Beyond grit and big ambition, Futurpreneur-supported small business owners have a secret edge: a dedicated mentor, along with loan financing and resources.
It’s a multi-billion-dollar question. Small- and medium-sized businesses generate the lion’s share of Canada’s GDP, employ the most people in our country and are the engines of prosperity in our communities. Canada’s future depends on their success. So, how can we boost their survival rate, especially in today’s uncertain economy?
“There’s no magic bullet,” says Karen Greve Young, CEO of the national non-profit Futurpreneur, which helps aspiring entrepreneurs ages 18–39 to start or buy a business. “But after working with thousands of young entrepreneurs across Canada, it’s clear that one unique part of our offering has a huge impact on founders’ success: mentorship.”
Futurpreneur’s proven model: loan financing with mentorship
Since 1996, Futurpreneur has supported more than 20,000 entrepreneurs in launching over 15,600 businesses spanning every province and territory. New data shows that 80 per cent of Futurpreneur-supported businesses are still operating beyond the critical five-year mark — a survival rate 27 per cent higher than the national average.
Greve Young attributes this high success rate to her organization’s distinct combo: loan financing with mentorship. “Entrepreneurs can have all the ingredients necessary for success — a solid business plan, financing and, of course, steadfast determination — and yet still not make it, especially if they’re young and just starting out,” she says. “Today’s market is crowded, and competition is fierce. I think Futurpreneur’s volunteer mentors give our entrepreneurs a real edge in succeeding despite these challenges.”
Today’s market is crowded, and competition is fierce. I think Futurpreneur’s volunteer mentors give our entrepreneurs a real edge in succeeding despite these challenges.
Small commitment, massive impact
That’s because Futurpreneur’s 2,200-plus volunteer mentors are themselves experienced entrepreneurs and senior business leaders.
They come from all industries and backgrounds, drawing on their many career lessons learned to counsel young entrepreneurs on everything from sales and marketing to business development and expansion. With a commitment of only two to four hours a month for up to two years, they offer incredible business impact for a relatively small investment of time.
Beyond advice, mentors also offer critical network connections, help entrepreneurs navigate complex systems and support their work with suppliers. Most importantly, they offer a calm sounding board when their mentees are facing doubts.
“Let’s face it, we’ve all been there and wished we had someone to ask whether we should take that risk or make that decision,” says Sherri Carlson, a Futurpreneur volunteer mentor since May 2019. “Futurpreneur has given me the chance to be the mentor I wish I’d had.”
Carlson says she’s advised 10 mentees over the years and is thrilled whenever she sees her advice pay off. “What could be more gratifying than knowing you helped someone build a business that employs people, generates income and supports families?” she says. “We need more made-in-Canada businesses like these.”
Carlson also acknowledges it’s a win for her, too. She’s learned new skills in mentorship, honed her communication skills and expanded her professional network by connecting with Futurpreneur’s other volunteer mentors.
Made-in-Canada businesses are making Canada stronger
If a recent RBC poll is any indication, the demand for Futurpreneur’s mentorship with loan financing is set to grow even further. The annual RBC Small Business Poll found that 59 per cent of Canadians now aspire to own a business, a new peak for this country.
According to the poll, eight in 10 Canadians believe small business ownership is a viable way to earn a living, and Futurpreneur is ready to help make that happen, whether it’s by helping entrepreneurs start a new business or buy an existing business.
“Entrepreneurship has always been firmly embedded in the Canadian psyche, and recent global events have lit a new fire under Canada’s aspiring entrepreneurs,” says Greve Young. “The companies we’ve supported already contribute $9.4 billion annually to Canada’s GDP. As more young Canadians look to build their future by building — or buying — local businesses, that figure is only going to go up.”
The good news is that all Canadians can contribute to this important movement, even if they aren’t entrepreneurs or mentors themselves. As more Canadians choose to buy Canadian, their actions drive economic prosperity for all — just when it matters most.
Futurpreneur provides young entrepreneurs with loan financing up to $75,000 to start or buy a business, plus up to two years of one-on-one mentorship.
Interested in becoming a mentor? Visit futurpreneur.ca/en/be-the-mentor-you-wish-you-had/ to learn more.
