Western Economic Diversification Canada | Diversification de l'économie de l'Ouest Canada

Home : Business Tools & Guides : Starting Your Business - A guide to resources for BC women

Learning The Ropes

Deirdre Campbell
Tartan PR

When Deirdre Campbell left her job at a Victoria public relations agency, she expected to move in with another agency in town. But her mentor, a long-time business associate, had other ideas.

"He said that instead of going right back into a similar situation, I should use this setback to recover and move to a higher level. He said this is the best time to take the chance and start my own business, because I could always go back to where I was before. He was right."

Thanks to her mentor's active support, Deirdre and a partner opened Tartan PR. They've carved out a niche in tourism public relations, and haven't looked back.

The challenge, she says, is to "choose someone who you feel strongly has something to teach you and won't let you off easy, someone who will say to you, 'I think you can do this, and I don't want to hear the whining. ' It's also really important to get someone who will challenge you, but not tell you what to do. My mentor was never pushy. He just puts an idea out there and I make the decision when I'm ready."

Campbell is a mentor herself these days, and takes her role seriously. But she says it's critical that people take charge of their own success. "I never mind taking time, but people need to call me, not wait for me to call them. I won't be thinking about them all the time, because I'm busy too."

"You really do feel that you don't want to let yourself down, or let your mentor down. But it's a very positive pressure, not negative."

Learn from the best

If this is your first step into the business world, find a mentor. A mentor can provide invaluable advice, insights and encouragement along the way to help you make thoughtful choices. If you can, work alongside another business owner in the same industry to gain some experience.

Ideas for finding a mentor or mentoring program:

Ask family and friends who are in business, retired, or have business contacts.

Check the websites of business or professional organizations.

Research businesses and trade magazines in your community to find respected business people. Join the local chapter of a professional association in your industry, or a women's business networking organization.

Talk to your local Chamber of Commerce.

Your mentor does not have to be in the same industry as you are, but she or he usually has more experience. Mentors can pass along valuable insights, making you think about things that might never have occurred to you. They can talk about the business-building process, industry trends, administration challenges, marketing strategies, what work is profitable – and what is not.

Don't confuse mentoring with free professional advice. For example, don't ask a marketing consultant to help you build your website. Instead ask them to give you tips about or what to look for when hiring someone to do that.

Don't be afraid to ask. You will be surprised by how many people are willing to help. Many mentors want to give back or make a contribution to their industry or community, or to help a person they respect.

The nature of owning your own business is that you're expected to know it all ... even if you don't. While you can't be an expert in everything, you should attempt to close gaps in your knowledge through a mentor, direct experience, or by taking some courses.

If you only learn three things ...

Brush up on subjects that are applicable to your industry and business so you can make informed decisions. You should also learn as much as you reasonably can about key challenges that most entrepreneurs face, particularly in three areas that are considered to be key success-makers or success-breakers:

  • Financial management: Even if you have a good accountant, make the effort to learn how to correctly estimate costs and revenues, manage purchasing and inventory, payment and collections, budgeting and tracking. You've put a lot into this business: make sure you understand the story your revenue and expense columns are telling you.
  • Business management: Some businesses stagnate and miss the boat, while others grow so fast they explode. You should understand and apply the essential theories of growth management and strategic planning so that your business doesn't burn out.
  • Marketing: When you have a product or service to sell, it is essential you get to know your market inside out. This includes learning how to identify and reach your potential customers and acquiring competitive intelligence. Courses in almost every subject area are available through educational institutions, community colleges, business organizations, government and community development agencies. Find courses by subject at www.achievebc.ca/cpt/programbysubject.html. This link leaves our Web site

Resources

<< previous | next >>