A New Era of Entrepreneurship

Much as we would like to, we never really love our parents as much as we do our children. Your business is exactly like a child. In the early or startup years it will depend completely upon you, looking to you for all the answers. You will always supply them with confidence, belying the uncertainty that you may feel as a first time owner just as you do as a first time parent. The child will look to you 24/7 in sickness and in health and as the parent you will always be there regardless of the problem, dropping everything else in the process. Your business and its components from customers to your team will do the same and like the parent you will be ready and willing to oblige. You cannot easily walkout on your children. Oh some due but for the majority it’s a non-starter. Same thing with your business. You are your business but try to remember your business is not you.

The middle years are the best when you have become comfortable within your developing family and confident in the decisions that must be made. Neither your child or your business will question you during this peak period. Things do get into a groove on both fronts but then comes the maturing years, the transition from total dependence  to independence. Tough for the parent to admit it’s time to let go and let the child mature  developing all of it’s capabilities, finding new methods and learning new things that the parent doesn’t know or understand.  So difficult to do but you the parent do it willingly in the best interest of your child. And so you must with your business. At some point you will become the limitation in your business. The day will come when it has outgrown you. It will not mature and reach it’s potential unless you let go. Easier said than done but be ready.

Like your first born that first business must move on to a new future. But then remember you can do it again. Maybe you already are. The second child is easier. There are tried and true practices that you know and understand. You can take that second child from gestation through birth to adolescence from startup to a thriving healthy entity. You can do this as many times as you can handle. And so you can with business. That’s what makes you a parent and that’s what makes you an entrepreneur. There are many mentors that can steward your child and your business into full maturity who cannot deal with the early years. You are the one who launches them from nothing and starts them along the path to maturity.

So recognize the need for that end game- when it is time to move on and begin again. It’s what you do best. The child will ask for you opinion. The business may ask you to consult. You will learn to enjoy both, but you will find your happiness doing it all over again.

With the Vancouver Olympics on the horizon the Canadian Olympic Committee supported by the Government recognized a need to change the status quo – a need to disrupt the traditional methods and find a way to achieve the winning performances expected from the host country. The situation demanded an entrepreneurial approach based on opportunity and determination. The opportunity was hosting the games – the determination to win existed with the athletes but the momentum to surpass previous achievement came from the Own the Podium program that created an ecosystem promoting pride, confidence and results. It worked – in Vancouver the Canadian team set a record for the most gold medals won at a winter Olympics and collected more total medals than they had ever won in a single Olympics. The key was creating a culture that nurtured success and established that success as a new normal, an expectation. In the simplest terms a philosophy or mindset focused on making things happen- the essence of being entrepreneurial.

On an individual basis this program is a great example of breaking free of prison thinking and letting your determination take you through to success. But Own the Podium is far more significant than that. It is a great example of the collective creating the support system that produces individual success to the benefit of the entire country. We must do the same in the business world. Did you know that over 350,000 Canadians live and work in Silicon Valley? Why? Because the Valley offers the most highly developed tech ecosystem the world has ever seen. Do you also know that there is a worldwide competition for talent going on? Governments around the world are building programs to attract entrepreneurs to their countries. Canada has already introduced a fast track system to provide visas and a path to citizenship for entrepreneurs/innovators who can attract venture capital investment from Canadians. However if we can just keep our best and most brilliant home we can do well in this talent war and improve our prospects and results. We need to Own the Podium in tech development and in entrepreneurship.

We have a good start with programs like MaRS , Communitech and The Creative Destruction Lab at the Rotman School but we need the collective will and the support of government to build an ecosystem that is second to none and that brings out the very best from the natural ability that exists here. If one per cent of our total population representing a much higher percentage of our intellectual capital are living in California than we have the tools here but we are both losing them and underutilizing them. More or less like our Olympic performance prior to Vancouver. If we can do it in sport we can do it in business.

 

Every New Year is a time for reflection – a time to review the past and a time to predict the future – a time  for assessment and a gateway to change. For many career change is the most important possibility to consider. Job stability is evaporating before our eyes. Inequity in the distribution of wealth in the western world  is returning to historical norms after a century of a growing and healthy middle class. So maybe this really is the time to consider becoming an entrepreneur.

