Why support young entrepreneurs?

At GoForth Institute, we support the passion, innovation and indomitable spirit of young entrepreneurs. Why is this important? Let’s have a look at the amazing things that young entrepreneurs can do.

17 well-known businesses started by young entrepreneurs

Some of very well-known companies weren’t created in a boardroom by a committee of seasoned professionals. Here are a few businesses that were started by entrepreneurs under the age of 35. You may have heard of them!

    • Apple Inc
    • eBay
    • Everlane
    • FedEx
    • Glossier
    • Google
    • IKEA
    • Motown Records
    • Mrs. Fields
    • Oculus
    • Snapchat
    • Spanx
    • Spotify
    • Tumblr
    • Virgin Records
    • Warby Parker
    • WordPress

What great things can young entrepreneurs do?

While entrepreneurs of all ages can be successful and passionate, younger people have unique optimism, endless energy, and fresh ideas. Because they’re not as set in their ways as older people can be, they’re often more willing to try new things, and can bounce back quickly from mistakes they may make. These qualities, plus with their ability to adapt to new technologies, make them natural leaders in the ever-developing small business climate.

At GoForth Institute, we believe strongly in the importance of small business education and supporting entrepreneurs of all ages. If you’re a younger entrepreneur, we advise you to find a trusted mentor, whether it’s in the field you want to enter, or just an experienced person who you trust to point you in the right direction.

We also strongly advise you to even the playing field by knowing your business inside and out. Create a business model and vision statement, and be able to show clear leadership, organization and ownership of your business. To take it a step further, why not try answering the 6 common questions investors ask in a pitch? Even if you’re not seeking investment, they’re valuable, foundational things to know.

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How to write a good job description

Are you ready to hire your first employee? Congratulations! It’s an exciting time, but don’t rush into posting the job listing. Your job description deserves careful attention.

Components of a good job description

A good job description will give prospective employees a clear idea of what you’re looking for, and will attract people you have in mind. A bad job description, on the other hand, can lead to confusion and wasted time.

Here are some of the key features to have in mind when writing a good job description:

  • Job Title
  • Job Purpose
  • Duties & Responsibilities
  • Relationships & Roles
  • Qualifications/Requirements
  • Job Location
  • Salary/Wage
  • Hours & Days of Work
  • Equipment to Be Used

Take some time to enter in as much info as you can in each of these sections. You can build on these elements if you like – they are key in creating a strong foundation to work from.

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What happens if you make a mistake on your Canadian business’ taxes?

Filing your small business’ taxes with the Canada Revenue Agency is something all entrepreneurs worry about in some form. Maybe you’re worried about your business’ tax filing deadlines, or you’re not sure what you can claim. And you’re doing your best!

But what happens if you make an honest mistake with your taxes? What if you forgot to include something, didn’t know something was taxable, or made an incorrect entry?

The good news is you can make a voluntary disclosure of your mistake to the CRA and avoid getting in huge trouble. Check out our free resource on what to do if you make a mistake on your taxes – and don’t forget to breathe!

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3 tips to help your business stand out

Many Canadian entrepreneurs tell us that standing out from their competitors is one of their main concerns. Here are 3 tips to help your small business stand out from the competition.

1) Get specific with your niche

Understanding your business’ overall industry is important, since it’s home to many factors that can influence your business decisions. However, “niching down” even further is a great way to help your business find its differentiating characteristics. For example, your flower shop may be one of dozens of flower shops in your city. But what if customers knew that you were the only florist in town to source its flowers and plants from local growers? This is an immediate differentiating factor that’ll help you stand out from the competition.

2) Ask your existing customers for feedback

Your happy and loyal customers return to your business because they know and trust you. Asking them for their feedback could be a great way to help you stand out from the competition. The way you do this depends on your customer base. It could be an informal chat with your regulars, or a more traditional customer feedback survey – try a modified version of our quick eight-part customer survey. You may be surprised at the specific things your customers identify as your differentiating factors.

3) Consider pivoting

A core component of the lean start-up methodology, pivoting is a useful way to iterate quickly based on customer feedback. If your customers identify a different platform, new technology, a new product feature, or something else, that can help you stand out in a crowded market, do some research to see if it could help you stand out from the rest.

Want to learn more about things like identifying your industry, picking a niche, customer satisfaction, and lean start-up? Check out our industry-leading small business training video program for Canadians.

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