Entrepreneurs Make Exceptional Hikers

This summer I decided to explore forests and parks in an attempt to increase activity and regain muscle strength. As an entrepreneur, I have learned that once I make a decision, I have to work on an implementation plan. So, in an attempt to understand what hiking is all about, I decided with my girls to go for a walk in Hilton Falls Park. Starting with a bottle of water and an old pair of walking shoes, I walked 2.5 km. That day, I enjoyed my time with my girls, I took some pictures and I went back to where my car was parked, thinking that I have hiked that day. Little did I know that hiking is a sport and one can become a professional hiker!

As I approached my car, I noticed a lady in the car beside mine packing her hiking sticks. She looked like she was performing a cleansing ritual from the sweat of a long hike. As I came closer, I recognized her face and even her name came to mind! I called her name out: “Karen?!”, she looked at me with eyes that were trying to recognize who I am. I mentioned my name, and we immediately started recollecting the time when we were working together at an International non-profit organization, over 20 years ago.

We stood there for almost half an hour chatting and updating each other news. I mentioned to Karen that my plan for the summer is to hike the trails of Halton Hills. She then told me about her hiking journey and how she’s been volunteering with the city as a ranger on the trails. She even volunteered to be my guide in my hiking journey!

What? I questioned if I heard that right! So, I sought clarification, and she confirmed that she would volunteer to be my guide on my hiking trips. That was at the beginning of June 2022. And since then, I have been hiking with Karen at least once a week. That is when I realized that hiking is more than just walking the trails. It is an adventure, it is a commitment, and it requires the qualities that I have acquired as an entrepreneur. I understood then that entrepreneurs make exceptional hikers! And here are four reasons why Entrepreneurs make exceptional hikers:

_{Entrepreneurs are Visionaries}

Entrepreneurs are usually good visionaries. They can see the bigger picture of where they want their business to be within a certain period of time. They willingly work hard to get where they want to be one step at a time. Similarly, hikers can clearly identify what hikes they dream of and plan to hike within a specific time period. Hikers are able to discover their ambitions and they work hard to succeed in achieving their dream hikes one step at a time.

_{Entrepreneurs are Risk Takers}

Being a risk taker is an important quality that helps Entrepreneurs flourish and succeed. In fact, one cannot be an entrepreneur without possessing the ability to take risks. It is that challenge that drives them to accomplish and meet goals. After all, the majority of entrepreneurs have taken the risk of leaving a secure job to start their entrepreneurial journey.

In comparison, hikers take risks during every trip they make. Whether it be inside a forest, every time they hop over slippery rocks and waterfalls, or even as they climb rocky mountains. They are very much aware of the predictable, but, at the same time, they are not afraid to face the unpredictable. After all, isn’t that what risk-taking is all about?

_{Entrepreneurs are Determined}

Entrepreneurs are very determined people. They keep trying despite failure. They are good at picking up the pieces and giving it another attempt, and they keep doing that until they succeed. Entrepreneurs learn from their own mistakes and they keep developing their ways until they achieve their goals. Hikers have different challenges, but it is their determination that allows them to reach their targets. Trust me, walking 8 km was not an easy task for me, and many times during that hike I felt discouraged and unable to continue. It was only through my determination that I was able to achieve hiking that distance. Professional hikers go on 25km and 30km trips and they keep at it until they reach their objective.

_{Entrepreneurs are Persevering}

Perseverance is a quality that refines character. It is a skill that can be acquired through experience (learning) or through an example (other’s influence). It is a quality that determines the success of an entrepreneur. John D Rockefeller, who is a business tycoon, said: “I do not think that there is any other quality so essential to success of any kind as the quality of perseverance.” This quality has the same effect on hikers as they face challenges; whether it be physical challenges (pains and aches) or natural and environmental challenges (slippery rocks, muddy or dry soil,….), it is through perseverance that hikers succeed in achieving their goals and reaching unsurpassed objectives.

Are you an entrepreneur? Then, my recommendation to you is to consider hiking as the activity that will help you build your entrepreneurial character. The qualities that entrepreneurs already have does equip them to become hikers, and hiking will help them polish their abilities to become the entrepreneurs they want to be.

