http://www.iveyentrepreneur.ca/index.php/blogs/ en ejanssen@ivey.uwo.ca Copyright 2012 2012-03-20T13:52:17+00:00 http://www.iveyentrepreneur.ca/index.php/site/ray_sharma_speaks_about_the_app_world/ http://www.iveyentrepreneur.ca/index.php/site/ray_sharma_speaks_about_the_app_world/#When:13:52:17Z March 20, 2012By: Sarah Landstreet, MBA’12 Candidate Recently, Ray Sharma, the founder and CEO of XMG Studio came to speak to the Ivey Entrepreneurship Club.  Mr. Sharma holds an HBA from Ivey, and started his career in investment banking.  He’s since been very involved in venture capital projects, especially in the high-tech industries, and in 2009 started his own game development company, XMG Studio, in Toronto. March 20, 2012By: Sarah Landstreet, MBA’12 Candidate Recently, Ray Sharma, the founder and CEO of XMG Studio came to speak to the Ivey Entrepreneurship Club.  Mr. Sharma holds an HBA from Ivey, and started his career in investment banking.  He’s since been very involved in venture capital projects, especially in the high-tech industries, and in 2009 started his own game development company, XMG Studio, in Toronto. Some take-aways from his talk, which was fascinating to anybody interested in app development, and also to entrepreneurs in general:• Apps have a huge future, especially games, and this is really just the beginning – the industry is establishing it self, so it’s a great time to get in on it • Women are a very small percentage of developers (about 1%) and yet women constitute almost half of all game app buyers; there’s definitely an untapped market for games targeted at women•“Game salad” is a WYSIWYG (“what you see is what you get”) development tool for making game apps; you don’t need any programming experience to get an idea up and running•If you’re keen to get a game or app professionally made, it doesn’t require massive resources; connect with a developer, test things out, see if it gets any traction•List your app for sale through the Apple App Store•Try out XMG Studio’s massively popular game “Cows vs. Aliens”, which was developed in three days; the game allows you to have fun hearding your cows into a barn, thus saving them from the aliens•Follow your heartThis was a fascinating talk, and attended by many Ivey HBA students as well as MBAs.  Thanks very much to the Ivey Entrepreneurship Club and the Pierre L. Morrissette Institute for Entrepreneurship for inviting Mr. Sharma.    IVEY Student Entrepreneurship Blog 2012-03-20T13:52:17+00:00 http://www.iveyentrepreneur.ca/index.php/site/ivey_scholarship_dinner/ http://www.iveyentrepreneur.ca/index.php/site/ivey_scholarship_dinner/#When:19:18:51Z February 13, 2012By: Donna Tin, MBA’12 Candidate I thought receiving the Nelson M Davis Scholarship was an honour, but meeting Bruce Lloyd (the manager of the scholarship) was a greater honour.  The dinner celebration honouring Entrepreneurship Scholarship Donors and Recipients, held on February 2nd, 2012, was a memorable and delightful evening.I thought receiving the Nelson M Davis Scholarship was an honour, but meeting Bruce Lloyd (the manager of the scholarship) was a greater honour.  The dinner celebration honouring Entrepreneurship Scholarship Donors and Recipients, held on February 2nd, 2012, was a memorable and delightful evening. At the dinner, I met my donor, Bruce Lloyd, the president of Trent Valley Sand & Stone Ltd.  I had the pleasure of listening to his stories about how he served in the war, how he made his business work, and why he decided to be part of this scholarship.  First, it was moving to hear about his hardships and how his motivation to succeed was due to the fact that he had a family to feed.  Hearing his story made it so much more real and learning about the mistakes he had made along the way was priceless.  Secondly, it was nice to know that I had someone who supports the dreams I have and believes that I will make it.  At the end of the night, he told me that he could see the hunger in my eyes; he truly believed that one day I would make the leap and start my business.  Lastly, I enjoyed listening to his life story, his connection to Nelson Davis, and his reasons for helping young entrepreneurs like myself.  He has inspired me to shoot for the stars, but most importantly to remember to give back when I get there. Listening to all the recipients speak about their dreams, aspirations, and all their accomplishments has furthered my belief in the quality of the Ivey network.  It was great to see everyone with that twinkle of hope in their eyes; it really has inspired me to take that leap of faith, and start the business I’ve been thinking about.  