Entrepreneurship has become a hot topic and it should be. Why? Well here are a few reasons to consider. Globalization is great for consumption, not so wonderful for non-competitive labour in developed countries especially North America. Technology has accelerated the rate of change inherent in globalization making change itself the one constant we can expect in our economic future. Rigidity, structure and the status quo are the antithesis of change. We must constantly engage in a process of creative destruction, tearing down the old to renew with new and different products and approaches. The lifespan of the status quo is already much shorter as the rate of change accelerates. Stability in one’s life will depend on resilience and adaptability.

The ability to create and manage your own career will be the most important skill you can learn.

We are well into a New Era of Entrepreneurship. Governments have recognized this and the battle for talent is underway. Universities and Colleges around the world are introducing programs searching for the best ways to define and teach entrepreneurship. Is it economics? Is it business? Is it philosophy? Can it be taught? Must it be experienced? Everyone is searching for the formula to produce disruptors. Why? We need them to help bring about change at every level: To dig into the corners and find all the advantages that exist by opening up the global economy; To dig in the corners and create jobs in the face of comparative disadvantages because they are problem solvers and will invest locally when Big Business will run away; To challenge the status quo to bring about changes in the behemoths we call international corporations and Government. Society needs disruptors so that creates opportunity.

But that’s not the reason to become one. Here are some personal reasons to take a long hard look at entrepreneurship: Independence; Upward mobility; Redefined security; Joie de vivre; Control and Satisfaction. Let’s face it in a 24/7 global world we are all taking risks and working long hours. Technology has us by the scrotum and is already squeezing. Why not take control of your career?

Maybe our business schools have been working from a flawed model, focused on turning out executives rather than entrepreneurs. That is changing. Too Big to Fail is really to Big to Succeed. Big Companies rely increasingly on acquisition and outsourcing for their flexibility. Will that be enough?

So as we approach 2014 there is much to consider. Entrepreneurship does not hold all the answers but it is moving into the forefront. Entrepreneurs are problem solvers at a time when we are generating new problems faster than ever before. Entrepreneurs act as a catalyst to stimulate the economy creating jobs out of chaos at a time when leadership is wallowing in a political quagmire.

A New Year and a New Era – Definitely much to consider – Happy 2014 to all

 

 

“Fred Dawkins sure can tell a story. I really enjoyed his previous one: Everyday Entrepreneur. Again with Family Entrepreneur, he gives us a great story and a pleasant read. He provides wisdom, comfort and learning about entrepreneurship from a family enterprise point of view. I kept thinking of those I know in that situation that would have benefited from reading it earlier in their life. If you are part of a family enterprise, here’s a chance to learn from Fred, an accomplished family entrepreneur, and make your life much more effective and rewarding.”

Brendan Calder Entrepreneur in Residence and Adjunct Professor GettingItDone
Rotman School of Management U of Toronto.

After reading Family Entrepreneur: “In the age of Twitter, it warms the heart that ‘smallbizpreneurs’ still rule the roost and family business remains the proven formula”

Peter C. Newman – Legendary Canadian journalist and author

Author Fred Dawkins has penned another winner with Family Entrepreneur. The third party narrative style of storytelling allows for a variety of opinions to be put forward while maintaining an entertaining read. Chalked full of real life scenarios and challenges that face every business, the Family Entrepreneur will engage all entrepreneurs from every generation, whether in a family business or not.

David Wojcik Host and Executive Producer BiZ TV Canada

“Working in the Financial Services industry for fifty plus years, twenty seven as an Independent Financial advisor, I dealt with high net worth clients & many successful family businesses. The first book in this series was very good but I believe that this second one ought to become the bible for every entrepreneur & budding entrepreneur as it is full of very valuable, helpful & vital advice & is very cleverly written. It is a book that should be read over & over & dipped into whenever there is a query or problem”

Frank Weisinger – Past National President of the Life Insurance Association (UK)

“Recently I was in the process of selling my historically significant commercial building. During the negotiations with realtors and prospective buyers, poring over lists, namely needs, wants, and conditions, I was overwhelmed and sought a diversion. In Fred Dawkins book, “Everyday Entrepreneur” I quickly became immersed in the text. His counsel on the key elements in negotiations in Chapter 18, Planning and Control, awakened in me an appreciation for what was most important for me as well as for the buyer, and the need for flexibility to reach an agreement. I accepted that it truly was a process that had to evolve, and because of his advice I felt empowered and confident to negotiate the sale.”

