What is a Monte Carlo simulation?

Monte Carlo techniques were developed during World War II. To create atomic weapons, complex mathematics related to probability distributions were used. Several decades later this technology was refined and is now used by the largest corporations and institutions in the world for different purposes.

The 21st century business environment is complex and rapidly changing. To succeed requires a ‘telescope and microscope’ approach: seeing the big picture but also being able to zoom-in on small details when needed. Monte Carlo simulations can provide business with sophisticated tools to master business planning, and maximize profitability.

Taking its name from the world-renowned casino town in Monaco, Monte Carlo is not a product. It is a collection of techniques that allows businesses to view all possible outcomes of a venture through statistical simulations.

Casinos, being filled with games of chance, were an excellent application of the mathematics for modelling and assessing uncertainty in the outcomes of these games. Monte Carlo simulations work by creating thousands – sometimes millions – of trials and seeing the outcomes that emerge from them. This is in contrast to an earlier and simpler method that required very restrictive and often unrealistic assumptions on its input parameters.

An everyday example

As an example, consider the time it takes for a car to travel between two cities. The model would have two inputs: the weather and time-of-day (peak and off-peak demand). In addition to these variables, two other parameters are distance and average speed. For the weather variable, a probability distribution of various weather states (rain, snow, fog, clear skies) and for traffic, its own probability distribution (low, medium, high traffic).

Generation of these probability distributions stem from historical data and/or objective expert measures – meteorologist and civil engineers. Combining all these inputs, Monte Carlo simulations generates a range of travel times and the corresponding likelihood of each time between the cities.

A Monte Carlo simulation would run through various scenarios covering all the different cases. For example, one case would be rainy weather and high traffic. Another case would be rainy weather and medium-level traffic. The travel time from these outcomes and the probability would then be computed.

All this information culminates in a full spectrum of possibilities for the decision-maker, and any one of these scenarios can be analyzed more closely. For example, observing the combination of holiday season and weather may produce unusual results and require closer investigation by the model design team.

Monte Carlo and the bottom line

There are many innovative uses of Monte Carlo simulations to generate additional revenue and differentiate products in the market. As an example, we developed an application that featured Monte Carlo analysis for a U.S. health insurance client to improve the effectiveness of their customer’s health coverage.

The client sells insurance products such as critical illness, long-term disability, medical, dental, and vision coverage through their agent network. One of the most important concerns for critical care coverage is the risk of personal bankruptcy in the event of a sustained medical condition. A customer will have a budget in mind but won’t know how much insurance they need to manage their risk.

The application we developed asks simple questions from the customer such as their age, weight, smoking history and other health factors. They also provide their current budget and expenditures with each insurance coverage area.

A Monte Carlo simulation can be run that simulates thousands of possible probabilities and paths to determine the potential health outcomes and the associated costs depending on different levels of coverage, to determine their risk of bankruptcy. The customer gets an easy-to-understand report that shows them the risks of their current product mix and suggests ways to optimize or increase their coverage to minimize potential financial hardship, resulting in increased revenues and lower risks for the insurer.

Although it requires millions of calculations, this simulation can be completed in just a few seconds. Just a few years ago, this type of system would be too costly to implement, but with the advent of Cloud Computing platforms, such as Amazon Web Services or Microsoft Azure, high-performance servers can be accessed nearly instantly and the calculations can be completed quickly with low cost.

Monte Carlo: the ‘Cook Book’ approach

Consider the following scenarios:

• A change in minimum wage
• A change in corporate tax rate
• A change in depreciation or accounting rules
• A disruption to your supplier network

Consider the familiar adage, ‘failure to plan is planning to fail.’ Any of the above scenarios could happen and understanding the full impact on your operations will be imperative to your success. Risk management for small and medium-sized (SMEs) business does not need to be guesswork. Monte Carlo simulations provide a scientific approach which has been proven useful to many organizations.

While modelling complex situations may require outside expertise, SMEs can use common office programs like Microsoft Excel and the widely available @Risk application to add structure to their risk-management.

The first step is to identify what key variables affect a risky situation. Next, consider the likely values that these variables could take. Formally, in statistics, this is called a probability distribution. Some examples of distributions are below:

The final step is to have a program calculate all the different combinations the variables can take and the interaction of these different combinations across variables.

As part of ongoing human capital growth, SME executives should explore the benefits of adding Monte Carlo simulations to their business planning.

The post Why SMEs should consider Monte Carlo simulations for business planning appeared first on Trade Ready.

One of the perks of a career in business is travelling to attend conferences, meet clients or form new partnerships. These trips can open up a world of opportunities for your work, but they can also be stressful if not well planned. Having travelled extensively for business and pleasure for over 20 years, I’ve learned a few things that have made these trips more productive and enjoyable. Rather than learn the hard way, here are five essential hacks especially for women travelling internationally on business.

1. Keep Calm and Carry-on

Travelling for business can be quite hectic. If I had a dime for every time I had to go directly from the airport to a meeting, I would have at least five dollars by now! Even if you do have time to check into your hotel before the games begin, why would you want to prolong your time in the airport? Even worse is being delayed by late or missing luggage. And if your power suit is in your checked suitcase, your next meeting might feel more stressful than it has to. For these reasons, I highly recommend that you don’t check any luggage unless your trip’s duration is more than a week.

Carry-on and hit the ground running, with your rolling suitcase behind you as you get to the front of the taxi line. It’s a real confidence boost, which is great for business.

2. Don’t Look Strange in a Strange Land

50 countries and five continents later, I’ve been fortunate to have experienced a diverse range of cultures and traditions. As a Canadian, I understand how we pride ourselves on our stance regarding diversity. We’ve also come a long way toward gender equality, as opposed to many other countries. When travelling, it can sometimes slip one’s mind that our choice of apparel or how we carry ourselves in our own country may not be appropriate in others.

If your business trip is to a far-off land with different customs and beliefs, I suggest you do a bit of research to see whether what you intend to pack would pass muster where you are going. In many places, women wearing low necklines or sporting bare shoulders and knees can be seen as offensive to locals. Whatever your stance on personal freedom, when travelling abroad, we have a responsibility to show respect for cultural differences.

3. The Life-Changing Magic of Tidying Your Luggage

Fun fact: the 80/20 rule that we apply in business also applies to our wardrobe. That’s right, we only wear 20% of what is hanging in our closets, and luggage is no different. Most people are chronic over-packers but if you stick to your favourite neutral professional outfits that are interchangeable with black or beige footwear, you will truly be amazed at how little you need to bring with you.