In the words of Lloyd: “As long as you have the passion and the drive, there is no better time to start a business than the present.” IVEY Student Entrepreneurship Blog 2012-02-14T19:18:51+00:00 http://www.iveyentrepreneur.ca/index.php/site/success_or_failure_of_a_new_business/ http://www.iveyentrepreneur.ca/index.php/site/success_or_failure_of_a_new_business/#When:14:17:05Z January 16th, 2012By: Navid Nathoo 90% of small businesses fail. A horned owl doesn’t have real horns. And a pregnant goldwish is called a twit. What do these facts have in common? Answer: they’re all meaningless.90% of small businesses fail. A horned owl doesn’t have real horns. And a pregnant goldfish is called a twit. What do these fun facts have in common? Answer: they’re all meaningless. The first large obstacle for entrepreneurs is taking the initial step to start a business. Why? Because we have this number that stares us in the face everyday – 90% of small business fail. But is this 90% really a true statistic? If I flip a coin, there is a 50% chance it will be heads. But if I fill a room with entrepreneurs, will 90% of them fail? Entrepreneurs need to realize that they can make choices. A coin can’t decide to choose heads, but an individual can choose to implement a new feature or pivot an idea. In 1998, a company started to develop a product that allowed people to transfer money using their palm pilots. After the transfer was complete, the individuals would have to connect to the Internet, accept the payment and transfer the funds. The company spent almost $5M developing this product, and ultimately it was unused. But, the founders Elon Musk and Peter Thiel decided to pivot the product offering and market to another segment, allowing the company to sell to eBay for $1.3B. This company was PayPal. The success or failure of a business is dependent on the entrepreneurs who are behind the operations and the choices they make. Since no individuals are exactly the same, the probability for each entrepreneur to succeed or fail cannot be determined.  Therefore, believing that an entrepreneur has a 90% chance of failure is believing that all entrepreneurs are the same, which is clearly fallacious. This figure is derived from people who have failed before you. But did you have any influence on their failures? Do their failures have any impact on you starting a business? No, because you have your own experiences and you make your own choices. The historical failures of others do not influence your ability to succeed. When you are thinking of starting a business, don’t think about the statistics against you. You should be thinking about the qualities you possess and the skills you have. Are you motivated and driven to succeed? Do you have the right skills for the type of business you are starting? And are you starting the company with a capable and unified team? If the answer is yes, then let’s change the glaring 90/10 statistic for future generations. 2012-01-17T14:17:05+00:00 http://www.iveyentrepreneur.ca/index.php/site/mba_entrepreneurship_club_a_year_in_focus/ http://www.iveyentrepreneur.ca/index.php/site/mba_entrepreneurship_club_a_year_in_focus/#When:19:39:30Z November 21, 2011By Ahad Ahmed This year has been somewhat foundational for the Entrepreneurship Club.  The executive and the club members have collaboratively developed the Entrepreneurship club’s first vision and mission statements. This year has been somewhat foundational for the Entrepreneurship Club. The executive and the club members have collaboratively developed the Entrepreneurship club’s first vision and mission statements.  Vision:To have Ivey recognized as a world-class institute for developing entrepreneurs.Mission Statement: Through club activities, promote collaborations, build knowledge, foster creativity, and cultivate relationships to enable Ivey entrepreneurs to succeed on the world stage.In addition to liaising opportunities (such as case competitions and Pierre Morrissette Institute events etc.) we have organized a number of activities/events to deliver on our mission. Some of the highlights are:Idea Focus GroupsWe kicked off the year by conducting a series of “idea focus groups,”. The objective of this forum was to provide entrepreneurs with an opportunity to socialize their venture ideas with colleagues in an informal setting and get valuable feedback. MARS Centre & Law Clinic Field Trip The Entrepreneurship club is organizing a field trip to Toronto. The day will begin with a tour of the MARS centre, followed by break-out sessions with experienced entrepreneurs where individuals will have an opportunity to vet their new venture ideas. A seminar and gala dinner has been organized by the UWO Faculty of Law in association with Aird & Berlis LLP to share some of the legal issues one should consider when starting a business. Speaker Series We’ve brought  and continue to bring entrepreneurs to share their real-life learnings with the club. With a strong focus on diversity, our scheduled speakers range from individuals who have created ventures on an international scale to not-for-profit organizations. In addition we have benefited from synergies with our partner clubs at Ivey. For example, the Alternative Investment Club has invited entrepreneurs and Venture Capital firms to share their perspective. Our membership have benefited from our collaborative approach. 