Elaine Tucker, Independent Business Owner

Fred’s book is thought provoking, highly entertaining while being truly insightful. Readers are challenged on their own beliefs and characteristics regarding entrepreneurship, mentors, career, and family. At times, I was laughing and other times intrigued by the business concepts subtlety being offered. It is full of rich ideas on how to develop and maintain an entrepreneurial mindset and how to build a business the right way, avoiding the issues that have caused others to stumble. As a serial entrepreneur and business coach I highly recommend Fred’s “Family Entrepreneur” for those in business or thinking about starting one.

Bill Simmel CEO& Founder Phoenix ONE Sales, Marketing, Management + Communications Inc.

In his second book Family Entrepreneur Fred Dawkins uses the same intimate discussion format that made his first book, Everyday Entrepreneur so informative and such a great text for seminars. Fred’s experiences as a successful family entrepreneur form the bases of real life discussion for concepts such as funding through leadership and the pitfalls and opportunities of personal issues, entitlement, rewards and succession that have special significance in a family setting. Best expressed in his own words “Entrepreneurship is a life philosophy grounded in opportunity, fueled by determination and focused on results.” Whether a beginner, well into an entrepreneurial venture, or a professor of business, this book is a must. It’s great stuff.

Dr. Freeman McEwen Dean Emeritus, University of Guelph

Reading Fred Dawkins book ‘Family Entrepreneur, Easier Said than Done’ is like having an experienced business coach who’s already walked down the same road you’re traveling, right there with you. While reading this book you’re bound to sigh with relief as he examines all the mildly crazy things we do as family entrepreneurs (we are not alone!). You’ll raise your eyebrows, smack yourself on the forehead and underline text reflecting his simple solutions and powerful observations and you’ll feel a surge of motivation as you put them into play immediately. So accurate are his examples of family business dynamics that you’ll feel such a familiarity with Dawkins’ writing you’ll swear he’s been reading your email. Written in a storybook format that’s enjoyably easy to read, you’ll want to take this book along with you on your next vacation. I have a hunch it’s going to be a book I return to and recommend on a very regular basis.

Sherri J Griffin 20 Year Training & Development Professional

“This book is an exceptional read that paints the bigger picture of entrepreneurship through easy but important dialogue. I recommend anyone interested in starting a business or entrepreneurship in general read this and take notes.”

Douglas Lusted CEO Linkett, The Next 36, First Cohort The Creative Destruction Lab at the Rotman School of Management, University of Toronto, Velocity Venture Fund Winner University of Waterloo

Utilizing his exemplary storytelling skills, Fred Dawkins has written an excellent book about entrepreneurship in a family setting environment and the the many challenges that it places on the entrepreneur and the family, as well. As indicated in his subtitle, it is easier said than done. The book clearly articulates a number of the issues involved in running a business so that the primary owner can prosper yet not conflict with family values, expectations, including physical, as well as financial and emotional needs. He cleverly exposes how frequently family members butt heads during the running of a family business and how difficult it can be to resolve differences among family members. If you’re a small business or entrepreneur working with your family in your business, I would highly recommend that you read Family Entrepreneur. It will provide you with valuable insights on how you might be better able to deal with the challenges in running a “family” business.

Jeff Sheehan- author of HIRED! Paths to Employment in the Social Media Era

Family Entrepreneur: Easier Said than Done by serial entrepreneur Fred Dawkins tells real-life stories that reveal the good, the bad and the ho-hum of family businesses. In an engaging, easy-to-read format, Dawkins shows you how to find your own solutions to questions about business controls, succession, dispute resolution, gender stereotypes, or decision-making.

Traditional family businesses are being disrupted as baby boomers retire. What are the new models to keep a business competitive and family ties strong? In Family Entrepreneur, memorable maxims guide the conversation and bring the reader into the conversation. A sister who functions as the COO of her brothers’ company but doesn’t get the credit or financial rewards. A brother who runs a business but can’t make critical decisions because their father left one-half of his company to each sibling. A brother who started his own very successful business and is being pressured by his parents to take his brother and sister into his own business. A mother who started her own fashion company and is now being overrun by her daughters.

