How did you become an entrepreneur? Was it something you always wanted to do or did you have an ‘ah ha’ moment that propelled you into a new career path?

For Roxanne Pettipas it was her dog that inspired her to start her own business. Before that, Roxanne was working as a supply teacher and she and her partner had been splitting their time between Toronto and the Bahamas. Eventually, Roxanne grew tired of coming home to an empty apartment so she decided to get a daschund named Buddy to help keep her company.

“I used to take Buddy out for walks using this little neck collar, and after a while I thought he had developed allergies because he would gag and cough every time we were out,” she said. Roxanne admits she didn’t know much about dogs at the time, but she quickly realized that Buddy was choking from the pressure that the collar was putting on his throat. Roxanne searched far and wide for a solution to the problem, but every harness she found was bulky and awkward with too many clips and clasps. “Buddy wasn’t happy and neither was I, so that’s when I decided to make something for him.”

Perhaps it was her background as an art teacher that made her so industrious, but instead of waiting for someone else to produce an acceptable harness Roxanne decided to create one herself. “At the time I was using a soft pliable tire rubber in my art class, so I used that material to create the very first Buddy Belt.” She then consulted a shoe maker and a clothing designer to help her understand how to work with leather. “I had to learn it all,” she said, “Whether it was working with an industrial sewing machine, or learning about patterns, dies, and templates, it all stemmed from wanting to create something comfortable for Buddy.”

Like a traditional collar the Buddy Belt has one buckle that is fastened between the shoulder blades instead of around the neck. The animal’s front legs are then extended through the two holes underneath the collar that helps reduce strain on the neck.

Once Buddy starting sporting his new harness around the neighbourhood, the orders started rolling in. After spending countless hours at the library making patterns, Roxanne developed 11 different sizes of Buddy Belts to meet the needs of teacup, toy and standard size dogs. As Roxanne became heavily invested in her idea, she was offered a full time teaching job. At that point Roxanne found herself having to choose between her business and the teaching career she always wanted. In the end she decided to pursue Buddy Belts full time. “It was a hard decision, but I knew I’d regret it otherwise,” she said.

What I took away from interviewing Roxanne is that you can turn a problem into a business idea. If other people are having the same problem as you, there may be a gap in the market for a new product or service that addresses that problem.

If you want more information about Buddy Belts please visit the website.

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Unless you’re an accountant you probably hate accounting. Heck I’d even bet that most accountants probably hate accounting, but it’s an essential part of any small business. Accounting – when done correctly – helps small business owners record transactions, prepare financial statements and tax returns, and also maintains order in their day-to-day business operations.

Unfortunately many small businesses are still relying on a shoe box full of receipts to prepare their records. The shoe box method can be dangerous because it can lead to creeping expenses, overdue accounts, cash flow shortages, data insecurity, added personnel costs, audit risks and even bankruptcy (eek!). These risks are very real, so I asked Kirk Simpson President and CEO of Wave Accounting why so many small businesses are still using this method.

“People don’t start small businesses because they love accounting,” he said, “They start them because they want to be a photographer, or real estate professional or a life coach.” For many small business owners accounting is the necessary evil that comes with running the business they are passionate about. And naturally, the tasks that small business owners hate the most are often the ones that they tend to neglect.

“The accounting process is very painful and very manual for small business owners,” he continued. Even with the help of online spreadsheets and expensive accounting software, many small business owners still find the task daunting. According to Kirk the problem with traditional accounting systems is that they aren’t intuitive for small business owners. “Many of the accounting programs still make you manually enter your expenses. At Wave, we atomize the process as much as possible so there is less manual entry.” Through partnerships with financial institutions, Wave will automatically import and categorize small business banking transactions into the software so business owners can see where they are spending their money.

Another problem with accounting software according to Kirk is that it makes small business owners keep their business and personal spending separate. ”The reality is that many small business owners use the same credit card on the weekends to buy diapers as they do during the week to buy office supplies.” Wave makes it easy for small business owners to categorize their spending based on whether it’s for business or personal use.”

The secret to the company’s widespread success and adoption is that they developed the service based on the accounting needs of small business owners (what a genius idea!). “We spent a lot of time developing the software based on how small business owners actually work, not the way an accountant, bookkeeper or software program tells them they should,” he said. With over twenty years of combined experience in the digital media and small business accounting industries, both Kirk and his co-founder James Lochrie strive to keep the perfect mix of utility and usability at all times. Maintaining this fine balance has helped them become a leading provider of free accounting software and is why thousands of small businesses are starting to use their service.

The key thing to take away from this is that accounting doesn’t have to be difficult. With the free tools that are available, small business owners can be more informed when it comes to running their business. Being more informed not only leads to better organization at tax season, but it also ensures that small issues are dealt with before they turn into major problems.

For more information about this topic, attend one of our free small business webinars.

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I work with new business owners who struggle with developing their business plan. The last thing they want to hear once it is finished, is that they will need to complete a plan every year to assist in the ongoing success of their organization. Most panic. They don’t want to have to go through that again; and fortunately, they don’t have to – exactly. But there are very sound reasons for developing an annual plan that serves to monitor and manage the ongoing operation of the business.