3x5 DinnersIn the New Year we will hold a series of 3x5 dinners where club members can have personal discussions with successful entrepreneurs. This year our focus has also been around the sustainability of the Entrepreneurship club’s mandate. We are developing succession documents early on in the process and hope that next year’s executives can leverage our efforts and learnings from the time they take on these exciting roles. IVEY Student Entrepreneurship Blog 2011-11-21T19:39:30+00:00 http://www.iveyentrepreneur.ca/index.php/site/10_reasons_to_start_a_business_right_away/ http://www.iveyentrepreneur.ca/index.php/site/10_reasons_to_start_a_business_right_away/#When:13:52:57Z By: Shawn Lerner, HBA’12 CandidateNovember 6, 2011 As we get deeper and deeper into recruiting season, the same question keeps surfacing around the Entrepreneurship Club: ‘when is the right time to become an entrepreneur?’10 Reasons to Start a Business Right AwayBy: Shawn Lerner, HBA’ 12 CandidateNovember 6, 2011 As we get deeper and deeper into recruiting season, the same question keeps surfacing around the Entrepreneurship Club: ‘when is the right time to become an entrepreneur?’ You’ve heard it before from your parents, professors and friends—just go get a few years experience working for a big company and then start a business. But you’ve got entrepreneurship running through your blood and the thought of grinding away for 5 years in the corporate world in pursuit of so called ‘experience’ sends shivers down your spine…you want to start a business now!  So, here it is: my top 10 reasons to start a business right away. #10: Leverage that Ivey network.  The most common reason I hear for why you should get some work experience first is that you need to build a network before you can start a business. To that I say what about the network we are building at Ivey?  One of the main benefits of going to B-school is the networking opportunity. A survey of recent MBA grads by Veritas (a recruitment firm) showed that MBA’s ranked “increased network” as the #1 benefit of their degree.  It’s a nice thought to think we will always be able to call upon the friends and colleagues we are cultivating at school.  The harsh truth is that networks that go unused erode over time. Everyone knows having a big network is essential to your success as an entrepreneur.  Don’t neglect your school network in pursuit of a new one. Put the Ivey network to use from day one. #9: Price of EducationWarren Buffett once said “The price of education increases exponentially after you leave school”.  There are so many free resources here I feel like I’m stealing!  Many profs, particularly in the Entrepreneurship faculty could have just as easily been high-priced consultants in their respective fields.  Most are more than happy to provide free advise on your start-ups or new ideas.  Want free legal advise? The faculty of law at UWO has a program called “Community Legal Service” where 2nd year law students provide members of the community including entrepreneurs free legal counseling and services.  Need some engineering design services for your new business? Contact the registrar from the engineering department for a list of students who want to get involved in a project for free or cheap just to get some experience and build up their resume.  Likewise for Computer Science and MIT.  A gym membership and a bus pass are not the only things included with your student card.  Do some digging and you’ll find tons of free start-up resources.  Now’s the time to start a business because never again in your life will you have so many free start-up resources at your disposal…not to mention the number of grants and scholarships available for student entrepreneurs. #8 Less obligation equals higher risk tolerance.Now is the time to take a chance on a new venture because you can afford to.  It is a simple manner of opportunity cost.  Say you could get a job making $60,000/year after graduating.  That’s a lot less to risk than in 6 years later when you might be making $90k! So many people say I’m just going to get a few years experience, working for Big Co. then I’m out on my own.  Big businesses are experts at pricing you into a career.  For many consulting firms this is their bread and butter—it’s called executive compensation.  As you get more experience and develop a more marketable skill set they increase your pay just enough to make it economically unfeasible for you to justify leaving.  