Entrepreneurship: The Catalyst that puts all other resources to work

Whatever happened to the optimum size of the firm? You know the size at which the company was it’s most efficient? most productive” most manageable? Economies of scale did dictate making the firm larger UNTIL the company hit the law of diminishing returns meaning the optimum size had just been passed. It seems that somewhere along the line it was decided that the best way to compete in an evolving global economy was to keep getting bigger regardless of inefficiency and loss of control. Ironic isn’t it. Free enterprise following the example of bureaucratic Big Government. Build behemoths. If you get big enough there’s no way to get rid of you. But how? Well in order to make this happen create a wage pyramid so that those at the top who have very little idea what’s going on below them make outrageous salaries well beyond any possible contribution they can make to the organization. Sound good so far?

But what happens if things really do get negative? Don’t worry as long as you get big enough your cousin Big Government will have to bail you out. If small companies or individuals get hurt in the process they’re, well, collateral damage, just not as important as Big Business is to the world-expendable. This approach is pretty much out of touch with reality. Businesses do not last forever. Just look at the original list of the Fortune 500 to see how many have survived. In this era of 24/7 hyper-connectivity manifested in an ever increasing rate of change their life expectancy is going down. Size does matter but it’s becoming “Too Big to Survive”. Flexibility and Adaptability are the essential traits of business today. Social media is critical to deal with this new fast paced reality. The real watch words should be “Too Small to Fail”.  Entrepreneurs focused on opportunity, flexible enough to change quickly,, in touch with their business and all the key players are designed for the current environment.

Technology has opened up communication around the world making global business possible for small well lead companies who can gravitate to that desirable optimum size. For Big Business more independent divisions under a corporate umbrella, sized properly, will help but the era of domination by huge entities will weaken. Careers with one organization have already disappeared. We are a society of individuals. The most important skill for an individual will be the ability to create your own job. We are entering a New Age of Entrepreneurism.

“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

With Joseph Rotman at the Creative Destruction Lab

 

Joseph Rotman invested a great deal to improve the future of this country. The Rotman School of Management at the University of Toronto is a lasting legacy showing both his commitment and what we as Canadians are capable of achieving. An important part of  that legacy is the CDL which is really just getting started.

It is both enlightening and alarming to discover that more than 350,000 Canadians live and work in Silicon Valley. More than one percent of our population and a much higher portion of our intellectual capital have left us for the world’s most prestigious and most productive ecosystem. This is both a problem and an opportunity but not one that government can solve or even try to solve. So how do we stem the tide? There is no quick fix. We are producing world class talent and such talent is inevitably attracted to the epicentre of success, achievement but most of all opportunity. It is the opportunity that we need to focus on. The Creative Destruction Lab does that. It creates opportunity here in Canada. The leader and founder Professor Ajay Agrawal is a dynamo.

Ajay is living evidence that entrepreneurship can be taught, an academic with the drive and mindset that can match anyone in the business community. When he approached the Rotman school to start this program he was told ‘you can use the facilities but you must find the funding yourself’. He has worked relentlessly ever since  to do just that in the process bringing in a very accomplished group of proven entrepreneurs to act as mentors. The stated goal of the Lab is to generate equity – specifically to create at least $ 1 billion in equity in the first ten years. After the first two years approximately $ 130 million has been achieved.

Financial targets are how we keep score but the greater purpose is to keep the best and most brilliant we produce here in Canada, helping to build our own world class ecosystem and offering a valuable example to others. Ventures receive the very best of mentorship. It is amazing to see how they evolve in less than one year. Watch for results – they have already started but many significant ones are ahead in the years to come.

As a partner of the Lab and member of the advisory board I am proud to point out that this program is not just another accelerator to help brilliant tech students bring their ideas to market. For me the Lab represents far more and has the opportunity to change and influence this country. We are traditionally small ‘c’ conservatives who let our brash cousins to the south take the outrageous risks and create the startling successes. We don’t lack for success stories but too often those successes happen outside our borders. Now when we are in an era where entrepreneurship is viewed as what I like to call the economic wonder drug of the 21st century, it is absolutely critical that Canadians embrace the mindset of an entrepreneur and become agents of change in a world where ironically change is the one constant. In that sense the Lab can be a leader and help change the narrative for Canada.

For me the Lab has three main purposes. The first as already outlined is to produce successful, scalable ventures flourishing as sustainable businesses right here. The second very unique goal and  achievement  of the Lab stems from the way in which students of the Rotman MBA program are engaged with the ventures and the  mentors. We need these talented business minds creating new businesses and making them succeed in Canada. The Lab immerses them in the startup culture and introduces the potential for success outside the world of investment banking. In this new era of entrepreneurship when every university and college around the world is trying to teach entrepreneurship this may be the most effective way any of these institutions has found to date.

