The face of the young entrepreneur has changed.
Many are not lucky to be entrepreneurs of opportunity; in fact, a large number are entrepreneurs of circumstances.
Those entrepreneurs often have an urgent responsibility to care for potential and youth entrepreneurs in addition to providing for themselves. The potential and existing youth entrepreneurs are their children. They must feed them, they must provide shelter, health care, entertainment, education, hope and inspiration for them.
Retirement for those older young-entrepreneurs is just around the corner and those entrepreneurs must accelerate the growth of their businesses and increase their earnings in order to meet the cost of health care, shelter and entertainment during retirement.
If they fail, today’s youth entrepreneur could face a high financial and emotional burden of care for their parents in a couple of years. They may find that their best efforts and winning ideas never come to fruition because their parents are not able to help them to build capacity and execute to match or exceed the pace of change.
Some of those older young-entrepreneurs are immigrants in North America, the Caribbean, Europe and elsewhere in the world—they must also be recognized, celebrated, inspired and supported to succeed despite the constraint of size and resources.
Those older young-entrepreneurs are sometimes challenged by even greater difficulty in accessing financing for operating and growing their businesses. Some come to the world of entrepreneurship near-drowning in debt—be it from student loans, mortgages or from years of being underemployed or unemployed. Perhaps their financial challenge is the result of the financial burden they carried or carries in caring for their families.
At Magate Wildhorse our focus will be on young entrepreneurs irrespective of age even as we encourage youths to grow the entrepreneurial mindset and to find their entrepreneur within.
We want to encourage the serial entrepreneurs looking for success to stay on course. We are here to help them on the path to being focused for growth and to achieve growth.
Grow and hold your grit!
What will it take for you to succeed?
You need ideas and solutions for real problems, strategy, tactics, an updated or novel business model, flexibility, risk intelligence, risk management, performance and customers with pockets to pay for your solution.
You also need performance management and measurement, a solid in-house or adjunct team of supporters, grit plus finances for supporting you and your business as you grow together.
Be ready to embark on a lonely journey during the early days.
Be ready to act on your gut feelings and to take intelligent risks.
Don’t forget insurance, door openers, mentors and competent help with execution.
Still, you’ll have to juggle many hats!
Know your purpose, passion and aspiration!
For the Canadian entrepreneur know your Canadian Entrepreneur DNA and leverage it.
For the Caribbean entrepreneur in Canada and in the Caribbean know your Caribbean Entrepreneur DNA and leverage it.
Be ready to trim and focus.
Have an exit strategy that is grounded in your focus for growth.
If you don’t make it in your current business what you learnt should serve as key ingredients for successfully exiting one enterprise and to successfully grow another.
Hence the phrase “if you are in the same business you started in five years ago you are likely out of business”. This does not necessarily mean a new business. It could mean that the business you started have grown and evolved; but it could also mean that you must exit the old business and start another.
Be real! Be true! Know what it means to be focused for growth. Know what focused for growth should look like for you and your business given your circumstances, then act to grow.
I wish for you the greatest success in your journey to becoming a successful entrepreneur.