Opportunity cost is low when you’re a recent graduate; it’s lower still when you’re still in school. #7: Being an entrepreneur makes you less dependant.One of the biggest fallacies in all of business is the notion of the stable job with a large corporation.  Gone are the days of planting yourself at a blue chip firm and grinding out a career for 40 years ‘till retirement.  True, big companies may be less likely to go belly-up than You Inc. but working for a big company does not equate to job security.  Big companies may lay-off dozens or hundreds of employees at the first signs of a bear market.  And who’s first to go? You…the new guy! Developing an entrepreneurial skill set means you are not tied to the success of any one organization.  If your company fails you have the knowledge and experience to get back on your feet.  Even in down economies the entrepreneur sees big opportunities; in fact many of the best businesses, P&G, Microsoft and GE to name a few, were started during recessions and depressions because there founders recognized that the economic turmoil brought about new opportunities.  An entrepreneurial skill set is what it takes to survive in today’s economy. #6: Do it now while you are still hip.The greatest advantage young people today have over our parents generation is that we are better connected.  Social media, and the Internet as we know it, among other things are products of our generation. We understand them intuitively and can see the world that technology is shaping. With the break neck rate at which they change, the only way to stay connected to technologies is to remain immersed in it.  Don’t underestimate the value of the skills you currently have. While you’re off at Big Co. for a decade trying to get some work experience, your experience that will really help you get your business off the ground can wane.  #5: You are not burning any bridges.It’s ok to pass up that 6-figure I-Banking salary to start your own business.  The bank will still be there next year. If you fail miserably as an entrepreneur or decide it’s not for you, you can always get a job next year.  You will be a year wiser and better off for having tried.  Your entrepreneurial experience on your resume will make you stand out over the crowd of new grads who flock to the job postings during recruiting season.  You have nothing to lose! #4: The timing will never be better.  How many goals do you have at the back of your mind that you’re just waiting for the time to be right to complete?  Timing never feels just right, in fact it gets harder as you get older and other priorities, such as family enter the mix.  The timing for launching a new business never feels right because launching a business sucks!  For a long time the entrepreneur is overworked and underpaid, the hours suck, and the job is thankless.  Nobody wants to start a business; everybody wants to have a successful business.  Get the pain over with early so you can bask in the profits later in life.  #3: Embrace your naivety.This is probably my most controversial point but also, I believe, one of the most important keys to success as a young entrepreneur.  We don’t like to talk about this at business school.  At business school we prefer to talk about things like risk mitigation and business planning.  These things are important but so to is a healthy, even undue sense of optimism.  I am not talking about infallibility, which can be dangerous.  I am talking about an inert belief in your market, your product and yourself.  Many of the most innovative businesses today could not have possibly been started if the founders had any clue how deeply the odds were stacked against them.  If Bill Gates heeded the advise of those who laughed at his idea of a ‘personal computer in every home’, there probably would be no Microsoft today.  We are relatively young.  That means, for most of us, the world hasn’t had time to screw us over too many times and make us hardened skeptics.  So embrace your belief in humanity and your youthful naivety—channel that energy into a new venture! #2: The Value GapBy definition every employee is underpaid. There is necessarily a gap between the value you bring to the company and the pay cheque you take home.  If there wasn’t, in other words if the company gave you all the profit you brought to the company, there would be no incremental benefit in hiring you in the first place.  Employees work for a fraction of the profit they generate and the bigger the transaction, the smaller the share you get.  Who would you rather be: a car salesman earning 30% of the gross profit on each $20,000 car you sell or an investment banker making fractions of one percent but on each multi-million dollar transaction she secures? The answer is neither.  The entrepreneur would rather be the business owner owning the entire transaction.  