Why do you think it is important for young entrepreneurs to grow their businesses?

Growth is a symbol of motivation. Without motivation to move forwards you inevitably become stagnant. The defining feature of anything alive and healthy is that it is flexible. Growth is a form of flexibility and adaptation. It is very important to understand this aspect of business growth in order to ensure the long term success of any venture.

What are the biggest challenges young entrepreneurs face in pursuing business growth opportunities in their local markets, other provinces and internationally?

I believe the biggest challenge faced in pursuing further growth is the access to additional capital for expansion. Many young entrepreneurs give everything they have to their business, which can result in cash flow issues for the first few years until fully established. Expanding within this time can be difficult without jeopardizing the cash flow of the business. Additional financing is hard to come by. Depending on the nature of your business, I believe this is even tougher when attempting to expand into other provinces or countries. For example, expanding a tech based or online company internationally requires less capital than a business built around physical locations and products.

What needs to change to make it easier for young entrepreneurs to grow their businesses successfully in their local markets, other provinces and internationally?

Interesting question… I don’t think there is an easy or clean answer to this one. What really needs to change is the economic and business climate in North America. Big money and big industry inevitably make it tough for young people to engage in the business world. I don’t mean to suggest this is a bad thing. It is simply a consequence of a lack of experience and a lack of funding in the midst of pre-established industries. What could change is how much support is given to furthering the development of progressive industries… new businesses that don’t have a deep seated industry already. NEW stuff, inventions, technologies not yet seen… which is already well understood by “futur”preneur.

Have you had experience growing a business in Canada? Tell us about it!

Absolutely! I have experience starting up the first and only commercial sensory deprivation tank centre in the Okanagan Valley! Commercial floatation tank centres are an entirely brand new concept in Kelowna, and there have been some incredible challenges introducing the idea of floating in a sensory void to a new community. We must focus our marketing and it must contain a large educational component. I have developed Float Space in a step wise fashion, planning for 5 tanks (plumbing and other infrastructure), and opening with only 3. It was very important not to over reach too quickly, in order to create the demand and let Float Space grow naturally. We have been so effective in this process that we are now at a point where adding tanks, building a second floor mezzanine, and even expanding to additional locations around the Okangan and possibly Alberta. At this point, the organic growth of Float Space seems to have taken on a mind of its ow n. It is brilliant. We put the wheels in motion, added as much passion and intelligent design as possible, and now the whole idea of floating seems to be carrying our business forwards without worry. Letting go, and allowing for that flexible, authentic growth can be an incredibly powerful business growth technique once the wheels are in motion.

Anything else?

Entrepreneurship is more about execution based on passion, boldness, and practical wisdom than anything else. One thing that has made me successful in business more than anything else up until this point is knowing when to make the exception to any rule or piece of advice that is “tried and true.” We live in the future now, this is it. As entrepreneurs, we can not just afford to take chances at this time, we may actually depend on it to set ourselves apart from the herd. Taking chances draws attention, and with that attention comes support from the plethora of resources available to young entrepreneurs. My advice for anyone about to engage in a new business venture is… exploit your resources, and engage with discernment. Don’t just think… feel, know, and execute!