The third and potentially greatest influence of the CDL program is as an example of what can be accomplished in Canada. We are building a pyramid of success. The ventures that go through the full program will be shining examples at the top of that pyramid. But there are many other levels of success below these which can be achieved and make an important contribution to our economy and our society. Not every success story relies on innovation. The potential multiplier of the Lab comes from encouraging all Canadians, at every level to adopt the mindset  that we can make things happen here and to apply innovation to a whole myriad of business solutions and applications. These potential ventures will be the foundation of the pyramid we hope to build and can have rippling effects across our economy for generations to come.

This is exactly what Joseph Rotman hoped to accomplish and thanks to him, it is a real possibility when we sorely need it.

We are entering an increasing – no pun intended- age where size is dominant. Big Business, Big Government, Big Unions, Big Data and most damning of all “Too Big To Fail”. We have sacrificed the principles of micro economics such as the optimum size of the firm and the law of diminishing returns to build dominant global enterprises- behemoths more closely related to their bureaucratic enemy, government, than they will ever admit. These entities lumber around the world chasing low costs and cheap labour in the name of maximizing profits. If they fail they plead their case in a public forum that they are too significant to let die. They are pyramids paying outrageous rewards to those that scale to the top.

What are the implications for individualism. Job stability no longer exists. Big data is generating information far beyond are ability to comprehend. The rate of change is staggering. 24/7 hyper-connectivity has us all chasing our tails, Are we headed for Big Brother? Globalization is both an opportunity and a threat. Small business is vulnerable to competitors around the world but at a time when things are moving at lightening speed entrepreneurs are flexible and adaptable giving them the opportunity to find a niche and move into it before others. The most important skill to learn in this new era is the ability to create your own job. Without it the threat is the loss of upward mobility for many and perhaps economic independence for most. The divergence of wealth between the rich and the poor and the eroding middle class are forewarnings. Entrepreneurship is critical for the individual.

But it is also critical for these huge entities. Without the impact of disruption based on challenges to the status quo , sometimes referred to as ‘intrapreneurship’, governments and huge businesses will never come close to producing optimum results and solutions. The current conundrum in Washington shows a government that is not only dysfunctional but is mired in a malaise of mediocrity. There are no disruptors coming forward to challenge the party lines and find compromise. Optimum decisions are a pipedream in this environment.

Entrepreneurs make things happen. They are problem solvers. The greater the problem the greater the reward. Regardless we need them at all levels. It is a skill that some are born with but many can learn. We are headed for a tsunami of Big Data that can swamp us. Machines will literally know more than any individual. It’s a scenario that science fiction writers have been portraying for generations. Individual success will be tied to entrepreneurial skills and attitude. Entrepreneurship has never been more important. We live in interesting times.

Fellow Entrepreneurs listen up! I read almost a book a day and rarely do I fall this deeply in love with the entire book. A delightful exception to that rule has been Everyday Entrepreneur. Fred Dawkins has a simplicity that is accessible by entrepreneurs at every level, including those who are paving new ways within organizations, not just those of us out in the business wilderness. If you want a fast read that you’ll be able to convert into massive action that will undoubtedly improve the way you do business then drop everything and read this book.

Sherri J Griffin
20 Year Training & Development Professional

“`The most important skill in the 21st century will be the ability to create your own job.” Fred Dawkins Author of Everyday Entrepreneur – my favorite new book – a quick read with all the common sense through the stories of people whose experiences ring so true to life. I suggest all students and young engineers I have worked with pick up a copy! You won`t be sorry!”

Maryam Latifpoor-Keparoutis
Senior Development Manager
College of Physical & Engineering Science (CPES)
University of Guelph

Did you know that more than 350,000 Canadians live and work in Silicon Valley. That’s right more than one percent of our population and a much higher portion of our intellectual capital have left us for the world’s most prestigious and most productive ecosystem. This is both a problem and an opportunity but not one that government can solve or even try to solve. So how do we stem the tide?

It’s not a quick fix. When we are producing world class talent they are inevitably attracted to the epicentre of success, achievement but most of all opportunity. It is the opportunity that we need to focus on. The Creative Destruction Lab does that. It creates opportunity here in Canada. The leader Professor Ajay Agrawal is a dynamo. He is the living evidence that entrepreneurship can be taught, an academic with the drive and mindset that can match anyone in the business community. The stated goal of the Lab is to generate equity – specifically to create $ 1 billion in equity in the first ten years. After the first two years approximately $ 130 million has been achieved. However the real goal is to keep the best and most brilliant we produce here in Canada, helping to build our own world class ecosystem and offering a valuable example to others that “Canada’s Got Talent” and I don’t mean the variety acts we see on the American TV show.

Ventures receive the very best of mentorship. It is amazing to see how they evolve in less than one year. Watch for results – they have already started but many more will follow in the years to come