You don’t need to spend years at a job creating value for someone else to get the experience need to start your own business.  Employment experience teaches you to be a good employee.  Entrepreneurial experience teaches you to be a good entrepreneur.   #1 The economics of compounded growthMy final argument for starting a business right away is simple arithmetic.  True, you might start off making more as an employee but salary growth often is linear while company profit growth is exponential. Let’s do the math: Scenario A: You take a job at Big Co making $60,000 per year with a $7,000 average raise per year (pretty good)!  At the end of a 40-year career you would have: $7,860,000. Scenario B: You take the job at Big Co. but only to get 7 years work experience, after 7 years you feel you will have enough experience to start your own business. Now, starting your own business you project making only $30,000 in the first year, with a 10% year over year growth (pretty modest for a start-up).  At the end of your 40-year career, you will have earned $567,000 working for Big Co plus $6,667,546 with your own business for a total of $7,234,546. Scenario C: You go right into your own business, still starting at $30,000/year and growing 10% per year.  At the end of 40 years you will have made $13,277,777! This means that by starting your business right away you make almost twice as much as you would working for Big Co. for your whole career (C>A) or working for Big Co. for a few years and then running your own business (C>B).  More importantly, it means that if you chose to get a few years experience working for Big Co before starting your own business, it is no longer even worth starting your own business.  You could make more money staying with Big Co! (A>B) Ahh, the magic of compounding! If you have a business idea with exponential growth potential (as most business plans should), you can’t afford to wait another minute!     2011-11-07T13:52:57+00:00 http://www.iveyentrepreneur.ca/index.php/site/leading_family_firms_-_a_roadmap_to_success/ http://www.iveyentrepreneur.ca/index.php/site/leading_family_firms_-_a_roadmap_to_success/#When:14:56:19Z An InvitationThe Business Families Centre at Ivey is pleased to present our 6th Annual Leading Family Firms Program on November 24-25, 2011 at the Spencer Leadership Centre in London, Ontario. Who Should Attend? The LFF program is designed to benefit all members of entrepreneurial business families:· Owners will gain insights into their unique responsibilities; not just their rights·Non-active family members will better understand the challenges facing the active members and learn how to influence decision making related to family·Successors will learn and share from the experiences of others and will benefit from better intergenerational understanding·Spouses will enlighten all family members on the impact a business has on family dynamics **Maximum value is achieved when several family members, including multi-generations, attend the Leading Family Firms Roadmap Program. Format Business families gather at the beautiful Spencer Leadership Centre for 2 days of intensive interaction with fellow family members, other business families, host facilitators and special guest speakers.  While commonly referred to as a ‘retreat’ we prefer to describe this program as an ‘advance’ which sets the tone for positive growth for business families.   Thursday, November 24            Leading Family Firms, part one                   9:00 a.m. – 5:00 p.m.                                                   Dinner & Fireside Chat                                6:00 p.m. – 9:00 p.m.   Friday, November 25                 Leading Family Firms, part two                   9:00 a.m. – 4:30 p.m.   For more information or register, please contact: David SimpsonEmail: dsimpson@ivey.caPhone: 519-661-3080  Sarah BuckEmail: sbuck@ivey.caPhone: 519-661-4221   2011-09-13T14:56:19+00:00 http://www.iveyentrepreneur.ca/index.php/site/ivey_emerging_leader_in_entrepreneurship_award/ http://www.iveyentrepreneur.ca/index.php/site/ivey_emerging_leader_in_entrepreneurship_award/#When:02:01:20Z Ivey’s mission is to “develop business leaders who think globally, act strategically and contribute to the societies within which they operate.” In conjunction with Global Ivey Day, the Ivey Alumni Association (IAA) has established a portfolio of awards, including the Ivey Emerging Leader in Entrepreneurship Award, to recognize and honour emerging leaders within the Ivey community. Award recipients will inspire leadership, and encouraging meaningful contributions in our organizations and communities.Ivey’s mission is to “develop business leaders who think globally, act strategically and contribute to the societies within which they operate.” In conjunction with Global Ivey Day, the Ivey Alumni Association (IAA) has established a portfolio of awards, including the Ivey Emerging Leader in Entrepreneurship Award,  to recognize and honour emerging leaders within the Ivey community.  