To make use of all the space in your carry-on, many savvy travellers use packing cubes  – magical nylon zip bags that you can fill with a staggering amount of stuff. These cubes will change your travel life, trust me. Just be sure to weigh your suitcase before you go to the airport to make sure it doesn’t exceed your airline’s weight restrictions.

4. Bleisure is the New Black

While the vast majority of business travel for North Americans is domestic, international business trips have been steadily on the rise since the 2008 economic downturn. Not surprisingly, people travelling for business abroad are extremely likely to tack on some vacation time to their international trip. In fact, Expedia Group reported that this was the case about 80% of the time last year for American business travellers.

Whether you are preparing for a trip near or far, know that adding some leisure time to your itinerary is worth considering, since Bleisure has become all the rage. For women travelling alone, this may sound daunting, but there are lots of ways to explore if you don’t feel comfortable going solo – join a walking tour, sign up for a local cooking class, or become a member of a global expat organization like InterNations , where there are a wide variety of group activities to choose from.

5. Don’t Spare the Self-Care

Women are well known for putting their time and health at the bottom of their priority list. Business trips only exacerbate this bad habit, so make sure you have a plan to fit self-care into your itinerary. The healthier and more well-rested you are, the more effective you will be in your work while on the road.

The major travel self-care items I see getting lost in transit for women are hydrating (with water not wine), eating a good breakfast and taking me-time. Bring a water bottle and use it regularly, make sure to eat a healthy breakfast and get as many greens in your meals as you possibly can. Although it can be fun to go out exploring in the evenings if you have the time, try to spend at least one night of your stay relaxing in quiet me-time.

Business trips can be exciting, intellectually stimulating and open up a wide world of opportunities. But not planning in advance can make them more stressful than they need to be. With these five travel hacks for women in business, you’ll be on the path to a calmer and more productive trip.

The post 5 Travel hacks for women in international business appeared first on Trade Ready.

Starting or growing your own business is tough. For women, there are even more challenges that come into play. The numbers tell the story about the challenges women entrepreneurs and women-led businesses face.

• Approximately 16% of small and medium-sized enterprises in Canada are majority women-owned
• Only 10% of high-growth firms are owned by women
• Globally, women are less likely to be entrepreneurs and face more disadvantages starting businesses: In 40% of economies, women’s early stage entrepreneurial activity is half or less than half of that of men’s.

And yet, awareness is growing that when women succeed, everyone succeeds. It’s estimated that promoting gender equality could add $150 billion to Canada’s GDP.

Now is a good time to focus on supporting the advancement of women in business

With a growing understanding across the globe that a balanced world is a better world, International Women’s Day 2019 generated new heights of conversation, inspiration and celebration. We decided to join the conversation and asked ourselves, how do we advance the success of women-led business and women’s entrepreneurship?

One way is by helping others, of course. So we challenged a panel of successful women entrepreneurs and women in business to answer your questions in this month’s live #TradeElite Twitter chat, Ask a Woman Entrepreneur Anything!

The result? Lots of useful business advice, interesting insights and inspiration! Highlights of the chat are below, and you can scroll through the #TradeElite hashtag to follow the entire chat.

What are some of the biggest mistakes new entrepreneurs make?

A1. Not having a support network & thinking they have to tackle everything on their own.
1) it increases your risk of burn out / biz failure
2) you create risk by not reaching out to experts
3) it’s inefficient #TradeElite

— audrey ross citp|fibp (@tresAudrey) March 8, 2019

• Common mistakes: not researching properly and understanding the target market, its size, trends, customer habits, competition. Also not being specific in the entrepreneurs’ value proposition and the distinctive benefits and gaps you are trying to solve/address.
• Not understanding the market or need, insufficient market research, an unclear value proposition, not having enough capital to start, launching too early, trying to do too much alone (burnout/anxiety)

• A1 Not listening, we don’t know everything and aren’t good at everything…we need to really listen – to the market, to the entrepreneurs that came before us and most importantly to ourselves and our gut #believeinyou #TradeElite #IWD2019

  — Sarah Barnes (@bevictoryus) March 8, 2019

Top tip

A1. One of the biggest mistakes is not validating their idea. Are you sure people want it and someone is willing to pay for it (Your consumer may not be the one paying) #TradeElite #IWD2019 #BalanceforBetter

— Janelle Hinds (@MobileAppQueen) March 8, 2019

How do I know if I’m ready to start a business?

A2 thats a great question! The answer is you don’t until you try, being an entrepreneur & starting a biz is hardwork and hustle without a steady paycheck. You need to be committed & in the hard times willing to go without a pay check so others will get paid #TradeElite #IWD2019

— Sarah Barnes (@bevictoryus) March 8, 2019

• If you have something to sell or a problem to solve and know how to price it, you are ready.  Starting a business is not hard, maintaining it might be, and it takes resilience.
• The best business ideas happen in the convergence of events/things, when it aligns with your passion – that keeps you moving through the tough times.

Top tip

Starting as a side hustle and testing the market is a GREAT IDEA! #tradeelite #IWD2019 https://t.co/zTiVAaDtqc

— Sarah Barnes (@bevictoryus) March 8, 2019

Can you start a business with less than $10K?

A3 I think anything is possible, but it depends on what kind of business you are starting. If you need a prototype that may or may not be enough, piece of advice: don’t invest in a lot of product until you have sales #truth #tradeelite #Entrepreneurship

— Sarah Barnes (@bevictoryus) March 8, 2019

• There is not a fixed amount to open a business. It all depends on your product or service. You can sell online with hardly any start-up costs.
• It depends on what the business is and what the start-up costs are. It’s definitely possible. Always good to check out what grants and financing options are available. There’s also crowdfunding which tends to show higher success rates for women entrepreneurs.
• One of the key discouragements for women is they know they don’t fit the traditional finance model and think they can’t get started until they do. Banks don’t always know best.
• Some lenders that will match what the entrepreneur puts in, so check that out before you go spending. A side note on grants is that most want to see revenue or companies to have already been in business for 1 year.

A3) Based on what we know, a challenge for women entrepreneurs is awareness/access to financing.They tend to self finance through personal debts. But there are many specific funds at banks, venture capital, @ExportDevCanada initiatives for women! Knock on those doors! #tradeElite

— Tam Jumelle (@TamJumelle) March 8, 2019

Top tip

Exactly! There are a lot of options outside of traditional financing and a lot of accelerator programs and funds specifically for Female founded businesses, look at all options from the beginning #TradeElite

— Sarah Barnes (@bevictoryus) March 8, 2019

What’s the best way to build industry contacts?

