A few weeks ago, Finance Minister Jim Flaherty urged the private sector to do more to support job growth and a “sustained, long-run expansion of Canada’s economy.” Coincidentally, Small Business Week launches next week — it celebrates the valuable role Canada’s small and medium-sized businesses play in the Canadian economy, and provides loads of inspiration to anyone wanting to join the ranks of the countless job creators who launch start-ups, bring innovation to life, drive economic growth and enhance our communities.
Those start-ups, and tens of thousands like them around the country, are making a tremendous impact on the lives of the people who work for them — and the communities in which they operate.
FirstEnergy, for example, was created to give the Canadian energy industry another way to access equity capital.
Before the firm came along in 1993, oil and gas companies needed a very large asset base — usually at least a few hundred million dollars in equity — before any of the bank-owned investment dealers would consider working with them. Until then, only a few regional firms were working with the so-called "small-cap" companies. The large investment banks (owned by the major Canadian banks) wouldn’t even touch them, telling them that they needed to grow much larger in order to join their privileged roster of clients.
FirstEnergy took advantage of that incredible untapped and growing small-cap market. Unlike the bank-owned dealers or the regional players, FirstEnergy was created to provide financial services to any sized oil and gas company. Its timing was perfect. Officials of the company claim they were at the front end of the wave of small players eager to take advantage of property rationalization opportunities in the lucrative energy industry.
Two decades later, FirstEnergy now has well over 100 employees and has been involved in financings and merger and acquisition transactions worth more than $250 billion. The firm (not counting personal contributions from partners) has made more than $10 million in donations to more than 500 charities and community organizations. It would be nearly impossible to measure the number of lives that have been touched — and dramatically improved — by FirstEnergy’s community work.
Entrepreneurship is about innovation, and the lesson from FirstEnergy is that no matter what your industry, there is an opportunity to do something that has never been done before. But there’s one myth about entrepreneurship that should be debunked. Our society tends to think that entrepreneurs are people who graduate from business schools. Not necessarily so.
Anyone can have an entrepreneurial mindset, and innovation can happen anywhere. Whether you’re an employee or an employer — an artist or an accountant — you can find ways to innovate and be part of the creative process. Innovative thinkers are constantly asking the question: “How can we make things better?” Just because something works doesn’t mean it can’t be better. No matter what you do — or where you do it — strive to be a pioneer in your industry.
Entrepreneurs aren’t just job creators — they are social innovators. People who are committed to finding new ways to solve old problems are changing the world everyday — often in very significant ways. Barb Stegemann, of Dragon's Den, has a fascinating approach to entrepreneurship as a vehicle for social change. She sources organic oils from suppliers in countries at war or in strife, such as Afghanistan and Haiti, and pays farmers full-market value for essential oils from their orange blossom and other crops. The oil is converted into beautiful perfumes, produced in Canada and sold internationally under the brand The 7 Virtues. These products are helping to rebuild countries, while providing employment to many.
Entrepreneurship allows people to explore their passions, think creatively, take risks, partner with others, and — in the process — leave the world better than they found it. For those who want to question whether entrepreneurs are born or made, the answer is "Yes!" But a better question is this: How can you use your knowledge, your network, and your personal passion to creatively solve a problem and meet the world’s greatest needs? No matter what your skill set, or your employment history, your willingness to innovate as an entrepreneur will do more than expand the economy — it can literally change the world.