Award recipients will inspire leadership, and encourage meaningful contributions in our organizations and communities. On November 3, 2011, during Global Ivey Day, the IAA will honour an outstanding Ivey Entrepreneur in their early to mid-career who has demonstrated excellence in both their professional and personal life. The Ivey Emerging Leader in Entrepreneurship Award honours an Ivey alumnus who, by taking risks, strategically creates and grows a successful business. The individual will have started a business based on a new idea, a new product/service offering and/or a new business model, and have achieved a recognized level of success. The award recipient will be chosen from a global pool of nominees. Visit the Global Ivey Day website for complete information and to download the Nomination Form. Complete all the fields, save the completed form as a Microsoft Word document, and email the form to gid@ivey.ca. Nominations must be received before September 2, 2011. 2011-08-11T02:01:20+00:00 http://www.iveyentrepreneur.ca/index.php/site/medical_technology_innovation_-_thank_you_for_joining_us/ http://www.iveyentrepreneur.ca/index.php/site/medical_technology_innovation_-_thank_you_for_joining_us/#When:16:58:01Z The Ivey Entrepreneurship Cross-Enterprise Leadership Centre and the Ivey Centre for Health Innovation and Leadership would like to recognize and thank all those who contributed to the success of the day. Over 160 attendees gathered to hear 35 panelists and speakers identify the issues that stand as barriers and drivers to the development of the medical technology industry and the use of innovative technologies to address the sustainability of our health care system.The Ivey Entrepreneurship Cross-Enterprise Leadership Centre and the Ivey Centre for Health Innovation and Leadership would like to recognize and thank all those who contributed to the success of the day. Over 160 attendees gathered to hear 35 panelists and speakers identify the issues that stand as barriers and drivers to the development of the medical technology industry and the use of innovative technologies to address the sustainability of our health care system. The forum was meant as a learning platform to enable academics, entrepreneurs and industry experts to come together, share knowledge and insights with two primary goals: First, how to create a more effective and efficient health care system; second, to identify strategies to develop and foster a vibrant medical device industry, locally, regionally, nationally and internationally. And, it should be pointed out, that these two things are not mutually exclusive goals. In fact, each depends on the other. We must have a strong, effective and efficient health care system and, we must build a strong and vibrant medical technology industry so they develop the technologies and tools that will lead to efficiency and better patient outcomes. OUR SPONSORS We would like to convey our sincere appreciation for the sponsorship provided by the following organizations to support the symposium. Your contribution to thought leadership in Canada through your sponsorship of this event is appreciated. We look forward to continuing our partnership to advance the mandate of innovation and adoption in our health care system. Thank you: MITACS Ernst & Young Business Development Bank of Canada London Economic Development Corporation MaRS Innovation HtX - The Health Technology Exchange Innovacorp CSTAR OUR GUEST SPEAKERS Thank you to all of our speakers, panelists and moderators. In appreciation of your participation in the symposium, a donation has been made to the London Health Sciences Foundation. OUR PARTICIPANTS We were pleased with the number of participants along with the diversity that registered leading to an active dialogue. Your involvement played a key role in the success of the event. VIDEO / PPT PRESENTATIONS Please click on the following links to view the proceedings of the day including all Video and PPT presentations. On behalf of the entire team at the Ivey Entrepreneurship Cross-Enterprise Leadership Centre and the Ivey Centre for Health Innovation and Leadership, we hope that you stay involved with our activities. Should you have any questions or comments, please don’t hesitate to contact us. Thank you. Events 2011-06-29T16:58:01+00:00 http://www.iveyentrepreneur.ca/index.php/site/ivey_grads_to_participate_in_startup_festival/ http://www.iveyentrepreneur.ca/index.php/site/ivey_grads_to_participate_in_startup_festival/#When:19:31:04Z Unhaggle Inc, a new company launched by three Ivey graduates, is among 12 in the world to be featured in a prestigious international startup festival. The company features an online platform that allows car dealers to complete online so that consumers don’t have to negotiate deals and was founded earlier this year by Andrew Tai, Radek Garbowski and Heal Shah - all HBA ‘08.June 10th, 2011 by Public Affairs Unhaggle Inc,  a new company launched by three Ivey graduates, is among 12 in the world to be featured in a prestigious international startup festival.  