Helping women in business
In the current economic strain, many women are pursuing the opportunity to become their own boss and have entered the realm of entrepreneurship. Women entrepreneurs will have an experience different than their male counterparts. Research has shown that female-owned businesses are smaller, less profitable and less likely to grow.
What to do?
At last week’s CIBC Presents Entrepreneurship 101, we heard Mr. Craig Thorburn speak about the different roles and responsibilities of shareholders, boards of directors, advisory boards and company officers. These may well be fulfilled the same person(s) at the start-up stage of a company, but once external investors come on board they typically insist on a more formal board structure to guide the company.
This often leads to a difficult question – who gets how many seats on the board? The founders wish to ensure that they continue to have a strong say at this level – but the investors have a similar need. Both parties, and the company, would likely benefit from external, independant input. What do you think is the ideal size for an early stage board, and who gets the seats?
At last week’s CIBC present Entrepreneurship 101 lecture, Tammy Sturge, of HR Transformations and four-time Entrepreneurship 101 presenter, laid it all on the line for the budding entrepreneur reviewing the ins and outs of hiring and firing. The importance of finding the right employee at the right time for the right position is crucial to building your business. Bad hires and just filling gaps can lead to the focus being in the wrong place as a business grows.
Tammy’s step-by-step tips on interviewing, offers, performance management and, yes, terminations are helpful to anyone building a business and great refreshers for those at larger organizations.
At last week’s Entrepreneurship 101 lecture, attendees heard David Campbell’s fascinating stories about his business exploits. One message came through loud and clear: we need to re-invent our business every Monday morning! Now, a first-time entrepreneur’s barely got a business, let alone one to re-invent. I take Mr. Campbell’s message as advice to stay close to the marketplace and evolve your business accordingly – good advice to those of us who are enamoured with our technology and lose sight of the customer.
I’m interested in hearing novel ideas about how an embryonic company, not yet in the marketplace, can get close enough to it to be able to rapidly change in response to changing needs.
The advantages of technology
It’s no surprise that computers and technology have become an essential element of our lives. Technology has shifted our primary method of acquiring information and dispersing it, transforming how we interact with the world and how the world interacts with us. Accessible and intuitive, computers have literally connected us to the world. Now, at our fingertips we have the ability to learn a new language, educate ourselves on current events and global issues, and even find remedies to illnesses. Having access to this means education and technology is a privilege we take for granted.
Last month, I attended a speech by Harvard University Professor Calestous Juma outlining the dire need for improved economic development strategies and plans for survival in the global south. His solution: education with the integration of technology. So what does this mean for you?