A4 Network, Network, Network! Either in person or online using LinkedIn. Make it about them and not about you, how can you bring value to them? Tips for Linkedin: send a note with a connection request #tradeelite

— Sarah Barnes (@bevictoryus) March 8, 2019

• Attending industry events and later on connecting in social media with those new contacts is a great way to expand your industry contacts.
• Network. Use Meetup, Eventbrite, Twitter and Facebook to look for events. Join groups and follow people. They will share other events you may be interested in.

A4. Social Media gives you reach. Find your village ie #tradeelite (use hashtags & follow interesting peeps). Related industry events. face to face networking. Work on non-profit boards. Support others & build relationships! #TradeElite #IWD2019 #BalanceforBetter

— audrey ross citp|fibp (@tresAudrey) March 8, 2019

• Export Development Canada has contacts in many industries in Canada and around the world and can help with business connections. Organizations like OWIT and the Trade Commissioner Service are also great resources.
• OWIT International has many chapters worldwide, and puts on great events. They are volunteers in the industry all committed to helping other women meet other women, set up deals, and actually do business with each other.

Look to organizations in your area, such as @AWEbusiness @ExportDevCanada @BusinessLinkAB (pls add others). They’re a great connection point. Your banker is also a good person to talk to for intros. Also suggest professional associations, trade shows & social groups. #tradeelite

— A Girl’s Biz Banker (@shannonpestun) March 8, 2019

• Chamber of commerce or sector-specific events, social media, LinkedIn, targeted networking, alumni associations, and community business groups are just some examples.

Top tip

A4) Research and Network! There is a community out there, looking for contacts! Leveraging social media, attending business association events, a targeted Google search…and even looking at who your competitors are talking to… #tradeElite

— Tam Jumelle (@TamJumelle) March 8, 2019

As a new entrepreneur, should I look for a mentor?

• Mentors are important but you really need to know the value you that you will bring to them and show that value before you ask. The people you might be reaching out to could get asked a lot, so be mindful of their time.
• Mentorship has evolved, you won’t have 1 mentor. Build relationships and learn from the experience of others. Find someone you can ask for specific questions.

Absolutely! Your community is likely filled with volunteer mentors. You will be suprised how much assistance is availble, you just have to ask. #tradeelite pic.twitter.com/JSA1nE1lxF

— PFB (@PFB6) March 8, 2019

• In whatever we do, it takes a village. And in business, the same goes! A mentor can help with asking the right questions, guiding your thinking, preparing you and introducing you to key contacts!

Top tip

A5: Being an entrepreneur can be a lonely journey. Having mentors, role models & a support network is critical. Think of it as: who’s on your 411 & 911 business speed dial? (warning: people who love you aren’t always your best advisors) #IWD2019 #TradeElite #womenentrepreneurs

— A Girl’s Biz Banker (@shannonpestun) March 8, 2019

What’s the best advice you’ve ever been given?

A6 You don’t need to know everything to get started and its ok to make mistakes, just learn from them. My Fav quote: Life is lived forward & understood backwards – you may not know why its happening now but trust and it will all make sense #tradeelite

— Sarah Barnes (@bevictoryus) March 8, 2019

 

“You never loose! You win or you learn.” Do not be afraid to try. You can never loose when learning. #TradeElite Best biz education ever CITP, https://t.co/h2aZcOfZ4Q

— PFB (@PFB6) March 8, 2019

Top tip 

A6. Learn but don’t get stuck in your mistakes, move forward.
Don’t burn bridges because you never know when you will meet that person again!
#tradeelite

— audrey ross citp|fibp (@tresAudrey) March 8, 2019

Meet the panelists

Sarah Barnes-Humphrey, CITP|FIBP (@bevictoryus) is the CEO of Shipz Inc, as well as founder and host of the “Let’s Talk Supply Chain” podcast. Sarah stands at the forefront of international trade with expertise in the global logistics industry, and has worked with the private sector to build, develop and increase efficiencies in their supply chains.  In 2018, Sarah was named one of the Top 100 Influential Women in Canadian Supply Chain.

Audrey Ross, CITP (@tresaudrey) is an expert on global shipping, supply chain operations, customs compliance, free trade agreements and international tax at Orchard Custom Beauty, Audrey elegantly translates mundane details into beautiful results. With more than a decade of experience in a privately held global business based in Canada, she is often asked to contribute as a subject matter expert to interviews, white papers and event panels. Audrey is the Board Member for Social Media & Communications for Fashion Group International Toronto.

Pernille Fischer Boulter, CITP (@pfb6): As the founder, President and CEO of her own company, Kisserup International Trade Roots, Pernille’s trajectory to the heights of global business success has been a fascinating one.  From landed immigrant to entrepreneur and community leader, Pernille has built not only a company but a legacy over the past 25 years, having worked on projects in over 90 countries and six continents in over 25 sectors.

It would be impossible to name all of the companies, individuals, development organizations, non-profits and communities Pernille and her Kisserup teams have influenced and impacted through her work worldwide. Through her work with SMEs, charities and mentorships she has made a difference in people’s personal and professional lives, just as she always dreamed of doing from a young age.

Shannon Pestun (@shannonpestun): As the Director of Women’s Entrepreneurship with ATB, Shannon is an advocate for women, passionately working to advance the success of female entrepreneurs in Alberta and help them overcome the barriers that stand in their way of starting or growing their business.  “​For many women entrepreneurs, banks are seen as a barrier, instead of a catalyst to success and we want to change that,” she says. “​ATB is committed to listening and understanding the barriers women are facing and reimagining how we can change their banking experience​”.

Shannon is at the forefront of that change, creating more opportunities for women entrepreneurs, not only by influencing how financial institutions serve the needs of their female customers, but also as an active mentor and business advisor.

Tamaïka Jumelle (@TamJumelle) is the Program Manager, Trade Acceleration Programs at Export Development Canada (EDC). She manages EDC’s participation in governmental and private sector initiatives aimed at supporting high-potential firms. Since joining EDC in 2014, Ms. Jumelle worked as a Public Affairs Advisor as well as a Trade Advisor where she recommended financial solutions to Canadian exporting firms.

Ms. Jumelle was previously a private consultant, providing recommendations on international strategy and investments, and developing legal viability studies for Canadian companies seeking to invest abroad. She started her career at the Québec Government office in Paris and later took on the role of Trade Commissioner at the Embassy of Canada in Paris.

The post #TradeElite chat recap: Women entrepreneurs share their secrets of success appeared first on Trade Ready.

What kind of networks are out there that can help a small business? Should I look for a mentor? Do I really need a website or social media to grow my business?

These are just some of the many questions that anyone trying to start or grow a business will face. Growing a business is tough. For good reason, the word ‘entrepreneur’ conjures up visions of long hours, sleepless nights, and risk. Understandably, not everyone may be ready for entrepreneurship.

