” — Gail Hall, chef and owner of Seasoned Solutions Cooking School and Culinary Tours — seasonedsolutions.ca “Thirty years ago at the age of 22, I started my first company. I knew nothing about accounting, taxes and corporate structures but I read, listened and leaned on the advice of people who did. Surround yourself with people you admire, ask lots of questions, take notes and circle back often. Never risk more than you are prepared to lose, and remember to have fun and laugh often.” — Kathy Johnston Umbach, principal at Human Dimensions
PHOTO BY FRED KATZ PHOTOGRAPHY/FREDKATZPHOTOGRAPHY.COM
Stacey Scott Nykolyshyn, founder and executive coach at It’s Your Shift (its-your-shift.ca), advises students to play to their strengths and surround themselves with positive influences. “Get really clear about what your strengths and values are, and stick to them. Surround yourself with a diverse group of people you know, like and trust, and ask them to support you, help you develop skills or serve as a mentor. Finally, celebrate your accomplishments as well as your mistakes, because in both there are lessons to be learned.”
“Being a teacher and business owner myself, I encourage students to take as many options as possible in school that could directly impact how they contribute to their own business someday. Whether it be graphic design, marketing or accounting courses, these electives could help them keep their startup costs low by doing things themselves.” — Cristine Bolling, owner of Kosh Jewels Inc. — koshjewels.com “Students should try and learn as much as they can from peers, mentors and thought leaders. They can start in courses or by visiting great campus communities, like eHUB at the University of Alberta, where students can explore entrepreneurship, join teams, get mentorship and build networks.” — Tony Briggs, co-founder of eHUB — entrepreneurship.ualberta.ca “To establish a great reputation and credit rating, always pay your suppliers promptly and before you pay yourself.” — Bob Gaetz, owner, broker and president Gaetz Realty Inc. — gaetzrealty.com “Find a mentor who has been successful in the same line of business, then find four other mentors who have been successful in other fields of business. Ask as many questions as possible and implement their advice.” — Chris Gowing, team co-ordinator at The Dynasty — dynastysystem.org “Make sure to give yourself enough time to focus on both your business and your studies. Both aspects of your life are important, and both will be important in the future. If either begins to feel like too much, take some time to evaluate what you can afford to focus on. Burning out is incredibly costly, so I’d recommend that as a student, you grow in ways that you can handle so that you don’t find yourself failing in two separate and incredibly important realms.” — Anuj Gupta, president of ANU Homes — anuhomes.ca
“It’s important that you invest a considerable amount of time developing a business plan, identifying the strengths, weaknesses, opportunities and threats in the marketplace, and be willing to adapt if the landscape changes. With respect to finances, try to have a strong grasp of your cash flow situation at all times; it is viewed by many as a critical component in running a successful business.” — Marc Lupicki, CFO of Gold Investment Management Ltd. — gold-im.com “I am a past Junior Achiever and student business owner, and am currently on the Junior Achievement board of governors. I recommend making a formal business plan, setting up a bank account for your business recording all your business expenses and income, and getting professional help from an accountant, banker and lawyer. Junior Achievement can connect you to professionals who won’t charge you for this help. Measure your performance against your plan, and take corrective action and get help as required.” — Ian McDonald, senior partner at Grant Thornton LLP — grantthornton.ca “Do not compromise on school; as a student, this is your first priority … If your grades are good, this reflects well on your ability to manage time effectively, how much grit you have, what your personal standards are and how strong your capability to learn effectively is … Either way, expect sleepless nights, the highest highs and the lowest lows. And hopefully — to quote Sigmund Freud — one day, in retrospect, the years of struggle will strike you as the most beautiful.” — Rohan Nuttall, executive director of Student Voice Initiative Canada — studentvoicei.org “Your business plan is dead as soon as it’s printed, so don’t get stuck on what you thought should happen and instead be prepared to pivot quickly and give your customers what they want.” — Gordon Sheppard, president of Succession Managers Incorporated — gordsheppard.com “Pick your priorities; a successful business grows, which means the demand upon your time will only increase. Unfortunately there are only 24 hours in the day, and most business owners that aren’t in school lament this fact. As time goes on, either school or the business will suffer, so know which one is more important to you and have an exit strategy when one starts interfering with the other.” — Illarion Shulakewych, founder of High Stick Vodka — highstickvodka.com
29 APR
29
Join John Herdman, head coach of the Canadian women’s national soccer team, as he takes you on a journey of how the team has risen to worldwide prominence Where: The Westin Edmonton (10135 100th St.) When: 11:30 a.m. to 1:30 p.m. Admission: $59.95 to $79.95. Tickets at edmontonchamber.com
A signature event in Alberta’s innovation community, honouring the finalists in the VenturePrize business plan competition Where: Shaw Conference Centre When: 4:30 p.m. to 8 p.m. Admission: $50 to $85. Tickets at ventureprize.com
AccelerateAB 2015 Conference Bringing together the most innovative entrepreneurs, corporations, universities, foundations and other leaders from across the province and the Silicon Valley Where: Roderick Mah Centre for Continuous Learning, Calgary (4825 Mount Royal Gate SW) When: 1 p.m. to 6:30 p.m. Admission: $25 to $60. Tickets at accelerateab.com
For more great events, visit capitalideasedmonton.com/edmontonevents.
“Capitalize on your youthful energy, creativity and go get ‘em attitude. Ride the wave and you will reach the shore; don’t give up. Set a timeline for how long you see yourself doing what you are doing, then explore, expand and re-align in new directions.” — Anne-Marie Lindell, program manager for Ventures — decsa.com “Students running businesses should consider adopting the type of rigid schedule that many seasoned entrepreneurs utilize to maximize productivity. Every common function of the business should be individually pre-planned and blocked off in their calendar. This will allow the student to balance their academic responsibilities. Also, this learned discipline will position the student to accelerate their business upon graduation.” — Josh Spurrell, president of Spurrell & Associates Chartered Accountant — spurrell.ca “Set up short and long-term goals; believe in your dream, especially when business does not go as you planned; be patient; find a mentor; watch your competitors and learn from their mistakes; be adaptable; get enough sleep; and remember that returning clients are your best clients.” — Karolina Zitnansky, image consultant and owner of Style & Chic — styleandchic.ca
CAPITAL QUESTION: When is the right time to try something that has never been done before? Taking risks in business can pay off big time, but sometimes it all boils down to timing. That’s why Wellington Holbrook, executive vicepresident of ATB Business, is curious to hear from you: When is the right time to try something that has never been done before? You can answer the question in two ways: • Open today’s Capital Ideas email if you’re a member, or • Visit capitalideasedmonton.com We’ll publish the best answers, along with your business name and website address, on March 25. For more great information on what business owners in Alberta think, visit atb.com/businessbeat.
B U S I N E S S OW N E R S H E L P I N G B U S I N E S S OW N E R S
These answers were in response to a question posed by Jen Panteluk, president and CEO of Junior Achievement of Northern Alberta (janorthalberta. org), as part of our Community Question series. Join Junior Achievement in honouring three great entrepreneurs at the Alberta Business Hall of Fame dinner on May 7. Details at janorthalberta.org/ alberta-business-hall-of-fame.
JOIN US! SIGN UP at
capitalideasedmonton.com
Join our LinkedIn group: Capital Ideas at the Edmonton Journal. Follow us on Twitter: @capitalideasyeg