BizReflections

Grace Nasralla is the founder and senior business blogger at BizReflections. She is a Co-Owner at HUDDLESPACE which provides small business owners with offices for rent. This year (2024), Grace launched a loose leaf tea brand and named it Brew & Scone.

www.bizreflections.ca

June 13, 2022July 17, 2023

Make A Lasting Impact

What did I learn today as an entrepreneur?

As business owners we drop the ball. As business owners we make mistakes. As business owners we screw up. As business owners our actions and our lack of actions has an impact. I intentionally put a period there after the word impact. Impact – PERIOD. This will not be a light and fluffy, heart-warming blog. This will be as real as it gets from many angles.

Recently I had a client trust me to do certain tasks for them. Without a lengthy list of excuses and reasons – I did not get the said tasks done.

In my mind, this has created a Tsunami.

Tsunami Definition: a long high sea wave caused by an earthquake, submarine landslide, or other disturbance. It can also be an arrival or occurrence of something in overwhelming quantities or amounts.

As business owners, we hear repeatedly the client is always right, and we need to see things from the client’s perspective. From the client’s perspective, it is quite possible my name is mud!

Now, I have not asked how they are feeling about my lack of performance, I have not reached out to take a poll or get the low down on how they are feeling. I have not asked about their frustration level and or anxiety level centered around their expectations being crushed. I have not asked.

Instead, I am assuming, and yes, I know what that word breaks down to be. In my assumptive state I am thinking they will blacklist me; talk to everyone they know about how horrid “I” am. See what I did there? How horrid “I” am rather than how horrid my service was! There is a difference.

So now I sit on an unfinished task, not communicating out of fear and waiting for the wave to hit me and leave me gasping for air. That is what I can articulate on one level. Yes, there are levels to this thing called business ownership. Level 1 completed – I am waiting for the wave.

Level 2 is being played out simultaneously. Level 2 looks something like this! I go to bed every night knowing I didn’t face the ‘task’ or ‘client’ and thinking tomorrow I WILL! I will make this as right as I can! Level 2 includes me waking up every morning carrying the weight of I must get this done and how in the world do I even make this right now?? At this level I find I am equipped with no free hands because they are busy picking up every piece of baggage I can manage to find to carry. The baggage of “I messed up”, “I failed”, “I disappointed someone”, “why do I do this?”, “who is going to do business with me now?”, “screw it”.

Crazy enough the point of this post is: Yes, care for your client and how they feel but, dang it, as a business owner be attentive to how you are feeling and handling things for your own mental peace of mind.

Failure is an event.
Disappointing one is not disappointing all.
Feelings change.
LET IT GO!
Stop carrying it.
Come to a place of peace.
I messed up and own it. I can’t fix it and own it. Move forward and OWN THAT forward movement.

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

June 6, 2022July 17, 2023

What I Wish I Knew When I Started This Journey

Have you just started your entrepreneurial journey? Let me share with you some lessons learned.

I remember it like it was yesterday.

I was attending my first networking event as a new entrepreneur, and on the drive there, I almost talked myself out of going.

Public speaking wasn’t new to me. Before starting my business, I had built an award-winning 15-year career in public relations and corporate communications. I advised, wrote for, and trained managers, senior executives, and politicians on communication.

But this was different. This was me talking about me. I had no idea how challenging that was going to be.

When my turn came to introduce myself and my business, I stumbled through my intro. I felt wholly inadequate as I compared myself to other entrepreneurs in the room. I admired those who appeared confident, clear, and who knew exactly how they served. I wanted to be like them.

That day served as a touchstone moment for me. It showed me how much I needed to learn to believe in myself and I didn’t yet know-how. It provided me with the opportunity to see that entrepreneurship was a journey of becoming – a journey that’s not talked about enough, and one which new entrepreneurs would benefit from learning more about.

You don’t know what you don’t know, right? Here are three lessons that flowed out of that day that I wish all new entrepreneurs knew:

No matter how awesome you were in your 9-5, entrepreneurship is a different beast. I don’t mean to scare you. The reality is in your 9-5 you had a specialized role. In your business especially at the beginning, you’ll wear many hats. Some you’ll master. Others you’ll need help with. You’ll learn. You’ll fail. You’ll get back up and adjust.
You’ll come face-to-face with feelings of inadequacy. “Not enough” and “not worthy” will show up a lot. Avoid believing these stories. A large part of the entrepreneurial journey is learning to let go of self-limiting thoughts and beliefs, and continuously moving forward with purpose.
You’re not alone. I developed relationships with entrepreneurs who were present at my first networking event. We talked about our challenges with growing confidence and learning what it meant to be an entrepreneur. We found comfort knowing we weren’t alone. There are many entrepreneur communities. Find yours and lean into them.