For women who are starting, growing or running a business, you can add even more challenges to the mix. Access to financial capital, information, support and networks tend to be the primary barriers faced by women entrepreneurs.

Financing your business

When it comes to financing their business, studies show that women entrepreneurs are more likely to face obstacles in receiving traditional funding or venture capital and tend to receive less money.

Finance may be the single most important aspect that will affect the viability of running or growing your business. That’s why small business advisors strongly recommend that you boost your financial literacy. Take a course, do your research, inform yourself, ask for help and know when to call in the experts.

Beyond traditional financing, there are many more options than ever before, such as angel investors or crowdfunding, and new business investment funding models. Do your research and talk to people. Consider all the options that may be open to you.

If you’re planning for growth from going global with your business, consider this advice from global trade bankers:

1. A strong relationship with your bank and a good solid deal team that understands your business is key when navigating some more complex types of business growth, like going global. Laying the foundation of this relationship as early as possible will only help.
2. Most experts recommend making connections with your financial institution, and building a relationship, even if you aren’t quite ready to start. It’s so much better to build that relationship early. That way your banker can help you get ready for exporting and all that goes with it. Planning is so important when it comes to going global with your business.
3. Talk to your banker. They are connected with agencies such as Export Development Canada. Your banker can help you formulate your plan and test for readiness, explore payment options when dealing in different markets and provide you with risk mitigation tools.

How women can secure more access to resources such as mentoring, networking and skills building

Connect with people, ideas, initiatives and organizations you admire and want to work with in your local community and around the world. Find a mentor. Identify a role model and build a community around you.

Network through business associations, or become a member of a trade association like OWIT (Organization of Women in International Trade) and I.E. Canada (The Canadian Association of Importers and Exporters).  Membership in a global network like OWIT can help you develop contacts, educate yourself and keep up to date. Establishing connections with other women entrepreneurs opens doors to new networks, opportunities and learning.

Also consider taking on leadership roles in organizations that assist in both building your network and skills and providing resources such as experts to consult.

Follow entrepreneurs like Michele Romanow, Nicole Verkindt, or Vicki Saunders to get inspired and further develop your entrepreneurial mindset. If you’re circling around the idea of a new business venture but it’s not going anywhere, maybe you need to step back and get some perspective. To paraphrase Michele,  you need to start before you have all the answers or the perfect product. Don’t hide away until it’s perfect – either someone will get the idea out, or you miss out on collaborating. In other words, don’t second guess yourself into never starting. Start by taking any small action to get the ball rolling.

Take advantage of free tools like the business start-up checklist from Innovation, Science and Economic Development Canada. They offer lots of information, ranging from starting a business and financing, through to growing your business and also list a wide range of networks and business support organizations across Canada.

What’s encouraging is that there are numerous resources available to women-led businesses – and to make it easier we’ve put together a list to get you going.

Resources, advice and networks

Export Development Canada

Export Development Canada can provide knowledge, information and assistance with going global. They can help you take your business to new markets with financing, risk managing strategies, business advice and even connection opportunities.

Business Women in International Trade (BWIT)

The BWIT Program, which is part of the Trade Commissioner Service, provides products and services to help women entrepreneurs internationalize. They offer a variety of resources including publications, research and training opportunities. Best of all, BWIT’s services are FREE! Get help navigating the complexities of international markets regardless of the size of your business. Check out the step-by-step guide to exporting.

The BWIT website funding page lists resources specifically targeted to women-entrepreneurs looking to expand globally.

BWIT also offers a list of networks and associations for business women across Canada and world-wide.

Trade Commissioner Service (TCS)

The Trade Commissioner Service (TCS) helps companies navigate international markets. Canadian trade commissioners are located in more than 160 cities worldwide, and can provide you with key business insights and access to a network of international contacts.

The services of the TCS are free. They have hands-on knowledge that comes from helping thousands of companies each year tackle concrete problems and pursue opportunities in foreign markets.

Trade commissioners will help you evaluate your potential. They will discuss your competition, entry strategies and your company’s HR capacity. They will look at your capacity to fill large orders and manage long-term growth.

Trade commissioners will identify risks and challenges you might encounter. If you have a new opportunity in a challenging market, they will walk you through scenarios related to payment, taxation, visas and personal security.

Their website provides a wealth of information and resources, such as tips from experienced businesswomen, experienced women exporters, consultants, and trade officials. Want to start exporting today? Take this quiz and check your score – Export quiz: Are you ready?

You can also look into CanExport, a Government of Canada program providing direct financial assistance to small and medium-sized businesses (SMEs) registered in Canada that are seeking to develop new export opportunities and markets.

National and regional associations

Women’s Enterprise Organizations of Canada (WEOC) is a national network of entrepreneur support organizations that provide resources for women entrepreneurs.

CME-MEC – Canadian Manufacturers & Exporters is Canada’s largest trade and industry association, offering various resources to explore new market potential.

OWIT – the Organization of Women in International Trade is a global association for women in international trade and business with 2,000-plus members.

Consult your local chambers of commerce and regional organizations such as Alberta Women Entrepreneurs (AWE).

WEConnect Canada – network with other certified women business owners and the WEConnect Canada team.

The Forum for International Trade Training (FITT)

The Forum for International Trade Training (FITT) provides international business training, resources and professional certification to individuals and businesses.

Whether you’re looking to grow your business, invest in personal development for your employees, or meet your own personal career goals, the right training and certification can help you enhance your knowledge and credibility, stand out from the competition and take advantage of opportunities.

The post Practical advice and resources for women starting or growing a business appeared first on Trade Ready.

Despite a growing focus on women’s entrepreneurship, studies show that women-led businesses still face many challenges. In Canada, only 10% of high-growth firms are owned by women and about 8% of women-owned businesses export. The numbers tell the story, for example, research from PayPal Canada and Barraza & Associates, shows that women-owned businesses “earn $68,000 less on average, than men who run similar businesses.”

While there is a growing understanding that full and equal participation of women in the economy is good for everyone, there’s no doubt that it’s a complex issue on multiple fronts. What is clear however, is that the stakes are high: the implications are that “across all small businesses in Canada, bridging the gap in earnings of women and men entrepreneurs could unlock an additional $88.2 billion for the Canadian economy.”

We wanted to find out more about how women entrepreneurs can overcome the barriers to success and grow their business. We put this question to a panel of experts in a live #TradeElite Twitter chat and uncovered plenty of valuable insights from multiple viewpoints: bankers, women in business, lawyers, consultants and international business experts.

