Industry Advice from the Experts
Building a business is no easy feat, but there are some entrepreneurs who are willing to put it all on the line to fill what they see as a whole in the market. Getting advice from those who have tackled similar obstacles is key to building your brand and ultimately being successful. Meet our panel of business and financial experts.
Founder and Publisher of ‘House & Home’ magazine
Design and lifestyle writer, producer and host
Business and investment skills
Preaches dedication to your passion
Canadian entrepreneur, founded three companies
Earned an MBA at the Ivey School
Voted as one of Canada’s top female entrepreneurs
Humble and hardworking
Managing Director, Tax & Estate Planning for CIBC
Teaches an MBA course in Personal Finance at the Schulich School of Business
Spent 12 years at a global investment company as a chartered accounted
– Get your product right! Make sure that its great because it 90% of your business.
Successful individuals owe it to young entrepreneurs to act as mentors.
– Focus on the customer and solve a real problem. Give them something of value and you will be successful.
Mentors are close by; you just need to ask for help.
– Don’t forget about the financial side! You need a plan in place or everything else is worthless.
Work with a mentor or someone who has done this before and get some valuable (free) insight.
As a mom Elizabeth found she was always schlepping around tons of bags. It became so consuming that she decided to create her own system of modular handbags that slip and clip design that allows people to build the bag they need for the ultimate in customizable accessories.
She’s featured her line of handbags and pockets at consumer and trade shows, but wants advice on how to become more visible to the customer.
The key for you is to get into a retail store. Spend time with buyers to find out what they want and tweak the product to fit that.
Whose problem does this solve? Did you see people struggling and then work backwards or did you base this on something you needed? Sub segmenting the product prevents you from reaching enough people. Since your trying to market to so many groups it would be wise to focus more on one group and then build upon that success.
You’ve already invested lots of your own money, but how solid is your business plan? How much more can you afford to invest before you see a profit? Know that your time is valuable.