1. Developing an annual plan forces you to take an objective, critical, and unemotional look at the facts of your business – what is working and what isn’t.
2. It requires you to consider the gaps in your business based on a realistic assessment of your exisiting resources as well as your personal skill set and then plan to bridge the gap
3. An annual plan will be a powerful communication tool that encompasses your goals, objectives, and strategies to achieve success.
4. A plan serves as an operating blueprint for the year.
5. An annual plan can provide the appropriate linkages internally and externally to make sure goals are met.

Not all categories required for a business plan that is intended to attract capital need to be included in an annual plan that is designed to manage the business. Remember who the intended audience is and from that you can determine the best type of plan to write.

I always start my annual plan in October because I like to have ideas percolate for a while before committing to them for the following year. My thoughts are currently on paper and final decisions will be made within the next few weeks. As a business owner, I find the most challenging part of this exercise is objectively examining the numbers and choosing which activities stay in the mix for another year, and which have to be dropped. Sometimes I can be ruthless and other times I keep things on the menu of services just in case the timing will be better in the next year. As with so many aspects of running a business; annual plans are part science and part art – part prediction and part taking actions based on calculated risk.

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It seems like ‘Made in China’ is branded on just about everything we buy these days. From clothing, to electronics to furniture – so much of the manufacturing process is being conducted outside of Canada. And, while I’m not opposed to outsourcing, I don’t believe it’s the best solution for every small business.

Just ask Ricky Pacheco – Founder of Pop49 – a Mississauga based company that provides signs, point of purchase materials, and other promotional items for a variety of businesses. “99% of what we make is sourced from Canadian suppliers,” he said. “We support a lot of small businesses in Mississauga, and if we can’t find a small business to use here, we’ll expand our search to the GTA.” Ricky noted that he will use a Canadian company wherever possible, and he will only outsource to the US or China when a Canadian supplier does not exist.

Just as I was about to praise him for his dedication, Ricky insisted that his strategy isn’t all altruistic. “Logistically it just makes more sense. We have a lot of customers who need things in a rush and if we buy everything locally we have a lot more control over the final product.” This is understandable since there are a lot of risks with using international suppliers such as geopolitical instability, inadequate vendor capabilities, and decreased managerial control over things like product quality and delivery timing. For small businesses whose livelihood’s depend on exceeding the needs of their clients; the risks simply aren’t worth it.

Not only is it important to meet and exceed the needs of your client as a small business, but it’s also important to build relationships with them as well. “By maintaining control over our product we’ve built trust with our clients who know we always deliver on time and under budget,” said Ricky.

Meeting your obligations can help you build a reputation for being reliable. Being reliable and building trust with your customers can also help you get more repeat and referral business. As the 80/20 rule states, 80% of your business comes from 20% of your customers, so keep your current customers happy.

In the end it’s up to you to decide whether or not outsourcing is the right decision for your small business. But, before you do business with a company located across the Globe, you must consider whether or not the benefits outweigh the potential risks. Make your decision carefully as the future of your business may depend on it.

For more information about Pop49 or custom designed point of purchase materials please visit www.pop49.com.

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That’s the philosophy of Daniel Patricio – Founder of a new Facebook based business called Pinpoint Social. After chatting with him, I wondered how many small businesses have fallen into the trap of trying to be everything to everyone.

Focusing on a niche is something that Daniel understands. Even though he is in his twenties, Daniel has the wisdom of someone who has been in business for a long time. After founding a successful digital marketing company called Orange Rhino Media in 2009 – Daniel decided to close its doors.

When I asked him why he made that decision he said, “Even though we were quite successful with Orange Rhino, we noticed that our clients were looking for simple solutions to their everyday marketing problems.” After coming to this realization, Daniel decided to start Pinpoint Social to help businesses create and manage their Facebook promotions. More specifically, Pinpoint Social provides simple yet effective contests and promotions that help marketers get more activity on their Facebook pages. Customers can use the app for free for smaller contests, and can upgrade to a paid subscription if they want to run campaigns or customize their promotions.

“In order to compete in business you need to be the best,” he said, “and in order to be the best, you need to focus.” It’s unrealistic to expect that you’re going to be the best at everything, but sometimes small businesses try to take on too much too fast which can lead to their downfall. Daniel can definitely relate to this. “Initially we built all these features thinking they’d be great, but then we realized that more features did not necessarily make a better product. Now we’re committed to simplicity.”

Focusing your business is hard to do, but it can pay off. By making a simple and easy-to-use platform, Daniel helped a Toronto jeweller go from 300 Facebook likes to over 3000 in a short period of time.  He also has a number of large corporate clients who now use his service to increase their brand presence and run promotions through the popular social network.

To find out more about Pinpoint Social visit www.pinpointsocial.com

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Entrepreneurs are a vital part of many countries’ economic strategy. One idea from an innovative business person could launch a multi-million dollar company or generate a smaller business that becomes a fixture in the community and creates jobs for local residents. No matter the size or the scope of their businesses, entrepreneurs make a significant contribution to the overall wellbeing of a country’s growth plan and for one week each November, the world acknowledges their role.