Moderator: Nicole Chevrier, Content Marketing Specialist with FITT (@FITTNews)

The Panelists:

Shannon Pestun (@shannonpestun), Director, Women’s Entrepreneurship at ATB Financial, based in Calgary, AB

Sara Haq (@HaqCast), Founder & Principal of SH International LLC, based in Washington, DC

Jennifer Diaz (@CBPAttorneyJen), Board Certified Customs & Int’l Trade Law Expert. Founder of Diaz Trade Law, President of OWIT International

Frida Owinga (@FridaOwinga), OWIT International Vice President of Chapter Development, and founder of Passion Profit, business breakthrough coaching for small and growing businesses, based in Nairobi, Kenya

Marcela Mandeville, CITP (@MsBrightIdea), Alberta Women Entrepreneurs (AWE), based in Alberta

Audrey Ross (@tresAudrey), international business expert, Orchard Custom Beauty, based in Toronto, ON

Miriam Lopez Arbour (@MiriamLopezArbo), Global Affairs Canada, based in Ottawa, Ontario

What is different about women-led business or women’s entrepreneurship vs the status quo – are there differences?

A1: Some of the differences in women-led companies: size (most are smaller companies), industry (highest representation of women-owned businesses are in accommodation, food services, professional services) and less likely to engage in international trade. #tradeelite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

International trade often involves hoping on a plane to go overseas. Does family and motherhood responsibilities keep women out of this business field? #TradeElite

— ONSCREENinterpreters (@WCInterpreting) November 15, 2018

Yes! Great point. Not all barriers are around capital. Entrepreneurs with exporting companies have heavier travel demands and schedules.This can make it difficult for women who, in addition to running a business are often are the CEOs of their households!

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Women owned businesses are starting at nearly the same rate as men-owned but are not growing as quickly. In order to grow, access to capital, networks and international markets are needed but are still a challenge.

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A1 – Women, generally, strive for perfection (which is unrealistic). As a women entrepreneur, being meticulous, detail oriented, and a massive planner, this has helped me immensely in business. But, I’ve had to learn, “progress over perfection,” and make it happen. #TradeElite https://t.co/TydzprJ8eS

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A1 women are as varied as cultures/institutions that support them. Each has own set of challenges/strengths & must learn to leverage them for success. Ability to build global relationships is a strength many women entrepreneurs have that can overcome many challenges #tradeelite

— Sara Haq (@HaqCast) November 15, 2018

A1In recent years the word business and entrepreneurship have been used interchangeably but I would say the main difference is the women entrepreneur is more about solving a specific felt need as opposed to starting a business out of what one to school for. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

A1 ….uh and aren’t we part of the status quo? Women entrepreneurs have been critical to economies for centuries…even if we’re underrecognized as part of that status quo. #tradeelite

— Sara Haq (@HaqCast) November 15, 2018

A1. A lot of women get started because they have family responsibilities / emotional labour demands & working a 9 – 5 can be unrealistic. Finding a company with flex time can be a challenge #TradeElite

— audrey ross (@tresAudrey) November 15, 2018

A1 Women start businesses to create their own destiny and have more control over their life. #TradeElite @weggtoday

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Only 10% of high-growth firms are owned by women. According to Victoria Lennox, Co-Founder and CEO, Startup Canada, women-led businesses have high-growth ambitions but systemic gender barriers encourage women-led businesses to stay small – would you agree and why?

Q2: Women have high-growth ambitions now more than ever but there are systemic and attitudinal forces at play that often prevent them from growing their companies. The primary barriers women entrepreneurs face are: access to financial capital, information & networks. #tradeelite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Yes! Very hard to get finances from traditional models as entrepreneurial businesses often don’t meet the criteria. https://t.co/x7r0jHYXgu

— audrey ross (@tresAudrey) November 15, 2018

Q2: At the same time, growth & profit aren’t always the driver or motivator for women going into business. For some, it’s building a company that allows them to meet the holistic needs & wants of their lifestyles. For some sustainability over growth is a greater priority.

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A2 Many women business owners have high growth ambitions and face challenges to getting the money, buyers, talent and support they need to fulfill their aspirations, especially if they are dong business in traditionally male-dominated sectors and markets #TradeElite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A2 – Women contribute 10 TRILLION to the economy in unpaid care & domestic work – add that to running and growing a business. It takes a huge support system and confidence to take the leap. #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

#womenexporters represented only 11.1% of exporting SMEs in 2014 while 15.7% of all SMEs were women owned. The gap can partly be explained by firm size and prevailing industry. Access the report https://t.co/aUkerUNIZX #TradeElite @weoc @awe @TCS_SDC @CanadaTrade https://t.co/MyfJXIVxB6

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A2 From where I sit as a Business Breakthrough Coach, I somewhat disagree coz what I have observed as the greatest barrier is the mindset of the business owner. How one thinks about their business & the end they have in mind plays a greater role in what they achieve. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Curious if you find any noticeable correlation in risk aversion based on gender / upbringing / education opportunities? (as an aside to the chat )#TradeElite

— audrey ross (@tresAudrey) November 15, 2018

There is definitely a co-relation because our beliefs are drawn from our experiences, education and exposure which varies form place to place. For instance I am more open to opportunities coz I had the rare chance to live abroad which has given me broader world view. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

For sure, you can see that people who travel or who have connections outside of their own family / cultural unit generally see & take on very different opportunities.

— audrey ross (@tresAudrey) November 15, 2018

A2 I don’t like to get lost in statistics. If you want to build a business as any kind of entrepreneur (m/f/x) you must learn to get around ANY barriers that hit you. But yes there is some truth to that. I like getting powerful men & women to support which helps a lot #TradeElite https://t.co/o6qD0iyuhc

— Sara Haq (@HaqCast) November 15, 2018

It does take a village. Having the right people in your corner to help you grow is a huge portion. #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A2 Women can grow as big as their thoughts.There are no systematic barriers. As women we need more confidence, tools, resources, access to mentors (like here), networks, links to capital and more risk-taking tendencies. With all that, we can grow global @weggtoday #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

What resources are available for women who might be wondering if exporting is a viable option? Where should they start?

