High Fidelity
Top-five truths of starting your own Arts and Entertainment business
Josh Learn
Issue date: 11/17/09 Section: Arts & Entertainment
So if you're like me, you will be graduating within the next month to six months. Seeing as how we are all so wise and did such a good job of obtaining our degrees, there should be a plethora of jobs on the market…
Canadians start over 100,000 businesses a year, however, 85 per cent end up failing within the first three years. While these numbers are probably similar to Brock's failure rate, there are certain things you can do to increase the odds of having a successful business. This article contains five universal truths that could do just that. They are quite general, but they have been brought up so many times within the business world, that they must be true.
5.) Persistence Pays Off
Working hard and not giving up is necessary to have a business. Giving up with the first failure will not really get one anywhere. The best example we can think of is Apple. They were almost bankrupt when that genius of a man, Steve Jobs, came up with the iPod and the rest was history.
4.) Network!
See that person sitting beside you in class? They may seem a bit daft, but they might be your key to a job in the future. Having an extensive network can help start up your business and keep it going at various stages in the business cycle. So go out, join a club, host a wine mixer or have your mom pay for friends like she did for me. In any case, get out there and build that network.
3.) Know Your Customer and Your Industry
Knowledge is power. Having knowledge over your competitors can create a sustainable competitive advantage. Even if you are thinking of running a lemonade stand after school, make sure you know who your customers are and what they want to satisfy their needs. For example, if that block you are setting your stand on has a ton of old people, maybe substitute lemonade for prune juice?
2.) Learn from Your Mistakes
In 2005, only 31 per cent of business owners had previously owned a business. This means that if you have never owned a business, you are in the majority. It also means that you are probably going to make a mistake or two along the way. That's okay! In fact, it is better than okay. Making mistakes and learning from them is one of the best ways to grow a successful business. Unless your mistake begins with a P and ends with an "Onzi", in which case, you have made Uncle Bernie proud, and earned yourself a new jail boyfriend/girlfriend.
1.) Have a Passion
There are no many "absolutes" in this world, but one of them is having a passion for your business. Individuals such as Bill Gates, Warren Buffet and Sergey Brin, do not work for the paycheque, they work because they love what they are doing. Through the good times and bad, if you do not love what you are doing, you will have a greater chance of failure than success.
Canadians start over 100,000 businesses a year, however, 85 per cent end up failing within the first three years. While these numbers are probably similar to Brock's failure rate, there are certain things you can do to increase the odds of having a successful business. This article contains five universal truths that could do just that. They are quite general, but they have been brought up so many times within the business world, that they must be true.
5.) Persistence Pays Off
Working hard and not giving up is necessary to have a business. Giving up with the first failure will not really get one anywhere. The best example we can think of is Apple. They were almost bankrupt when that genius of a man, Steve Jobs, came up with the iPod and the rest was history.
4.) Network!
See that person sitting beside you in class? They may seem a bit daft, but they might be your key to a job in the future. Having an extensive network can help start up your business and keep it going at various stages in the business cycle. So go out, join a club, host a wine mixer or have your mom pay for friends like she did for me. In any case, get out there and build that network.
3.) Know Your Customer and Your Industry
Knowledge is power. Having knowledge over your competitors can create a sustainable competitive advantage. Even if you are thinking of running a lemonade stand after school, make sure you know who your customers are and what they want to satisfy their needs. For example, if that block you are setting your stand on has a ton of old people, maybe substitute lemonade for prune juice?
2.) Learn from Your Mistakes
In 2005, only 31 per cent of business owners had previously owned a business. This means that if you have never owned a business, you are in the majority. It also means that you are probably going to make a mistake or two along the way. That's okay! In fact, it is better than okay. Making mistakes and learning from them is one of the best ways to grow a successful business. Unless your mistake begins with a P and ends with an "Onzi", in which case, you have made Uncle Bernie proud, and earned yourself a new jail boyfriend/girlfriend.
1.) Have a Passion
There are no many "absolutes" in this world, but one of them is having a passion for your business. Individuals such as Bill Gates, Warren Buffet and Sergey Brin, do not work for the paycheque, they work because they love what they are doing. Through the good times and bad, if you do not love what you are doing, you will have a greater chance of failure than success.
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