The company features an online platform that allows car dealers to complete online so that consumers don’t have to negotiate deals and was founded earlier this year by Andrew Tai, Radek Garbowski and Heal Shah -  all HBA ‘08. The company is one of 12 startups from around the world being showcased at the International Startup Festival in Montreal July 13-15. It will be joined by companies from the U.S., Israel, France and India. The festival is a two-day conference that brings together industry veterans, thought leaders and technology giants from around the world. Tai said he and his business partners are thrilled their company has caught people’s attention, particularly since they left their Bay Street, banking jobs to launch the venture. “While my team and I started our careers in finance, Ivey prepared us to do much more than that. We always knew we wanted to do something entrepreneurial at the end of the day,” he said. “We’re so excited to be selected to present the International Startup Festival and hope we will make Ivey proud.” Picture Above: (left to right) Unhaggle.com Co-Founders Neal Shah, Andrew Tai, Radek Garbowski and Marketing Director Leslie Wong. 2011-06-14T19:31:04+00:00 http://www.iveyentrepreneur.ca/index.php/site/strengthening_entrepreneurship_in_guyana/ http://www.iveyentrepreneur.ca/index.php/site/strengthening_entrepreneurship_in_guyana/#When:18:58:32Z It can be tough enough launching just one business, but Ivey alumna Amanda Armstrong is helping with 50. Armstrong, HBA ‘10, is coaching 50 women entrepreneurs in Guyana on how to bring their businesses to the next level. Armstrong is working as the Women’s Entrepreneurship Programme Officer for Youth Challenge Guyana, a program funded by the Canadian International Development Agency (CIDA).June 10th, 2011 by Public Affairs It can be tough enough launching just one business, but Ivey alumna Amanda Armstrong is helping with 50. Armstrong, HBA ‘10, is coaching 50 women entrepreneurs in Guyana on how to bring their businesses to the next level. Armstrong is working as the Women’s Entrepreneurship Programme Officer for Youth Challenge Guyana, a program funded by the Canadian International Development Agency (CIDA). She arrived in Guyana in March to recruit participants for the program, which ended up including entrepreneurs in a wide range of businesses from salons, variety shops and restaurants to fashion designers, recording studios and event planners. Armstrong then launched the program on May 14 with entrepreneurship training and it will follow with a series of mentorship programs, workshops and networking events until December. “Some of these women have low self-confidence and don’t have mentors and support. Our goal is to develop these women to become leaders and to foster the spirit of entrepreneurship in Guyana,” she said. Armstrong, who completed a certificate in entrepreneurship at Ivey, said her Ivey education has been invaluable for this role, particularly its focus on innovation. “I see a lot of entrepreneurs start up and replicate what someone else is doing, rather than being innovative, taking risks and exploring new ways of doing things,” she said. In fact, Armstrong said her Ivey experience also helped her to obtain her position with the women’s entrepreneurship program. While at Ivey, she was a summer intern with Western Heads East, a program that supports women’s groups that make and sell a disease-fighting probiotic yogurt product. She was told about the CIDA opportunity by someone who heard her talking about her Western Heads East experience. Acknowledging that she didn’t take the typical path of a business school graduate, Armstrong said she has no regrets. “I would encourage more students to get involved with entrepreneurship and international development. It’s not usually seen as an option, but a lot of Ivey students have the knowledge, skills and determination to contribute so much and could make such a significant impact,” she said. “I couldn’t have gotten the type of experience back in Canada that I’ve gotten here.” Follow Armstrong’s experiences at Amanda Armstrong’s blog. For more information on Youth Challenge International or Youth Challenge Guyana, visit Youth Challenge International Web site or Youth Challenge Guyana Web site. Picture Above: Amanda Armstrong (left) with program participant Dianna Stuger and another Canadian working in Guyana Picture Below: Amanda Armstrong (front, right) and the Guyana group 2011-06-14T18:58:32+00:00