THE STARTUP SPIRIT
The new face of entrepreneurs
Megan Connolly spent 10 years working at several different jobs, mostly based on “impulse” decisions, but she remembers looking out a window while at a summer job and it struck her: she needed a change.
“I took the simple loves in my life — being outside, walking, dogs — and put them all together and the result has been amazing,” says Connolly, owner of Calgary startup Rain or Snow Dogwalking.
She joins a growing number of entrepreneurs who are combining their passions with some business experience to build their own businesses. It turns out she also reflects the changing demographic landscape of entrepreneurs.
The typical startup entrepreneur today is female and more likely in the generation X demographic between about 30 and 50 years old and generally has spent several years in corporate roles before taking the leap.
A recent survey of Canadian entrepreneurs by business management software and services provider Sage North America dispels some myths about stereotypical entrepreneurs, according to Nancy Harris, vice-president and general manager for Sage in Canada.
“Oftentimes people think entrepreneurs are young — they’re millennials, getting out of university,” said Harris. “I think some of the demographics would surprise people in terms of who is (starting up businesses) and what their motivations are.”
So far, Connolly’s three-year-old dog-walking business in northwest Calgary has met success in its early stages — dispelling another myth, according to the data.
Most people think of high failure rates when launching a new venture, but the survey showed 73 per cent of entrepreneurs reported being profitable. Many are craftspeople, trying to turn a passion into a viable business, the majority are women and they’re driven to be their own bosses.
It’s no surprise it takes a lot of time, effort and commitment, but despite that, 27 per cent reported taking more time off than in previous corporate roles and about half said they have more work-life balance.
“The balance may not be (about) how much they work, but more about the flexibility of how and when they work,” Harris said.
Another female entrepreneur, who didn’t want to be identified, went straight from university into her first corporate job as a traditional employee. “After a few years, I realized that I loved the work; I just didn’t like how I was going about it,” she said.
After deciding it was time to take some time off to travel, she came back to Calgary to set the foundation for her communications consulting company.
She encourages other to do the same: “Self-employment doesn’t seem as risky and technology has removed a lot of barriers to getting started. Finding different ways to generate income lets people create their ideal lifestyle now, rather than waiting until later in life.”
Take some time to work in a company similar to the one you want to launch, talk to others in the field, ask about everyday challenges, find a mentor and perhaps take a few extra classes to help prepare yourself.
A good invoicing, cash flow and financial tracking system helps, too, since many business owners aren’t accountants. Make sure you have a solid business plan. Surprisingly, 52 per cent of those surveyed said they did not have one when they launched.
“One of the first steps should be a good business plan because when you sit down … you’ll probably raise as many questions as you do answers,” said Harris.
It’s a lot of work, but it’s worth it. “It is a lot more responsibility than anything I could have imagined, but it is also more rewarding than anything I could have imagined,” said Connolly.