Garage mentoring at Invest Ottawa

Posted: July 5, 2013 in Business startup
Tags: ,

Yesterday I had the privilege and opportunity to participate in a “garage mentoring” session with a couple of Ottawa and area start ups. The two businesses that presented themselves were varied but have potential. They haven’t started active operations but have products for their markets.

The presenters were passionate and ambitious. The one shortcoming was their lack of understanding of their market. This is not a criticism just an observation. I was fortunate to be with a marketing consultant and he offered suggestions for the entrepreneurs to find their market niches.

The entrepreneurs who are behind both of these businesses are working on their business plans. It has been my experience with numerous local businesses that an understanding of a market is critical to the success of a business venture. Once you understand your market then you can direct your selling efforts to generate revenue.

I am an accountant by profession. However I advised these entrepreneurs to find their target markets and customers and establish a pricing strategy – then I can help them with the financial forecasts.

It was a great session. It is nice to see that entrepreneurship is thriving in Ottawa.

 

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