Self-employment
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A WORD FROM THE BATTLE-HARDENED
Even with institutional support, entrepreneurship is not for everyone. Centech financial management advisor Philippe Jacome cautions that, because first engineering jobs often pay well, “it isn't always easy to sacrifice that to start your own company.” For Psinas, finding complementary partners is as important as making sure you fit an entrepreneurial profile: “It's usually not the crazy inventor who does it. It's the guy who can manage costs. You need a creative guy … and a partner who's more balanced.”Electrical engineering major Bruno Morency, one of the first graduates of McGill's MTE program in 2001, launched a Web-based document-management firm called Dooz Technologies, which developed a valuable software package that he subsequently sold off to a larger interest. He advises: “Do not underestimate the effort it will take to make sales. If there is no cash coming in, it's called a hobby, not a business.”
Psinas adds two points about keeping your business in the black. First, don't spend money for nothing. A new laptop and nice suits will not win clients without the right product. Second, don't give up your day job if you don't need to. It may take a year to turn a profit and, in the meantime, the inability to go out or pay bills will compound your stress.
Networking is vital. It not only lets you find clients, but it also tells you how to adjust your product. For his next start-up, Morency looks forward to putting his product in the hands of potential clients much earlier than he did the first time around. Psinas urges patience, however, about seeing your network boost sales: “Most big companies or institutions will look at you and say, 'He could disappear in a few months. Let's see if he hangs around.'”
THE SWEET SMELL OF SUCCESS… AND FAILURE?
Morency suggests anticipating some failure. If you truly want this risk, he says, “enjoy it, and make sure you learn as much as possible and meet lots of people, because experience and contacts are the only valuable things left when a business venture fails.” One of your key contacts should be a mentor — perhaps a teacher or older businessperson — to advise you in good times and bad. When your company does well, the reward will be exhilarating. Psinas says: “Small companies end up being an expression of your personality, which is very gratifying if you like to build things. All the hard work you put in comes back to you.” At À la Fût, the partners have found the balance they need: Dumais deals with business development while two others look after the tasting room and R&D, and a fourth partner with a business degree takes care of finances. Dumais revels in the life he has made: “Every day is different. Each day when you wake up, anything can happen. It's incredible.”Did you know?
Bruno Morency still keeps a PDF of five business tips given to him by his MTE professor, Dr. Michael Avedesian, which Avedesian gleaned from his long experience in industry:
1. Sales and cash flow are more important than you think.
2. Network! Be seen and be known; see and know.
3. Define what you want. Assess and leverage strengths; assess and address weaknesses.
4. Don't be afraid to fail.
5. Be prepared for hard times.
How many hours a week do you work?