Small Business Month

7 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 7 , 2 0 2 0 A nd while the University of Manitoba's Stu Clark Centre for Entrepreneurship wasn't created to help people cope with COVID-related business challenges, the Centre and the Asper School of Business have stepped up to deliver critical guidance through these uncertain times and provide the tools needed to succeed, says Debra Jonasson-Young, executive director of the Stu Clark Centre. In response to the challenges that COVID has presented, the Asper School of Business created a Small Business Consulting course as a way of giving back to the community and providing students with real-life consulting experience. "In their fourth year, our marketing, accounting and supply chain students are matched up with small businesses. They study the businesses, then work with them to help them solve specific problems. Under the guidance of professors, students submit reports on their findings to businesses along with solutions to the issues they're facing," says Jonasson-Young. "It's important for us that we be responsive to the community, primarily providing support for our students at the University of Manitoba while also interfacing with people in the community. Our goal is to deliver an education for entrepreneurial-minded individuals." She adds that both students and members of the public can benefit greatly from that education. "That person could be a student, someone who's out of work but looking to start a business, or an accountant who wants to go into business for themselves. It can be anyone." In a nutshell, course content consists of five pillars: learning to solve problems, building a business plan, learning from successful small business start-ups, a venture coach program, and connecting to the larger community. Those intent on starting a small business — no matter whether they be a student or member of the public — need to heed the content of the second pillar: building a business plan. "When starting a business, it's critically important to understand the planning process. The big thing is validation. We ask people, 'Who are you going to sell it to?' They go into business with the idea that they're going to make lots of money," she says. "Then, they get into a marketplace and don't succeed." There's a major reason why so many businesses fail early on: they don't define the market they're about to enter. "We teach people to think about how big a market is, what their customer focus is and profitability potential. If they don't think about those things, they might have a great idea, but there might not be a market for it." The third and fourth pillars are equally important. "Creating opportunities for students to see what successful start-ups do is very important. We'll send students out to observe successful businesses like Skip the Dishes. They've gone through all the steps necessary to create a successful business and are doing many things right," Jonasson-Young says. "You can learn a lot by watching what an industry benchmark does." A little coaching doesn't hurt, either. "Our venture coach program matches students with an entrepreneur that meets with them free of charge. Basically, they have their own private coach to help them work through things. They learn how to market properly, find money and identify target markets, among other things." That program then extends into webinars where students meet with coaches to cover topics such as doing the perfect pitch, the business planning process, raising capital, validating customers, building a team and marketing principles. "The webinars are very beneficial," she says. "They cover all the nuts and bolts of being in business. Even better, it's led by someone who's a successful entrepreneur." Finally, students are connected with the larger business community. "There's no better place to interface with other small businesses than North Forge Technology Exchange, an innovation-based economic development agency and community of entrepreneurs where students can learn from award-winning mentors," notes Jonasson- Young. "They can help make sure you don't make mistakes that can trip you up in the early stages of your business." With the margin between success and failure so thin in the COVID era, it's essential that those looking to start a small business are able to cope with and meet the myriad challenges of today's turbulent economy, she adds. "These days, you have to be innovative, creative, flexible and nimble to succeed. At some time, every small business will experience a barrier that they will need help with. We're here to equip people with the knowledge and skills they need to get their business over the hump and survive during these challenging times." ■ By Todd Lewys It's always good to have a plan — in life and especially when starting a small business. These days, during the challenging COVID-19 era, it's never been more important to have a sound plan when going into business for yourself. "With the margin between success and failure so thin in the COVID era, it's essential that those looking to start a small business are able to cope with and meet the myriad challenges of today's turbulent economy." Debra Jonasson-Young, executive director of the Stu Clark Centre for Entrepreneurship Top left: Debra Jonasson-Young is the executive director of the Stu Clark Centre for Entrepreneurship. Top right: Asper School of Business students participate in a pitch competition. Lower left: The Stu Clark Centre for Entrepreneurship is at the University of Manitoba. Lower right: An Asper School of Business student completes her coursework. Photos by Tony Nardella Great rates. Trusted advice. A financial partner who works with you. Smarter Business Banking ® scu.mb.ca/yourjourney EDUCATION FOR ENTREPRENEURS

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