“The vision must be followed by the venture. It is not enough to stare up the steps – we must step up the stairs.”
An oft-quoted 20th-century preacher, Vance Havner, was far from being a profit-maker. But he revealed a glimpse of his entrepreneurial spirit when he said those words.
It appears Ottawa’s entrepreneurial community followed his advice last year, according to an Ottawa Centre for Research and Innovation (OCRI) report released in November.
Of the new businesses that used services at OCRI last year, 69 per cent report are still in business a year later.
This amounts to 2,920 businesses, 5,402 new jobs, and five new hires per business.
The recorded rate of continued businesses after one year rose five per cent, while new jobs have increased a remarkable 38 per cent from a year ago.
And after a booming summer economy, this news can only be icing on the cake for the Ottawa business community.
But more could, and should, be done.
Centretown, the economic centre of the capital, is a perfect place to start a business. The trickle-down effects from successful businesses are obvious to the community.
Established in 1992, OCRI’s entrepreneurship services are a good place to start. They inform, train and provide resources for business start-ups and other expanding businesses in Ottawa.
“It’s good news for everyone,” said Stephen Daz, executive director of the entrepreneurship centre. “To me it speaks well of positive employment in the community.”
Entrepreneurship should be encouraged and developed if Ottawa is to become a world-class business destination.
But these services should promote themselves more.
In random interviews with those that are considering starting their own businesses, most of them have not heard of OCRI.
New businesses should consider having interns for several months, as many university business majors are scrambling to find experience before they graduate.
It’s a win-win situation – free work in exchange for valuable start-up experience.
Meanwhile, the cost of hiring employees decreases, while future employees are cultivated for little, or no, risk.
Local new-business advisory groups specific to Centretown would be useful in helping entrepreneurs succeed in the area. New businesses should also be encouraged to spend rather than save.
They should be taxed less for, say, the first six months. With funding and costly investment considered one of the top concerns cited by new businesses, a temporary lower tax bracket would help them compete better.
“If you talk to businesses every one would say they want to get more funding,” says Daze.
“It’s an age-old issue with funding. But the reality is starting businesses is risky business. Entrepreneurs need to put up their own money to get started.”
It’s a no-brainer that smart and larger investments would help, but not everyone has the capital to realize their dreams. Entrepreneurs need some incentive to take that plunge.
“You never know if it’s going to be successful. You need to have the stomach for risk and the passion for your product to do this day after day,” Daze says.
That first step, with planning, is essential if you hope to be looking down those steps of success one day.