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Jeremy Pastel arrived in Canada with just $20 in his pockets. Now, he runs multiple companies, and has authored a book about business. Here’s his tips for aspiring entrepreneurs.
“Epic things start with small humble steps”
Growing up in France, Jeremy Pastel started his first business venture as a young boy – cutting lawns in the neighbourhood and then selling ice cream at a stall. Later, while living in Martinique, he worked for a Caribbean Telecommunication Company. Then back in 2008, after completing a degree, he moved to Quebec.
“My vision here was very clear: to start a cloud-based business telephone company and become a leader in my field,” he said. “In entrepreneurship, especially in North America, it’s important to be very adaptable and look for the “least /worst” alternative, and do it quickly.”
This was no mean feat given Jeremy arrived in Canada with precious little money but in his favour he had a plan:
– Be credible
– Repurpose and adapt to new conditions
– Reinvent yourself
Jeremy went on to be founder of VoxSun telecommunications and a marketing company. Now, he’s a public speaker, the host of a business program on Caribbean and European TV networks and he wrote “How to Hit it Big in Business”.
To prosper as an entrepreneur, you must first choose your starting point. It is of vital importance to choose the location of your business carefully and survey the area before the first brick is put in place.
First and foremost, this new locale should be geographically situated to help you advance rapidly. You need to ask yourself the right questions: what kind of neighbourhood should I move to? What kind of neighbours do I want? Can I optimize my effectiveness and efficiency in this location? If funds are too limited, pick a location as close as possible to your ideal one, and work hard to move to your target location as soon as possible.
Always think a few steps ahead and try to adapt to your surroundings. Also, make room for potential growth, you never know what tomorrow will bring.
Getting the necessary funds to start a business is essential, never “bite more than you can chew”. By building your credit score, you can secure lots of necessary resources for a long time to come.
The first step for those of you already living here is to manage your finances by taking control of your debt ratio. For those of you who have just arrived, you must initially obtain your first credit card and follow the rules of good credit management.”
Manage your finances wisely, pay your bills (especially the phone bill), taxes, credit loans, and fines on time, avoid changing jobs or addresses too often, and always have a bank account or a credit card.
Having a reliable business partner is another thing that every entrepreneur should think about. Make sure that your family supports your vision, it is vital for your success, but also make sure that you surround yourself with people who share your ideas and your standards of excellence. After all, “bad company breeds bad character”, and that applies to business just as well.
– Buying back shares is essential. A buyback will increase share prices and provide you with something that you can later use to your advantage. Therefore, watch the stock market carefully and seize the momentum when the time is right.
– Always be ready for unforeseen obstacles. No matter how prosperous your business is at the moment, always have a backup plan.
– Professional liability insurance. Avoid putting your business at risk from a professional error made by you or your employees. To err is human, but to fix a problem on time is the work of a professional.
– Business interruption insurance. When some unforeseen events damage your business, you might feel like you are alone in the whole world. To successfully manage “the damage control”, always make sure that you have enough savings at your disposal. Also, getting an insurance policy on time is a smart thing to do to prevent such a disaster.
“With all these tips in mind, you are good to go”
Define your dreams, and make sure that you choose the type of business that you can be 100% dedicated to. Don’t be afraid to ask for help, but always strive to make your company as self-sustaining as possible. Don’t rush, have plans, and work carefully towards them. Finally, remember not to be afraid to seize the momentum when you see the right opportunity for doing so.