When we think of entrepreneurship, we typically think of the bold, courageous individual who, without a penny, overcomes great obstacles in order to create something of value. I’m sure there are many examples of this ‘rags to riches’ type story, but I’m convinced that ‘flying solo’ is not the best approach.
The fact is, entrepreneurs, whether they want to admit it or not, are at least partially subsidized by public money. Imagine trying to set up a business in a place with no financial backing, crumbling infrastructure, little or no public transportation, no access to adequate health care, limited means of communication, etc. I don’t care how brilliant you are. This lack of public investment will take its toll on your plans. Here are some of the things that have helped me in the last few months as I ventured into the world of entrepreneurship in Montreal, Canada:
Public Transportation: The public transportation system in Montreal is an absolute gem. I’ve been without a car since my last one was stolen earlier this year. So for the first time, I was dependent on public transportation. I was under the impression this would slow me down. Someone starting a new business has to spend a lot of time on the road, whether it’s to pitch their ideas, get advice from industry players, seek financial backing, check out competitors, or just to network. The metro system in Montreal made all this possible. In fact, I think it saved me more time (very fast and efficient) and money (unaffected by high gas prices, parking /speeding tickets, etc.) in the long run.
In cases where I absolutely needed a car, I used my handy subscription to Communauto (www.communauto.com), which allows me to rent a car for, let’s say, 2 hours for around $1.50 an hour and a minor fee per kilometre. The company recently created a partnership with the City of Montreal whereby the $500 annual subscription fee is paid for by the city, provided the user agrees to use public transportation for a year. (On an unrelated side note, Montreal will soon be launching a public bike-sharing system called ‘Bixi’, which is a similar concept to Commnauto, but applied to bicycles.)
Grants & Loans: I’ve realized that being a twenty and thirty something is one of the best times to launch a business. There are numerous grant and loan programs catering to this group from the ‘Self Employment Program’ to the Mayor’s Foundation (www.fmmj.ca), the Jeunes Promoteurs Program, and the Canada Youth Business Foundation (www.cybf.ca).
Free Services: There are several non-profits that provide valuable services to entrepreneurs at little or no cost. My favorites in the Montreal area are YES Montreal (www.yesmontreal.ca) and SAJE Montreal (www.sajemontrealcentre.com). Big kudos to YES Montreal for their informative workshops and their hands on involvement at all stages of the business development process (idea generation and evaluation, writing a business plan, mentorship opportunities following the launch, etc).
Free Information: This is crucial in the start-up phase. There are several valuable information sources available to entrepreneurs. One of my favorites is Info Entrepreneurs (www.infoentrepreneurs.org). I’ve used this centre extensively for market research, competitive analysis, and legal aspects surrounding my business. Believe it or not, they even have an online service where I can send them a request to research a particular issue, and they get back to me within a few business days with the answer. Did I mention it’s free of cost?
Another free resource is the public library. I spend a lot of time at the national library in Berri-Uqam (www.banq.qc.ca) doing market research, reading newspaper articles, etc. The library also has online resources with off-site access to many of its powerful information databases. I sometimes also take appointments with their ‘Information Specialists’. As the name suggests, they are information rich and there to guide people in their research needs. Speaking of libraries, McGill University has an excellent business library (www.mcgill.ca/howardross). Their powerful resources were recently made available free to the public. I recently found a pair of reports by the Conference Board of Canada, free of cost, which would have normally cost a few hundred dollars to purchase.
So there you have it. These are some of the ways my dreams and aspirations of being an entrepreneur are ’subsidized’ by you (and me), the taxpayer. Although some of the services mentioned above are particular to Montreal, you are likely to find something similar in your city and I can’t stress enough their importance. It can be the deciding factor between for example, someone unsure whether to stay at their current unfulfilling job or instead, take the risk to launch an exciting new venture they’re passionate about. The entrepreneur, not to mention society overall, is better off with the latter choice. Cities should do all they can to promote and encourage the small entrepreneur. It’s an important source of creativity, jobs, and economic wealth. As the saying goes: “A mighty flame follows a tiny spark.”
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