A3 @TCS_SDC, @WEOCanada partners across Canada including @AWEbusiness, Chambers of Commerce, @ExportDevCanada, @cme_mec offer various resources to explore new market potential #TradeElite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

.@OWITintl has great resources as well

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A3 Starting places can include chambers of commerce, ministry of international trade export councils (depending on a country’s structure) embassies of countries one wants to export to can also be helpful. https://t.co/KiV76OKrA2 is also a great info platform #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Q3: Talk to your banker. They are connected with agencies such as @ExportDevCanada. Your banker can help you formulate your plan and test for readiness, explore payment options when dealing in different markets and provide you with risk mitigation tools. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Shannon, would you recommend making connections with your financial institution, building a relationship there even if you aren’t exporting now, but for later? #TradeElite

— audrey ross (@tresAudrey) November 15, 2018

Yes! It’s so much better to build that relationship early. That way your banker can help you get ready for exporting and all that goes with it. Planning is so important when it comes to going #global with your business. Great question, @tresAudrey

— A Girl’s Biz Banker (@shannonpestun) November 16, 2018

Absolutely! A strong relationship with your bank and a good solid deal team that understands your business is key to helping navigate needs that may be more complex than your local business needs; laying the foundation as early as possible will only help.#TradeElite

— Stacey Gordon (@StaceyCGordon) November 16, 2018

Q3: One of the biggest questions women ask is: How do i know if I’m ready to export? This quiz might help: https://t.co/oaMJ3XqMYz #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A3-At @OWITIntl we have various trainings & amazing partners like @FITTNews, @WEGG @EximBankUS @GroYourBiz and many others (listed here: https://t.co/XH8sSqG0ed). We have terrific webinars & experts available to assist with exporting (available in our member directory)#TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

#BWIT can help Canadian women owned biz navigate the complexities of international markets regardless of your size. If you are starting out check out the step-by-step guide to exporting https://t.co/1iFTzHYg1n @TCS_SDC @CanadaTrade #TradeElite https://t.co/KSEmqOHDFb https://t.co/ADVw931C6O

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A3 – Also… Consider exporting to the U.S. market! At @DiazTradeLaw we provide numerous trainings and tutorials on tips to be ready for the U.S. market and offer a FREE “Top 10 Tips When Importing” cheat sheet at my home page https://t.co/lVq4hES2iI #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A3 Start by taking ANY small action to start the snowball growing. Check out https://t.co/QHY0KrM7PZ. Reach out to awesome women on LI (@tresAudrey, @LeahGlobal, @weggtoday). Take our free intro to Multinational Entrepreneurship https://t.co/6I3MyklAjc #tradeelite https://t.co/jqJanRqOio

— Sara Haq (@HaqCast) November 15, 2018

A3: You have proven success locally and now desire to bust a border with your service or product offering. It’s that simple. @weggtoday #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

A3. Modelling & Mentorship are a factor – if you aren’t seeing other companies exporting successfully you are more likely to hesitate to export. #tradeelite

— audrey ross (@tresAudrey) November 15, 2018

A3. Could be knowledge or time or desire. In Canada a LOT of companies aren’t reaching their export / growth potential. Some still don’t even have websites or online sale options. Start with: @ExportDevCanada @OWITintl @USTradeRep @TradeHelpdesk #tradeelite

— audrey ross (@tresAudrey) November 15, 2018

Let’s talk about accessing capital: In an interview with Forbes, Vicki Saunders said that less than 4% of venture capital goes to women and that it doesn’t seem to be changing and could be getting worse – would you agree? And why?

A4 The stats aren’t pretty. But consider that venture capital isn’t the best way to grow many multinational ventures. Read more here (https://t.co/xSeoRSemtz). Many women value their time and flexibility- another reason VC might not be THEIR cup of tea #tradeelite https://t.co/XrOnRwPelF

— Sara Haq (@HaqCast) November 15, 2018

Check out CanExport – a GoC multi-year prog providing direct financial assistance to small and medium-sized businesses (SMEs) registered in Canada that are seeking to develop new export opportunities and markets @TCS_SDC @CanadaTrade #TradeElite info bwit@international.gc.ca

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

Each country will something for you, & gov’t programs have to help & have to distribute the money they have been given. They struggle w/ connecting. Part of networking has to be w/ local city Councillor, provincial / state rep as they need you too! #TradeElite https://t.co/WOorArDm3t

— audrey ross (@tresAudrey) November 15, 2018

Q4: The gender investment gap is real, and some reports are indicating it’s widening further. When it comes to supporting women entrepreneurs, the VC system isn’t effective. New models are needed. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Q4: The biggest contributors to this is the gender disparity in VCs firm, unconscious bias among investors, & the reality that investors are looking for fast growth, not long-term value creation which is often at odds with a women’s goals & motivation for business. #Tradeelite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Q4: In addition, Venture Capital is most commonly used in the tech sector, which doesn’t represent the sectors where the majority of women-led startups are prevalent. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A4. Funding is hard for any business, Banks want reliablilty, “a proven track record” & most Micros don’t have that. VC’s have their own demands. Financing is a big hurdle & it forces you to get creative. #tradeelite

— audrey ross (@tresAudrey) November 15, 2018

A4: it’s not a case of agreeing or disagreeing, it’s getting on with the fact of doing whatever you can to grow. Be proactive, focus on your goal and do something extraordinary. When you go beyond, people will notice and offer support. #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

A4 Diversity in VC investors influences the decisions on where capital flows. There area few VC investments led by and focused on women. Any model to effectively support women-owned businesses should include people who represent diverse perspectives. #TradeElite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

What about more traditional financing? Women entrepreneurs are less likely to seek debt and equity financing and are more likely to be rejected or receive less money. What might be driving that?

Q5: Studies would show this to be true. We need to keep focused on creating banking experiences that better serve the needs of women entrepreneurs – increasing access to capital, info and networks.

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A5 – @WorldBank counted 104 countries with laws that prevent women from working certain jobs & in 15 of these countries a husband can object! Before 1975 a married woman couldn’t get her own credit card without permission! Even today, we still have a ways to go! #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

Q5: women entrepreneurs may be adverse to risking relationships for perceived self gain. Taking on debt = paying it back no matter what, a risk to family. Taking on equity means risking not paying back investors. Investors also need to be taught there is a strong ROI #tradeelite https://t.co/XXbgZyubQa

— Sara Haq (@HaqCast) November 15, 2018

A5 Check out the #BWIT website funding page https://t.co/MIlwb8XQiQ. Full of resources specifically targeted to women-entrepreneurs looking to expand globally. DYK #BWIT services are free? Check our partners @weoc #TradeElite @TCS_SDC @CanadaTrade

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A5 From my context women start businesses with a relatively “narrow” end in mind – meet family obligations and enhance family lifestyle. So the amounts of money don’t call for equity financing. Again decisions driven by the woman’s vision and beliefs. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

A5: risk adverse. Although external financing might be needed at some point, Women are reluctant to ASK for it. Banks are willing to finance women enterprises, the women need to go after it.

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Yes – so true!!! A lot of people are discouraged by the first “no”. It shuts them down – but you have to keep asking, or ask different people, or ask a different way. You have to champion your idea / service. If you don’t fight for it, who will? #TradeElite https://t.co/ThmhMVsUra

— audrey ross (@tresAudrey) November 15, 2018

Beyond financing, one of the barriers seems to be confidence – do you think this is accurate?