Global Entrepreneurship Week, launched in 2008, is the world’s largest celebration of the innovators and job creators. These are individuals and groups who launch startups, bring ideas to life, drive economic growth and expand the human condition.

Global Entrepreneurship Week inspires and supports people to explore their potential as self-starters and innovators. Activities range from large-scale competitions and events to intimate networking gatherings, designed to connect participants to potential collaborators, mentors and even investors—introducing them to new possibilities and exciting opportunities. Such events are hosted on a local, regional, national, and international level.

Global Entrepreneurship Week also helps to “map the entrepreneurial ecosystem in 115 countries – with nearly 24,000 partner organizations planning more than 37,000 activities that directly engage more than 7 million people. It is about unleashing ideas and doing what it takes to bring them to life—spotting opportunities, taking risks, solving problems, being creative, building connections and learning from both failure and success. It is about thinking big and making your mark on the world—doing good while doing well at the same time.” www.gew.org

As an entrepreneur who contributes to the economic growth and success of your global community, take a few minutes and look into the events that may be taking place near you and encourage your colleagues to join in the celebration.

On Wednesday, November 16, I will be the opening speaker at an event that recognizes the importance of entrepreneurs in my region. There are several speakers on the program as well as an opportunity to network with other business owners. Taking time to reflect on what it takes to be an entrepreneur is very valuable to the sustainability of our enterprises. I look forward to sharing my thoughts on The Three Cs of Business.

For more detailed information on Global Entrepreneurship, visit www.gew.org

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November is designated as National Inspirational Role Models month and it got me thinking; as entrepreneurs or business owners, who are our role models? Who are the individuals who have influenced our business savvy?

Chances are we choose those people whose character and choices we can respect. They have somehow shown us things we didn’t know or held out an example of what it means to make things happen in the marketplace. We may even be in business because of those people.

You may be inspired by Richard Branson’s (Virgin Group) competitive spirit and his resiliency with taking on the giants unafraid. “To be successful, you have to be out there, you have to hit the ground running, and if you have a good team around you and more than a fair share of luck, you might make something happen. But you certainly can’t guarantee it just by following someone else’s formula.”

Maybe your role model is the late Anita Roddick; British businesswoman and Founder of the cosmetics company, The Body Shop. Mixing her convictions with business, her cosmetic company was one of the first to block the use of ingredients tested on animals. Serving more than 77 million customers in 51 different markets, she referred to “entrepreneurship as survival” and that it “nurtures creative thinking.”

Some business owners are inspired by family members who demonstrated great initiative or stubborn persistence in making their dreams come true; while others look to their peers to serve as inspirational role models. I know that there are at least two individuals who I respect in business. They have demonstrated how ‘boot strap’ starts can result in very profitable enterprises.

It is important as a business owner to acknowledge the attributes of your role models and the reasons you selected them to inspire you. If you don’t have any role models, perhaps you could consider what areas of your business might benefit from the presence of someone who inspires you.

When I seek out role models, I ask myself:
1. What is it about their character that I admire?
2. What business did they start and why?
3. What are some of the obstacles they overcame?
4. What can I learn from their choices?
5. How did they take their business from good to great?
6. What makes them so unique in their chosen field?

Role models could become your mentors one day, so be sure to celebrate those who inspire you.

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Success in business is not just about what you do—it’s also about who you are. The most successful business owners go into businesses that are aligned with what they want out of life. To get what you want out of life, you have to set personal goals.

What do personal goals have to do with your business? Every- thing!

If your business helps you to create a satisfying and success- ful life, you will love your business. You will look forward to going to work. Your enthusiasm will be contagious. It will be caught by your employees and your customers. Knowing your personal goals and aligning them with your business vision is a key step to business success.

Make a big list of goals you want to achieve in your life. What benefits are you seeking and why do you want them? By knowing exactly what you desire in life you are better able to plan your business.

Personal goals should cover every part of your life:
• Health and fitness goals
• Family and home goals
• Educational and spiritual goals
• Charity and community goals
• Travel and social goals, and
• Financial goals.

Once you have identified your personal goals, write a short summary to define your success. Here’s an example:

“I want to live my passion which is staging homes for sale on the real estate market. I want to train others how to run my business so I can travel the world with my family. I want my business to pay me $10,000 a month and be worth $1,500,000 when I sell it by the time I am 60. I want enough extra money to support my favourite charities. I want to work from home two days each week.“

The people who set goals are the people who become successful. Your personal goals should be specific, simple, measurable, time based and challenging. Try to prioritize your goals within two, ten and twenty-five year timelines. Commit to your personal goals by sharing them with people close to you.

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1. Excellent communication skills

2. Passionate about what they do

3. Ambitious and goal oriented

4. Committed to the business—prepared to invest the time, money and energy it takes to develop a company

5. Willing to take risks

6. Continuously embrace opportunities to improve, personally and professionally

7. Exceptional listeners and learners

8. Good people skills

9. Problem solvers

10. Strong work ethic and self-discipline.

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