Dawkins speaks to all entrepreneurs and ‘want-to-be’ entrepreneurs – those who start a business to provide for their families, to fulfill their dreams, to profit from their innovations, to be their own boss. Hear how they make their decisions – should they stay in the company? sell it? start a new business? In my own field of veterinary medicine, these situations are a recurring theme.

Focusing on family business and family dynamics, the Family Entrepreneur will give you the courage to tackle your own situation. Family relationships are complicated in the best of circumstances and running a company means constantly adapting to changing environments. Dawkins provides sage advice for anyone in a family business, emphasizing how important it is to face the issues head on as rationally as you can and not to allow emotion to dominate the conversation.

Dawkins celebrates the family business as the original business incubator and encourages would-be entrepreneurs to take the leap (after careful looking at all the options!). The valuable insights will guide you no matter where you are on the entrepreneurial timetable.

Dr. Elizabeth A. Stone | Dean, Ontario Veterinary College (OVC) | University of Guelph

In the fast paced age of corporations and global multi-billion dollar industries – Family Entrepreneur is a riveting road map for all readers, regardless of their desire to become an entrepreneur, or to simply learn key tools which will drive creativity, leadership and success in business and life.
Who said you can’t teach entrepreneurship? Effective and cleverly narrated through the eyes of a young female entrepreneur, Family Entrepreneur showcases the challenges, rewards and opportunities within life and family business from varying timelines. It’s easy to find one’s self and relate to the characters throughout the book. It reads like a novel, but is a sneaky and fun way of teaching the tools of the trade of family entrepreneurship – or for that matter – entrepreneurship in general.
Maryam Latifpoor-Keparoutis, Senior Development Manager, College of Physical & Engineering Science (CPES), University of Guelph

There are many people who believe that you can’t teach entrepreneurship. They believe it is either inherent or a skill that has to evolve from experience. There is no doubt that as in any other skillset there are people who are naturals. Also experience is a tough taskmaster and the school of hard knocks leading to rejection and failure has produced some great success stories. Opportunity and determination are the cornerstones of entrepreneurship. Recognizing achievable opportunities and the commitment to find solutions and implement then are absolute prerequisites. There is a teachable philosophy involved that enhances both of these attributes. But there is something else we can do for our aspiring entrepreneurs. We can do a much better job of preparing them. We can help them understand the basic philosophy, the many personal challenges they will face and all of the fundamental business issues from team building to funding that are common to every business. The failure rate for entrepreneurs is too high. Some would have you think that this is merely the nature of the beast-part of the mystique. We must add a new word to opportunity and determination and that word is preparation. With preparation we can turn reckless risk into managed risk and greatly improve the success rate. Working with the Creative Destruction Lab at the Rotman School of Management at the University of Toronto I see many brilliant innovators anxious to start a business and get their project to market who lack this basic preparation. This lack extends much further to those entrepreneurs of necessity who will be trying to create and manage their own careers in our fast paced global economy.

Everyday Entrepreneur is written in a format that is relatable for anyone considering a career in entrepreneurship at any level. The focus is to use real anecdotes to put the reader in a business situation so he or she will recognize a similar issue when it develops. Preparation is an essential element of planning. The plan is not an outcome but rather a framework that allows us to anticipate and adjust as things evolve. Preparation and understanding are great assets for anticipation and adjustment. We need not build our businesses from the ground up. We can use the experience of others to prepare us. There are common bonds at every level of entrepreneurship. The goal of Everyday Entrepreneur’ which is coming out in December, is to convey as many ideas as possible that will make all our new entrepreneurs better prepared and help existing entrepreneurs put their challenges into prespective.

Praise for Everyday Entrepreneur
“Fred Dawkins has written a wonderful book about entrepreneurship unlike any other on the market. He brilliantly uses his storytelling skills to illuminate his subject in a way that makes the book a joy to read. You’re so wrapped up in the story that you may not realize how much you’re learning until you’ve turned that last page.”
— TERRY FALLIS, AWARD-WINNING AUTHOR OF THE BEST LAID PLANS AND UP AND DOWN.