A6 Strategic risk assessment and planning can be mistaken for a lack of confidence instead of appreciating how these entrepreneurs are looking for opportunities, understanding what the business needs, and connecting and making the most of resources and strengths. #tradeelite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A6 I say a BIG yes women tend to suffer more with self esteem issues causing them to feel not good enough and therefore undeserving causing them not to reach out for more. #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Q6: It’s not that women aren’t confident – As a generality, women aren’t satisfied with a good decision, they want a perfect one and that can make the decision making process longer which sometimes gets mistaken as a confidence issue. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Best line I ever learned was “progress over perfection” by #PaulaBlack After hearing this I finally pulled the trigger and opened up my own law firm. If we wait for perfection, we’ll keep missing the boat! #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

I love that – thanks for sharing. And congrats for taking the leap!

— A Girl’s Biz Banker (@shannonpestun) November 16, 2018

Entrepreneur @MicheleRomanow has great advice (paraphrasing) – you need to start before you have all the answers or the perfect product. Hide away until it’s perfect – either someone already gets the idea out, or you miss out on collaborating. #TradeElite https://t.co/OR55vbIZU3

— audrey ross (@tresAudrey) November 15, 2018

A6 – 1/2 – Love this article on confidence – “One simple tactic is for workplaces to normalize the practice of self-promotion, so that when women talk about their achievements, they are less likely to face the well-documented backlash. #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A6 – 2/2 – Start each meeting by asking everyone to share one thing they’ve achieved since you last met…” https://t.co/uhyTsvIjL3 #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

A6 Participate in #BWIT trade missions reach out to #weoc women orgs and network with like-minded business women. There are lots of resources available to help boost your growth plans. We are here to help @TCS_SDC @CanadaTrade @ExportDevCanada @EntrepreneursQC #TradeElite https://t.co/5tOYE945Hn

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A6: confidence counts. You have to get out of your comfort zone or else you won’t learn and grow global. We @weggtoday are covering this 12/5. Anyone can join for free: https://t.co/9PReaCw0kb #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

How can women secure more access to resources such as mentoring, networking and skills building?

A7 Connect with people, ideas, initiatives and organizations you admire and want to work with in your local community and around the world. #tradelite

— Marcela Mandeville (@MsBrightIdea) November 15, 2018

A7 When the student is ready the teacher will show up. Having a desire, doing research on what is available that aligns with what one wants to achieve is critical. I often say when one is struggling its a sign support is lacking, and its time to get help! #TradeElite

— Frida Owinga (@FridaOwinga) November 15, 2018

Q7: Find a mentor. Identify a role model and build a community around you. Establishing connections with other women entrepreneurs open doors to networks, opportunities and learning. #TradeElite

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

A7 Connect with #womenbiz @weoc women associations, chambers of commerce, trade events. Attend #BWIT trade missions. Here are helpful organizations @ReseauRFAQ @AWEbusiness @nlowe @WESK306 @businesswomenbc #TradeElite @TCS_SDC @CanadaTrade

— Miriam Lopez Arbour (@MiriamLopezArbo) November 15, 2018

A7 – Join (&more importantly, take on leadership roles in) amazing organizations that assist in both building your network/skills & provide experts to ask questions of. There are so many amazing ones @OWITIntl, @WEConnection , @weggtoday, @GroYourBiz, @NCBFAA #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

Speaking of this @OWITintl actually needs volunteers for programming, social media, chapter support, and website/IT. Want to help a premier networking org that has experts in international trade? Contact president@owit.org today! #TradeElite #WomeninTrade #Volunteer

— Jen Diaz (@CBPAttorneyJen) November 17, 2018

A7: Proactively offer something of value to every person you want to do business with. Even your mentors need your return support and greatly appreciate it. Find communities of like minded professionals and hang out over the long run #tradeelite https://t.co/3bgEojTSdE

— Sara Haq (@HaqCast) November 15, 2018

For specifically women groups: I love the @MiraJoleigh #Ambitionista group, the @ChampagneDiet #SlayBaby group. For the trade community as a whole – the @FITTNews #TradeElite. https://t.co/nmytTh19Vd

— audrey ross (@tresAudrey) November 15, 2018

Couldnt agree more. Getting your network together – of people that push you to succeed, and consistently grow … it’s essential!!! #TradeElite

— Jen Diaz (@CBPAttorneyJen) November 15, 2018

Have a can-do attitude and the confidence to just go for it. Let’s never forget that. That will get you global @weggtoday #TradeElite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Closing remark: thank for the honor to be among such a prestigious group of experts. Remember, if you take away women consumers, buying power and production power of female entrepreneurs, economies of the world would collapse! #tradeelite

— Laurel Delaney (@LaurelDelaney) November 15, 2018

Great chatting. Thanks everyone!

— A Girl’s Biz Banker (@shannonpestun) November 15, 2018

Read the rest of the chat and join future discussions by following the #TradeElite hashtag. And stay tuned for the next #TradeElite chat, coming up Thursday, January 24th at 2:30-3:30 PM ET, and if you haven’t yet, join us on Twitter at @FITTNews.

The post How women-led business can overcome the barriers to going global appeared first on Trade Ready.

The value of mentorship could apply to anyone. Students, employees, and even executives are obvious examples. Executive coaching is a thing for a reason. But when you think about it, how else do we learn but from others?

Mentors help us to learn and grow, both professionally and personally. When it comes to business, the value of mentorship can be astoundingly pivotal.

According to entrepreneur and advisor Doña Storey, “when you ask accomplished business owners how they achieved success, many will say they had a mentor who helped guide them throughout their business journey….

while research and trial and error can help you learn, nothing replaces the guidance of someone who has been there before.

Growing a business is challenging

For entrepreneurs and self-employed people running their own businesses, the many challenges cut across a wide spectrum, from finance to legal issues, IP protection, managing employees, suppliers and inventory, through to sales, marketing and business development. For small businesses and newer entrepreneurs, there are special challenges that can present themselves.

Women entrepreneurs also face their own unique hurdles in launching or growing a business. The numbers tell the story:

• Approximately 16% of small and medium-sized enterprises are majority women-owned
• Only 10% of high-growth firms are owned by women
• About 8% of women-owned businesses export

The rate of entrepreneurial failure is almost legendary. More than 50% of startups fail within the first 5 years of their launch.  For all sorts of reasons, the odds of success are much higher when an entrepreneur has access to a mentor.

