National Non-Profit Mentors Aspiring Local Business Owners

There are five common mistakes that beginning entrepreneurs make, Andrew Tse of Futurpreneur tells participants in the What’s the Big Idea entrepreneurship event. Four local start-ups have come together in Neepawa to share their projects and get advice and support from industry experts such as Futurepreneur, which works with young entrepreneurs aged 18-39.

The first is starting a business alone. He’s not talking about being a solo business owner but about trying to make a go of it without tapping into the support systems that are available to you, such as mentorships, community partners, or business accelerators. The event has brought several of them together, but there are also others and new business owners should do their research.

Businesses also need a business plan, which is a big element that Futurpreneur can and does assist with. This is a living document that can change with your business, and doesn’t just exist to convince lenders of your viability - though it certainly does that. Businesses need to be able to be simple, clear, and specific about what their business is and where it sits in the existing landscape.

A lack of flexibility is something that can get businesses in trouble, says Tse. These can be small adjustments in response to competition, or large ones such as the large-scale transition from bricks and mortar to online business years ago. Business who were unable to pivot were left behind. Tse also says that while having a niche is important when identifying where your business will start, staying in too narrow of a niche going forward can be another limiting factor.

For many local business which are agrioculturally-based, such as the Garlic Guys, one of this year’s participants, that flexibility includes being able to carry one business when weather or climate conditions are not favourable. For them that includes finding secondary uses for their existing product.

Finally, Tse talks about the ways in which businesses handle money. While raising too little money to start out with is a common problem for new businesses, which should have three to six months of reserve finances starting out, raising too much money can be a problem also. Spending excess money on the wrong priorities can cause issues down the road.

Futurpreneur has several programs in Manitoba to help new businesses get on their feet, including specific programs for BIPOC business owners, newcomers, and people who are starting a side hustle alongside their primary income.