Leveraging Government Programs

In his message to entrepreneurs gathered at TBDC recently, the Honourable Harinder Takhar, Minister of Small Business and Consumer Services, encouraged business owners to leverage the support of government sponsored programs and resources. He specifically referred to the Export Market Access Program which is a 50/50 cost-sharing grant to help eligible Ontario SMEs cover costs incurred to develop export sales in foreign markets predominately outside the US. This is just one of several programs from municipal, provincial and federal governments helping entrepreneurs to start businesses, develop new technologies and achieve export sales.

Before someone can benefit from these offerings, they need to know about them. So if you know of a program, a resource or a tax-incentive that you have found helpful or you think could help another entrepreneur, please share it with us.

Horizontal Positioning

Small business owners are constantly asking how to compete with larger, more established businesses. I hear phrases like: "They're the 'Market Leader'" or "Everyone knows that they offer the 'best' product of that sort"...

Positioning in the modern marketplace is not 'vertical'; or arranged from best through 'mid-level' to worst. Rather, positioning is 'horizontal'; arranged on a level plane according to how well they meet the particular needs and characteristics of a particular market at a particular time.

For instance, a Royal Gala apple is not intrinsically 'better' than a Mackintosh or worse than a Granny Smith. Each apple has particular qualities and some will prefer one or the other for a given application: eating, making cider, baking pies...

The point being that for one target market, for that particular set of needs and characteristics, your offering is EXACTLY the solution they are looking for.

Note: This is why professional marketers tend to respond so negatively to the suggestion that a product or service's target market is 'everybody'... Such a claim demonstrates a failure to
understand that incredibly vital relationship between a target Market's needs and the particular qualities of a product or service.

Larger companies have woken to this reality and have responded by making far more varied and/or customizable product lines aimed at increasing market share in more and more identified market segments.

For an excellent illustration of this, check out Malcolm Gladwell's talk at TED in 2004:
http://www.ted.org/index.php/talks/malcolm_gladwell_on_spaghetti_sauce.html

In contrast, small businesses are generally best served by identifying and marketing to that one (or very few) relatively small and incredibly well-defined and understood market segment(s) whose needs and characteristics they match better than ANY competitor.

Doom and Gloom Explained

Wondering what to make of all the reports on the news about the financial crisis? This podcast helped me get a better understanding of what has happened- 

http://www.thislife.org/Radio_Episode.aspx?episode=365

It doesn't claim to have any concrete solutions (and I would be very wary of anyone who does), but I found it helpful nonetheless. It is an American program, but considering that the US is where this all started, I feel it is appropriate.

Social Networking - Is It A Good Business Strategy?

MySpace, Facebook, LinkedIn, Second Life, GigPark, craigslist, Flickr, Meetup, Friendster, Twitter, YouTube, blogging...

You can certainly make an unlimited number of contacts, but is the time and effort required to make it happen justified by a corresponding increase in sales?

How many places do you need to be and how often? Word on the street tells me that unless you are blogging at least 3 times a week or more, people will begin to loose interest. Do you have the resources to sustain the level of communication needed to maintain and grow your audience.

I would really like to hear from business owners who have stepped into the social networking arena to relate their experiences, both positive and negative. We have all heard of the wild success of a few businesses, but overall is it a good strategy or is it industry or business specific?

I am not sure so I pose the question.

Richard

Look at Abilities!

I had the opportunity of attending a conference last week and came away amazed by what people are able to accomplish in their lives. The Conference was titled The Value of Accessibility: the Bottom Line and was put on by Job Opportunity Information Network (JOIN) - a network of 24 agencies assisting people with disabilities in securing employment or building their own businesses.

The part that hit home was listening to the keynote speeches given by Terry Evanshen and Alvin Law. Both of these individuals live each day with challenges due to them being persons with disabilities. Terry Evanshen almost died in a car crash and he sustained major memory loss – no recollection of being a start in the CFL. Alvin Law was born without arms. But their inspiring messages got through to me. One should always look at the ability in a person, what can be accomplished, and stay clear of the thoughts concerning what can’t be done.

The reason I’m writing these words is to impress on you the reader that self-employment can be a great option to look at no matter the circumstance one is in. Maybe a friend, a neighbour, or a colleague of yours should look at self-employment and build upon what they have. If we only look at what can be achieved, we would all amaze ourselves.

Congratulations Katya

I was sitting drinking my morning coffee and watching the news on Global yesterday when I recognized a familiar face on the screen. Katya of Desperately Different, was being interviewed and models wearing several of her creations were featured. Later in the day I picked up a local design directory on Queen Street. As I flipped throught the pages, I saw an article and photos on Katya and her company. Great publicity. Congratulations Katya!

Sally

Saturday Morning Success Stories

After a full work week, if you are anything like me you are looking forward to a day or two of domestic bliss, a couple of relaxing moments or just a total veg fest. It usually starts with a brush up on current events via the voluminous weekend paper.

So just when you think you have found this wonderful state of flux, a double dose of success kicks you back to reality.

The Living section of the Saturday Star this week features a TBDC Hall of Fame superstar and a major contender for this year's Rookie of the Year.

Our wonderful graduate Basia Polowska, is featured in the front page article on " Made in Canada" with an example of her Accessory Line (check out the $455.00 cuff band..ouch) and just as the great feelings of pride and accomplishment start to flood....there is HOIBO , our Sarra Tang with an sample of her hand made bags!!!

So the wheel turns....Basia a graduate, Sarra a new recruit..both representative of hard working visionaries making it happen along with a little TBDC TLC.

Ted Barton

BTW - a little froth on that cappa......Katya..our "Desperately Different" Shining Star is featuring her Fall line at the new Studio Runway @ Nathan Phillips Square this Monday Oct 21st and @ the Drake @ the 10pm after party......check out the pic here. It's all part of L'Oreal Fashion Week and Katya is a big part of the Event. Watch for her on Billboards all around town!! Big Thanks go out to Carol V.W. and Jen F. for their continued support.

Scheduling

As an entrepreneur scheduling is one of the most important factors for success. I am frequently asked how I manage to get everything done and still have a social life.

Whether you use a paper day planner or a computerized calendar, like iCal, I recommend colour coding your events. Try using blue for all business related activities, green for all personal events, red for accounts payable, and orange for accounts receivable- all on the same calendar. This helps you track your cash flow and work on your work-life balance at a glance.

Of course- it only works if you use it consistently, but it can help you get more out of each and every day.

Jen