The Internet and record low interest rates have made entrepreneurship more accessible than ever, and yet the rate of young Canadians starting their own businesses has been relatively flat since the 1980s. The shine of the start-up world diminishes when placed in the context of rising student debt levels and unaffordable housing in major cities.<\/p>\n
In a recent RBC Disruptors conversation, we heard from two 20-something CEOs who nevertheless joined this tiny minority\u2014and haven\u2019t looked back.<\/p>\n
Braden Ream is the founder and CEO of VoiceFlow, a software platform making creative tools for voice interface designers building on Alexa and Google Home. Julia Kirouac is the founder and CEO of NudFud, a company producing sweet and savoury snacks with a focus on nutrition.<\/p>\n
Ream and Kirouac shared eight tips for starting your own business\u2014and why your 20s might be the perfect time to do it.<\/p>\n
When you\u2019re young, you can dive in headfirst, full of energy and free of responsibilities. The risks are lower in your 20s\u2014you can live on little, and people won\u2019t judge you for gaps in your resume.<\/p>\n
Young entrepreneurs may struggle to be taken seriously. Ream suggests not bringing up your age\u2014it\u2019s not what\u2019s important anyway. \u201cYou don\u2019t want to be the best 22-year-old CEO in Canada; you want to be the best CEO, period.\u201d<\/p>\n
On a fundraising trip to Silicon Valley, Ream was getting frustrated after dozens of rejections. When he started asking questions, he learned that his presentation wasn\u2019t speaking to investors. People wanted to hear more about the voice tech market, and less about his particular product. He tailored his presentation\u2014and started landing investors.<\/p>\n
You\u2019ll need go-to people for different things. (Don\u2019t complain to your investors about your product\u2019s failings!) Find someone who can giving you financing advice, someone else knowledgeable about your industry and someone else you can rant to when things aren\u2019t going right.<\/p>\n
Everyone fails\u2014and it\u2019s an important experience. Particularly if you lose money, it\u2019ll be a lesson you don\u2019t forget. \u201cFailure teaches you how resilient you are. Either it\u2019s going to break your spirit, or make you come back even stronger,\u201d Kirouac said.<\/p>\n
Starting a business will definitely be a grind, but you can maximize your output by staying focused: prioritize your time effectively, and work on the right things. As Ream put it: \u201cYou can either be a sniper or a machine gun.\u201d<\/p>\n
Self-care isn\u2019t talked about enough among entrepreneurs. It can become a competition, how little sleep you\u2019re getting by on. That\u2019s going to catch up to you. Get a good night\u2019s sleep, eat well, and lean on your network. \u201cDon\u2019t be an island, definitely reach out,\u201d Kirouac said.<\/p>\n
It can be tempting to move to the U.S. But every company that decides to stay in Canada, like Shopify has, paves the way for more success stories. According to Ream, \u201cIt may be tougher, but we can pay it forward to future generations of entrepreneurs.\u201d<\/p>\n
Listen to the conversation on the RBC Disruptors<\/a> podcast page or click the link below.<\/p>\n