5 Things Entrepreneurs Should Know

1. Ensure you have a viable product

Having a great product that can generate revenue is the most important thing, says Jeff Dennis, entrepreneur in residence at law firm Fasken Martineau in Toronto. After you’re sure the product has revenue potential, go for it, and don’t let anyone tell you it can’t be done. “Lots of people are going to get in your way,” Dennis says. “There will be others who will think you’re crazy for giving up the job, or taking the risk and taking on the big, bad competition, whoever that is. You’ve got to kind of stay the course, and not listen to the naysayers.”

2. Invest your own money, time and sweat before asking for capital

A good pitch has to show the product already has some kind of traction, which means that before asking anyone for support put the necessary effort–and your own money–into the project. “The business idea certainly has to have a strong value proposition and, based around that, you’ve put your own money and sweat in behind it,” says Brad Johns, a partner with Yaletown Venture Partners Inc., who is based in Calgary and works with energy and IT entrepreneurs. “Don’t expect anybody to back it if you haven’t done that.”

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Source: Canadian Business; Author: Emily Senger; Retrieved November 7, 2012; Link to article here

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