Month: December 2010

How entrepreneurship is like riding a motorcycle

Do you believe entrepreneurship can be learned? Or do you believe the only way to learn how to run a business is to get out there and learn from the school of hard knocks?

At GoForth Institute, we fall somewhere in the middle of these two camps. We believe that vital small business skills can be learned first and practiced second. This takes me back to the days of wanting to learn to ride a motorcycle. Growing up with older brothers who were into anything with wheels, I had the opportunity to ride motorcycles as a passenger, or “two up” as we say, but never as the operator. I was about 35 with children of my own when I decided it was time to take my rightful place behind the throttle. Those of you in the learn-by-doing category would say, “Hey, just hop on. You’ll figure it out. After a couple of crashes, you’ll learn what not to do.” Those of you in the learn-by-education category would suggest a class on safe motorcycling first, correct?

I believe in reducing risk – the risk that my sons would grow up without their mom. Off I went to motorcycle school – a one week intensive classroom and parking lot skills training program. Got my license, bought a small Honda 250 Rebel and starting practicing my new skills on my new bike in my neighbourhood. Starting, stopping, turning, signalling, shifting, braking, emergency braking – all manoeuvres that were new to me. My instructor told me to practice these skills 80 times each – correctly. That’s the point at which muscle memory takes over. She told us you won’t have time to think on a motorcycle in an emergency. The difference between life and death is the rider’s muscle memory. I put 3,500kms on my Honda before I left the neighbourhood. Obsessive? Maybe. After several years of cautious city riding and practice in parking lots, it was back to school with a new, more powerful motorcycle – but this time it was race school. Fast forward 12 years, I still ride and my husband and one of our sons rides too. It’s a great family activity and a great way for me to leave the stress of entrepreneurship behind for an hour or so.

Learning to run a business can be the same. Take the time to learn the skills that will keep you alive out there – practice them in a safe environment before you take them to the streets. Take some small business training, learn to apply those skills, and take more training as your skills improve and you want to take your business to the next level. Don’t forget your helmet and enjoy the ride!

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BNN’s The Pitch helps entrepreneurs both on and off-camera

Hope you enjoyed Wednesday’s episode of The Pitch on BNN, which marked my second appearance as a panelist on the show and the first The Pitch show taped at BNN’s very cool new studios in Toronto. The set is brand new and everyone was getting used to camera angles, lighting, sound, new microphones, places and marks (where we, the panelists and the two pitchers stand). A little bit of a learning curve behind the scenes – but a really great show.

The two pitchers were well prepared, well-rehearsed and had some serious passion goin’ on in their pitches. I like to see confident people behind a company – their confidence helps to instill my confidence in their business and their plans moving forward. However, that doesn’t stop any of us on the panel from pointing out the gaps I found in their business models or strategic plans going forward. See my comments to each of them at the end of the show in segment three (look for the videos marked December 8).

It doesn’t end there, though. The pitchers only get 90 seconds to make their pitch, and a short amount of time to answer questions on-air. But after the show wraps, I like to hang around in the green room and debrief the pitchers – how they thought it went, or if they had any questions about what went down on the show. We usually agree to a follow-up Skype or phone chat so that I can offer some guidance to help them work through some of the issues that are raised by me or the other panelists. That’s one of the fun parts of the show for me – working one on one with the pitch companies after the show is over. I also enjoy the emails I get after a show from the BNN audience at home – the armchair venture capitalists who want to weigh in with their opinions.

If you haven’t watched The Pitch, watch it. It’s real, not entertainment. We have a genuine interest in helping the pitchers succeed, and this extends off the air to what goes on behind the scenes.

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Missed Dr. Roberts on The Pitch? Watch online!

Today, GoForth Institute’s founder and president, Dr. Leslie Roberts, completed her second stint as panelist on BNN’s new show The Pitch. On today’s episode, we saw Scott Riesebosch, owner of an LED lighting company who aims to save consumers money, and Rachna Prasad, co-founder of a business offering pre-packaged, authentic Indian meal kits.

If you missed today’s episode, you can watch for free online! Visit The Pitch’s website and look for the videos dated December 8. See which entrepreneur’s 90-second pitch got the green light from Dr. Roberts and the other panelists! What did you think of today’s pitches? Did the panelists make the right decision?

Want to pitch your business’ next great moneymaking idea on the show? Email us!

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Behind the scenes as a panelist on BNN’s The Pitch

I’ve been asked how I prepare for my appearances as a panelist on BNN’s new show The Pitch.  There’s nothing like a live national television show on the most respected business news network in Canada to motivate me to do some homework!  I have the regular “do I have broccoli in my teeth” fear of appearing on national television, but I also fear not being able to help move the pitcher’s business forward – even just one small step.

So, the week before each show, the producers give me a one-page outline of the pitcher and his/her company. From there, it’s up to each panelist to prepare for the show as they see fit. My approach is to learn the pitchers’ businesses well – understand their business model, revenue model, competition, key differentiating feature and unique selling proposition (that secret sauce or element that makes them so special), addressable market – all the usual.

Having taught MBA courses in strategy as a professor in my former life, I know the points of analysis, but the trick is to prioritize my questions for the pitchers – knowing that the other panelists are likely to drill down in the same places. My background in market research makes me gravitate toward the market, addressable market and marketing research foundations of their business plans. To me, all good things come from our customers – sales and revenue (obviously), testimonials and word of mouth advertising, but also great product ideas.  I like to see proof the pitchers are engaged and listening to their customers.

Hats off to BNN for creating a great show! My next appearance is this coming Wednesday, December 8. The show airs at 11.30am ET/8.30 am PT, but it’s available online very soon after it airs. Tune in next week and see which pitch makes the cut. And if you’d like to be on the show yourself and pitch your ideas to an expert panel of businesspeople and financiers, email us!

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