May these lessons serve you as they served me in the brave and fulfilling journey of entrepreneurship.

Submitted By:

Fazeena Haniff | CEO & Leadership Communication Coach | The Conscious Communicator hello@theconsciouscommunicator.ca | www.theconsciouscommunicator.ca

May 27, 2022July 17, 2023

Possessing the Radar For Opportunity

What did I learn today as an entrepreneur?

I learned that not everyone sees there is always a verb before the word opportunity.

Think about that for a minute.

We need to LOOK for opportunities.
We need to CREATE opportunities.
We need to GIVE or be GIVEN opportunities.
We need to TAKE opportunities.
We need to CAPITALIZE on opportunities.
We need to PASS on opportunities.
We need to USE opportunities.
We need to RECOGNIZE opportunities.

I am sure I am missing a few on my list here but I think you get where I am going with this. Opportunity and or opportunities always take work and or action on our part.

The famous Ann Landers wrote, “Opportunities are usually disguised as hard work, so most people don’t recognize them.” Her point has two aspects that ring so true for me. #1 – They are work; and #2 – They are disguised.

Opportunities do not just arrive and materialize into all we hope they will be. They do not self-install or work for us and our businesses, though they do seem to have a mind of their own. For some, opportunities will sit and wait forever – it seems; and for others, opportunities will be there when we are ready to receive them; and yet for still others, opportunities arrive and leave so quickly it is in hindsight that they recognize they were even there.

Another point on opportunities is often “you” don’t see what “I” see. This viewpoint goes two ways. You don’t see what I see for you, and I don’t see what you see for me. What do I mean by that? I believe there are a lot of factors to this point but to me, this says so loudly we should be pointing them out for one another and be open to seeing from one another’s perspective.

Another verb I should have added to the list above is ‘chasing’. I have been guilty of ‘chasing’ an opportunity only to find it is not within my reach and by reach, I mean capability, but yet, I have spun my wheels trying to take something I was not capable of holding onto and working effectively.

Not every opportunity is for us. Hardcore fact! This is my second favorite part of my thought process on opportunities. My first favorite part was the knowledge there is always action associated with opportunities. My second favorite part is we truly need to know where we are going, what we want to accomplish, and what our core goals and values are to determine what opportunities are meant for us! Not every opportunity is for us.

Be willing to do the action/verb for your forward movement and be a team player. Keep an eye out for fellow business owners. I, we, they need your perspective at times and community is so valuable for just that – perspectives around opportunities.

Submitted By:

Cheryl Clark of Clark Strategies | team@clarkstrategies.ca | www.clarkstrategies.ca

December 16, 2020April 8, 2022

Dimensions of Modern Accounting

pensive female worker choosing folder with documents in modern office

Accounting as a discipline has evolved over a period of centuries. In the initial phase, it was thought to be restricted to mere bookkeeping or record-keeping of business transactions. However, gradually the importance of numbers contained in the accounting records of businesses became prominent and experts started generating a variety of reports to assist businesses to make informed decisions. In modern times accounting has thoroughly integrated with information technology to transform itself into a real-time information-based system that serves the needs of a variety of stakeholder groups interested in making an objective assessment of the financial health of a business. However, it is pathetic to know that majority of small businesses still regard accounting as mere bookkeeping and thus they remain oblivion to many of the benefits that modern accounting can render to enable them to make informed decisions.

Since the owner is the primary beneficiary of a business, therefore, it is imperative that he or she must take accounting as an essential support system to monitor the performance of the business from a variety of perspectives. Some of the key dimensions of modern accounting that are ironically ignored by owners of small businesses include the following.

Price setting of your products and services

The majority of small businesses set the prices of their products and services by following a rule of thumb approach or based on gut feeling. However, this is a naïve approach to price setting. Unless a business knows about its costs and their classification into fixed or variable components, a sustainable pricing policy cannot be adopted. Since price is a critical factor in generating sales, therefore, it must be viewed from a strategic or long-term perspective, which is not possible without analyzing the business’s cost structure. A variety of accounting methodologies, such as activity-based costing, marginal costing, absorption costing, and breakeven analysis may be used to determine a realistic pricing policy that ensures long-term growth in sales and profitability.

