Small Business Month

5 S M A L L B U S I N E S S M O N T H - S U P P L E M E N T T O T H E W I N N I P E G F R E E P R E S S - S A T U R D A Y , O C T O B E R 1 9 , 2 0 1 9 W hat happens when the spirit of youth collides with the entrepreneurial spirit? Whatever the chemical reaction, I know it would be seismic. I also know that we have a responsibility to the next generation of entrepreneurs to pay forward what we have learned to help them channel their energy, focus their skills, and find their path. In celebration of Small Business Week and in recognition of RBC Future Launch – RBC's 10 year, half billion dollar commitment to helping prepare Canada's youth for the future world of work, I would like to take this opportunity to share what I have learned on my journey in hopes that the future entrepreneurs that will define our vibrant province will find meaning in it. I grew up surrounded by a family business – a multigenerational family tree of entrepreneurs in the pulp industry. My grandfather founded the business and we all played a role in shaping its story. My dad showed my brothers, sister, and I through his example, just as his father before him, what it meant to take measured risks, build your brand, and navigate the marketplace. When we think about what it means to be an entrepreneur, we think of those unique souls who step out on the ledge, assess the risks, and take the leap. We think about those individuals who choose to stomp out their own path and find a rhythm all their own. When I, like my sister and one of my brothers, made the decision to step away from the family business (that my one brother now runs) and instead pursue a career working for someone else, we were the ones seen by my family as the entrepreneurs leaning into our own paths. I can recall when my Dad once asked me what it was like to work for someone else. The concept was unfamiliar to him as a second generation business owner. It seemed more unusual to work for someone else or an organization other than one's self. But it was what I learned from the entrepreneurial spirit that ran strong in my family that I carry with me every day regardless of my surroundings. An unwavering commitment to customers and the tenacity to thrive and prosper over a lifetime, these are just some of the things I carry with me to this day. Unpacking what it means to be an entrepreneur doesn't start with a great idea, concept, or product. It begins with a mindset. The mindset requires someone willing to be a forever student or a continuous learner. At their core is someone who envelops an unending curiosity energized by learning through both their own experiences and those of others. That curiosity extends into all aspects of the business from understanding market changes to evolutions in technology. That same curiosity helps them quickly recognize disruption and see it as not a threat but an opportunity worthy of getting in front of and helping shape the curve. Being and staying curious is woven through the DNA of any successful entrepreneur. For me, I have an unwavering curiosity of other peoples' stories. I enjoy learning about the different journeys people take to arrive at success. I have learned that there is no one road map and no one way to grow a prosperous business but there are a mosaic of different characteristics, moments, milestones, insights, and yes, even missteps, that helped shape their success. It is not only through my own experiences but the experiences of others that I am learning from every day. These are the knowledge networks I encourage each emerging entrepreneur to build and nurture. Continually ask for connections and introductions from those you respect. Find those individuals who don't necessarily need to align with your same industry but definitely do align with your values. Seek out those who are generous with their sharing of knowledge, skills, and experiences and can articulate all three. Start with the team immediately around you – from your business account manager to your lawyer to your accountant to other business owners. Ensure that every conversation about what made them successful includes the hiccups along the way. Recognize that building the right network is a lifelong pursuit and never a once and done. Just as your needs and your business grows and changes, so will your network need to as well. And while we tend to look at entrepreneurs sometimes as lone wolves, there is great power in leveraging a vibrant network to create informal or formal co-op experiences for yourself to help negotiate unfamiliar bends in the road. Experience is the true teacher - but as someone who may be paving the road as you go, calling upon a couple other construction specialists along the way might just be the very thing you need to help you navigate that next turn successfully. When finding the right mentor, be as clear in what you are looking for as you strive to be in any business plan. Am I seeking advice on one aspect of my business or am I requiring a long term coaching relationship – or perhaps both? Consider your responsibilities as a mentee. First, be prepared for conversations. This means not only having thoughtful and focused questions but also being emotionally prepared to hear the advice that isn't necessarily easy to hear about you, your business, and your strategy. Be candid, transparent, and set out clearly defined expectations. Second, know where to look. Reimagine where you might find your mentors. Earlier we spoke about those immediately surrounding you. But also consider business, industry specific, or professional organizations, retired business owners, athletic coaches, educators, former colleagues or leaders from previous experiences, not for profit organizations, and boards you may serve on. Mentorship is a two way experience and so if the appetite to deepen a relationship is not with both sides (whether it is the capacity to commit or a willingness to share), move on and keep looking. Seek out those who will be authentic and transparent with you while also encouraging you to keep going. Third, we all have a responsibility to pay it forward later on to someone else as a future mentor and so become the mentor tomorrow you are seeking to find today. As a coach, I would be remiss if I didn't speak to the importance of skill development. 21st century entrepreneurial skillsets are a rich medley of different capabilities, beliefs, attributes, and knowledge working in concert with one another to form a strong foundation for your business. Good ideas are critical but they can just as easily find themselves in critical condition when there isn't the ability to execute on the idea. Learn how to make decisions. It seems simple however you'll need to make numerous decisions every day to successfully run your business. Know what kind of decision maker you are. Know which decisions carry a high level of risk and those that don't. Think deeply about the values and principles that will provide important guardrails as you make decisions. Then demonstrate the courage and fortitude to stay true to these guardrails to ensure you maintain your integrity. Stay true to one other guardrail – your business plan. A misstep some make is setting aside their business plan after the business is started. It's critical to keep your business plan alive and up to date. The business plan is more than a document to secure financing, it is your road map that needs to be continually reflected on to ensure the right direction and speed are maintained. Know what you know and find out what you don't. Understand what fuels a business. Develop a solid understanding of the key pillars required to run a business successfully including operations, brand, finance, marketing, talent management, customer analysis, and sales. If any of these pillars are not solid enough to support the weight of the business, we are left with potential blind spots that may impact you today, tomorrow, or even down the road. Also, in addition to pillars, consider the foundational importance of skills such as communication, critical thinking, and problem solving to the trajectory of your business. Interweaving these three skills together will prove to be central to your leadership and your ability to know how and when to push, pivot, or let go. Practicing and developing attributes such as resourcefulness, resiliency, and discipline will enable you to rise up, learn, and move on in the face of failure. It is this mix that will help you see mistakes as simply platforms and springboards to leap to the next level and not as something that will define you or your business. To the next generation of emerging entrepreneurs that will help shape our economy and define our marketplace, harness your energy and channel it where you will find the greatest returns. Simply be curious, grow your network, seek out co-ops and mentors, and develop 21st century entrepreneurial skills, attributes, and knowledge. That is your roadmap. Now go navigate the turns! ❚ ENTREPRENEUR ON BOARD: NAVIGATING THE TURNS AS AN EMERGING ENTREPRENEUR Heidi Nakka, RBC Vice President Business Markets, Manitoba, Saskatchewan, and Northwestern Ontario

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