Having gone through the QICSI 2019 program this summer, I’ve had the unique opportunity to start a business. While I’ve chosen not to continue with this business moving forward, the experience has left me with many critical learnings and takeaways.
The most important thing I’ve learned has been to have confidence in myself and my capabilities.
Midway through the program, I realized that I had been setting a lot of mental barriers for myself when it came to having a business. I would tell myself that I needed more money, that I didn’t know enough, or that it wasn’t the right time for me to start a business.
Something that this summer program has taught me is that when you really dig into those barriers, they either don’t exist or can be easily overcome.
Don’t have the money? Do a couple of things. Figure out how you can start your business using… less money. Find a way to pre-sell products to add value (checkout Airbnb and Away Luggage strategies). Look for grants and research programs such as SREDS and pitch competitions.
Don’t know enough? No one does. One of the most important things is to have faith in your ability to learn things quickly. My business involved working with craft breweries and spent grain. I knew nothing about either. I quickly got up to speed reading articles and research.
Other ways that I found could quickly accelerate my learning were making sure I had a multi-disciplinary team that complemented my own skills, making sure to ask questions frequently and early, and making sure to… talk to people. It’s impossible to build a business in a silo. You can learn exponentially quicker by finding the right mentors or customers to talk to. There’s a lot of information that is not easy to Google, and the only way to unlock it is to talk to people.
Not the right time to start a business? It will never be the perfect time. It’s easy for us to make excuses, whether they are financial or otherwise. My perspective is that you really set the criteria for yourself on when the right time is. I would make the argument that as a student, it will likely never be easier than now.
Getting even older comes with even more obligations. You have the typical ideas of having a mortgage and kids. Other concerns that I’ve thought about are golden handcuffs and inertia from a cushy career. Why delay?
Grateful for the Opportunity
I had so many reservations about taking an opportunity like QICSI, where I had to work for myself. I don’t have any brand name on my resume. I got paid less than I would have in Toronto. I missed out on friends for an entire summer.
But I have no regrets.
Moving forward, I have confidence in my ability to start a business. To me, that is priceless.