Proper understanding of profitability and liquidity of a business

For the majority of small businesses, profitability is the key determinant of the success of their business. However, it must be understood that profitability alone is not a guarantee that a business may survive in the long term unless its liquidity or solvency position remains intact. Profitability is the outcome of matching business expenses and receipts, while liquidity focuses on cash generation and the spending capacity of a business. Since cash is the king, therefore, a business with a strong liquidity base is more likely to survive in the long term than a business that merely generates more profits by relying on overtrading.

Knowing about Key Performance Indicators (KPIs) of a business

For many small businesses, the only KPI is the overall profitability of a business. However, if a business is asked how that profitability has arrived, they remain clueless about the factors that are responsible for the profitability or losses of a business. These factors may include classifying business expenses as avoidable and unavoidable, fixed and variable, marginal and incremental; and classifying sales of products and services as profitable and loss-making, stagnant and exponential, retrograde and progressive, etc. By developing and monitoring KPIs that focus on critical factors impacting a business, a successful business strategy may be developed that ensures long-term profitability and growth in the net worth of a business.

Tax impact of capital and revenue expenses:

A proper understating of the tax impact of capital and revenue expenses is vital to arrive at an accurate profitability figure. Many small businesses wrongly classify certain capital expenses as revenue expenses and vice versa. Consequently, the profitability figure may show erratic patterns and the tax liability of a business may be miscalculated.

Real time accounting systems:

Many small businesses keep their record in a conventional manner. However, nowadays many bookkeeping software are available in the market that may be used to develop a real-time-based accounting system that can be connected with spreadsheets for financial analysis.

Submitted by:

Baqar Bhatti LLB, CPA, CMA, CGMA | CEO & Owner of Panacea at Zenith | 289-952-3494 | accountants@pazca.com | www.pazca.com

December 14, 2020February 22, 2023

December: A Critical Month for the Small Business

Entrepreneurship was very important at our home as my parents were entrepreneurs. And despite the rush and hustle that always came with the month of December, it was the month we enjoyed the most. My Dad owned a retail store on a busy street in the city of Beirut. And one of the most memorable times I have for December is when my siblings and I used to alternate to go and help my Dad at the store. That was always the busiest time of the year. Yes, to some businesses it may be a busy month, but to others, it is the slowest time of the year. Whatever season December may mean for any business, it is considered a critical month to many owners and entrepreneurs. Many may not see it as a critical month yet, however, this blog may be an eye-opener to many!

Listen as you read …

Steps To Consider

If December is a high season for the business, get the help it needs to meet customer requirements. However, if it is a slow season and has a decline in sales, it does not mean that time spent on planning and doing admin work gets undervalued. Here is a list of tasks that can be done in December to prepare the business for a successful year ahead.

Evaluate:

Evaluate the calendar year not only in terms of sales but also in terms of operations and customer relations. Review business practices and learn from mistakes done. Take another look at the marketing strategy and determine what has worked best in creating visibility for the brand. Evaluate what was done to increase following. Review sales reports and try to follow patterns for growth. Research the achievements of competitors and learn from them.

Reach out:

Use slow times to reach out to customers and check on them. Send season’s greetings that reflect sincere wishes and promises for future work relationships. Send out a newsletter with wishes for a successful new year. Assure customers that your business will always be there for them when they need it. Reaching out to current customers is very important to increasing customer retention. Use the season as an opportunity to establish contact with customers, leads, and everyone on the mailing list.

Plan:

Yes, December is the time to plan for the new year. Write your vision and set business objectives. Break them into goals and set timelines. Research business and marketing trends. Sketch out a marketing plan so the business stays ahead in brand visibility.

Get Organized:

Prepare for January/February income tax filing. Catch up on administrative work. Follow up with the accountant in order to complete income tax filing in a timely manner.

If December is not the busiest season for your business industry, it doesn’t mean it’s a slow month. It’s up to the business owner to use it wisely and make it a time to prepare for a successful year ahead.

Thank you for taking the time to read this blog post! You may follow BizReflections blog for future business related posts and updates. (FOLLOW button in sidebar). I would also like to invite you to subscribe to BizReflections YouTube channel. Our channel is a collection of business videos that equip small business owners for growth.

November 4, 2019April 9, 2022