Welcome to the world of Entrepreneurship

The road to success is not intuitive

Before we get you on your way through resources and tools, here are a few quick tips and rules of the road.

Quick Tips

If you don't have a customer, you don't have a business. To get a customer, you need to know the following:

1. What is your great solution?
   1. What tools do you need? Software, Physical tools, Agreements in place etc.
   2. What skills do you need? Do you have them already?
2. Who are your customers?
   1. Who will you sell to? Describe them in great detail
   2. Why will they buy? What is status quo and why would they change?
   3. Why will they buy from you?
3. Do you follow the regulations and laws for your industry?
   1. Are there any certifications or licenses that are required?
   2. Have you registered a business? You may or may not need to incorporate*
   3. Often, over $30,000 in revenue in a year, you need to collect and pay GST.* Reach out to the CRA here
      
4. How fast can you go out and make a sale to someone?
   1. The key to successful business is executing. Go do it.
   2. you will make some mistakes and missteps. That's okay. Just start learning by doing.
   3. However, experiment quickly and using as little money as possible. Stay lean until customers are begging you for what you have.
5. Will you need investment?
   1. If you require investment, you will need to think through the mind of an investor. They ask two questions:
      1. Are these numbers realistic?
      2. Do you have the people and the plan to get a solid Return on Investment (ROI)?
   2. It is likely there will be work to be done before you are profitable. Know where and when your breakeven point will be and how you will make up the shortfall between now and then.

*these are Canadian regional expectations

A free resource you may find helpful is a brief ebook with an overview of some of the tools from The Entrepreneur Roadmap.

Download eBook