How do you get started as an Indigenous entrepreneur? How do you fund and start your own business?
Our online Outreach session on 26 January 2022 looked into this, with some First Nations experts:
- Mark Dokis of the National Aboriginal Capital Corporations Association
- Sammy Zoerb, business development manager, Indigenous Young Entrepreneurs at Futurpreneur Canada
- Jennifer Brennan of the All Nations Trust Company
Among points covered:
- What’s your business plan? (You do have one, right?)
- How’s your credit? (And it does not have to be perfect!)
- What about “the twinkle in your eye” that signals commitment and determination?
- Should you put some of your own money into your business?
On getting started
Mark Dokis: “One of the first steps is, obviously, to approach . . . one of these business development sources that exist all over the country. They have the knowledge to help you achieve your entrepreneurial dream.”
“Does the individual have a strong desire and a strong commitment to move forward with this business venture that they’re thinking about? And, of course, are they willing to put in the effort? Another great piece of advice from a professor (who) said: ‘We’re looking for the twinkle in their eye.’ If you really show that you can do this, an AFI (Aboriginal Financial Institution) will really try to help you get there.”
Sammy Zoerb: “Eliminate limiting beliefs . . . . Wherever focus goes, energy flows. . . . Open up your mind to learning how to learn, and actually getting out there networking as well. . . . One of the barriers that we are facing with Indigenous entrepreneurs: They don’t have the greatest credit rating. . . . It’s a barrier that we acknowledge. . . We do partner with the Credit Counselling Society of Canada and they do free workshops, they do give free advice. At least look into it, take some advice. It’s really important.”
Jennifer Brennan: “For business support . . . we require a business plan, and for our clients to understand their business plan. . . . A lot of times they may not fully understand the business plan . . . including their cash flow. . . . There’s many Aboriginal business centres that are available to assist people along the way with this.”
“Just because you don’t have good credit doesn’t mean we can’t work with you. We’re willing to see what we can do to help. . . . And, as Mark said, if we see that twinkle in their eye, that says a lot about their character and, moving forward, the success of their business and their determination.”
What about putting your own money into the business? ‘Skin in the game’, as moderator Kim Baird said.
Mark Dokis: “I think there are two reasons. It shows commitment by the business person to make an effort to succeed. You don’t want to lose your own money. You may not care so much about somebody else’s money, but you don’t want to lose your own money. And, secondly, financial discipline: ‘I’ve got to pay back myself because I put money in.’ . . . Having your own equity in, you’re going to pay more attention to financial discipline.”
Sammy Zoerb: “On our portion of the loan you don’t have to have anything down. That’s where we like to see experience come in to play. How much experience do you have in this industry?. . . But seeing somebody bring in their portion of (equity), ‘I’m going to invest $5,000, $10,000’ That shows how much more serious you are.’
Barriers to success?
Sammy Zoerb: “Credit. Being on a First Nation with very poor internet quality. (And) if you don’t know where to start and you’re scared, just reach out. Take that first step and reach out to even one organization . . . and somebody can guide you from there.”
Mark Dokis: “One of the barriers or roadblocks, less so for startups but for established businesses is . . . they don’t seek advice soon enough when they get in trouble. And by the time they approach whomever, that business adviser, oftentimes it’s too late. When things are not working out the way you planned, there are a lot of resources out there to help you. . . . Sometimes, I hate to say it, you have to swallow your pride and approach somebody.”
Jennifer Brennan: “For startups in particular, maybe the lack of experience and knowledge.”
- Watch the video of the session at http://ow.ly/4M0G50HGWmG Password: &2.9^gDe
Our next Outreach session is set for Wednesday 23 February, from 11:45 am – 1pm PST. We’ll look at how First Nations, and the BC Oil and Gas Commission, keep eyes on environmental impacts and management of LNG and pipeline development.
We’ll post more info on our social-media channels when we have confirmed our lineup of speakers. You can register here: https://bit.ly/3oAaXe4
Read a roundup on previous Outreach sessions.
(Posted here 28 January 2022)