Entrepreneurs aside, what about the rest of us? It is said that a good mentor challenges and inspires you, in addition to supporting you in your quest to do better and achieve more. Health journalist Joelle Kleina adds that “having a mentor in your life can make a big difference to your success and happiness. Study after study has found that professionals who have had mentors experience higher salaries and greater job satisfaction; one study of Sun Microsystems employees found that mentored employees were five times more likely to be promoted than their non-mentored peers.”

Where are the mentors?

Given the challenges, it’s safe to say that in the world of business, it’s widely accepted that a mentor can be an invaluable resource. And yet, according to Harvard Business School professor Thomas Delong and his colleagues, “everyone we spoke with over age 40 could name a mentor in his or her professional life, but younger people often could not.'”

The business landscape has changed profoundly in the last few decades, significantly impacting the way we can expect to find guidance and career advice. According to Priscilla Claman, a career coaching expert, “Middle-and senior-level managers are no longer the ones with stable jobs. With changes in direction, restructuring, downsizing, acquisitions, mergers and, of course, recessions, your mentor is just as likely to move on or be laid off as you are.”

We need to change our thinking about what a mentor should look like, according to Dorie Clark, accepting that the “beneficent, all-knowing senior professionals — are in short supply these days.”

Mentorship is changing

A new model, a kind of mentorship by community, has surfaced in place of the way things used to be. Think of it as a kind of personal board of directors, a group of people you consult regularly. Rather than relying on one trusted advisor, why not benefit from the feedback and guidance of many – colleagues, peers, a counterpart, a superior, your boss, or even consultants. Consider the value of getting feedback from multiple viewpoints and perspectives.

So, what can we expect from a mentor exactly? Futurpreneur Canada breaks it down:

The role of a mentor is to:

• Help build your self-reliance and leadership skills
• Help you discover your own insights, abilities and solutions as you start and grow your business
• Support your self-directed learning and help you come to your own conclusions and decisions
• Listen to your ideas and answer your questions truthfully
• Give emotional support while also challenging you
• Provide real world business advice when requested/appropriate
• Celebrate milestones and successes

How do I find a mentor?

According to Futurpreneur Canada, many mentorship programs and opportunities exist across Canada for entrepreneurs, both for one-on-one mentorship and mentoring advisory boards. Their Futurpreneur Canada Start-Up Program individually matches entrepreneurs to ideal mentor candidates based on skills and personalities.

Regardless of where you look, the key is to find a mentor who suits your needs and personality. The best match is made when a mentor complements your own skills, experience and needs.

7 expert tips for mentees to get the most out of your mentor:

1. Be prepared for change. “Mentoring can have a profound impact on your personal growth, but you have to be open to change.” — Lois Zachary, EdD, author of a number of books on mentoring including The Mentee’s Guide: Making Mentoring Work for You.
2. Trust your mentor. “Not only open your mind, but open your heart to the other.” — Rabbi Victor Gross, co-director of the ALEPH Sage-ing Mentorship, a spiritual mentoring program in Boulder, Colo.
3. Be an active listener. “Always make sure you understand what your mentor is saying or asking. If not, don’t be afraid to ask questions.” — Rabbi Victor Gross
4. Be authentic. “Unless the mentee is real, the mentor ends up mentoring an imposter and it’s a waste of time for both.” — Lois Zachary, EdD
5. Be committed. “If your mentor is willing to make the commitment, you need to honor her time and willingness to work with you.” — Liz Katkin, former partner at an international law firm and mentor for new associates.
6. Challenge yourself. “If you stay in your comfort zone, that’s where you’ll always be. You need to stretch yourself. Take risks.” — Rabbi Victor Gross
7. Don’t expect to be promoted; expect to be promotable. “It’s not about immediate achievement. It’s about developing your future potential.” — Lois Zachary, EdD

Consider mentoring someone

Giving your time as a mentor can not only make a difference in another person’s life but it can change your own as well. It can benefit your career by motivating you to stay at the top of your game and to pursue your own growth and professional development.

The following tips can help you to do your part to develop a mutually satisfying and beneficial relationship:

• Be willing to commit – don’t take it lightly and be honest with yourself about how much time you have to give
• Ensure it’s the right fit – focus on the goals and learning objectives of the mentee rather than your own agenda
• Listen and ask good questions – focus on the mentee’s needs instead what you think is right for them
• Meet regularly – mentoring works best on a regular basis
• Challenge mentees to take risks and step out of their comfort zone – learning and achieving new things requires confronting our growing edges
• Provide constructive and honest feedback
• Set a good example – be conscious that you’re a role model

The post Why you need a network of mentors and how to find them appeared first on Trade Ready.

Kiran Sharma, CITP|FIBP, is the Job Cost Administrator for AECOM, a company focusing on providing architectural and engineering management in international markets, in Regina.

With over a decade of experience working with international clients and managing business finances, Kiran is committed to excellence in her work and continuing to develop her career.

Captivated by the details of international trade

After completing her Bachelor of Science and Master of Human Resource Development degrees, Kiran saw international trade as an intriguing opportunity she wanted to pursue.

“I was fascinated by the intricacies of trade across the borders, which made me take it up as a profession,” she says.

Kiran thus began her international trade career as an Exports Coordinator for Ritz International, who supply, manufacture and ship fabrics in Surat, India.

She primarily dealt with clients in Dubai and Indonesia, managing their letters of credit, foreign exchange contracts, and freight forwarding documentation to ensure all exports to those markets happened smoothly.

She remained in the role for over three years, before moving on to become a Research Analyst for Perfect Financial Consultants in Ankleshwar, India, where she focused mainly on equity markets.

Starting a new life in Canada with a new skillset

Kiran decided to leave her job in 2009 to move to Canada because she wanted to pursue new opportunities in North American business markets. Once she moved, she also took FITT-accredited courses from Georgian College in Barrie, Ontario.

She really enjoyed how the courses were tailored to offer knowledge and practical skills that she could apply directly to her career.

FITT courses are very well designed with a practical approach to every aspect of trade and business. This gave me a better understanding of the policies and procedures that I came across during my professional journey.

Kiran took advantage of several opportunities to put her learning into use immediately. She was able to help Ontario-based Emergency Management Inc. implement business and marketing plans to begin doing business in India. She also helped a Canadian telecommunications company to put together a business plan to work with Singapore-based telecommunications giant Singtel.

She put her knowledge to further use creating plans for other Canadian companies to take advantage of lucrative export opportunities in France and Australia.

Taking advantage of big opportunities in China

As she was finishing her FITT courses, Kiran took on a very exciting new opportunity in China.

The highlight of my career was when I got an offer for an internship with one of the leading IT recruitment firms in Shanghai to analyse the aspects of international HR pertaining to recruitment and immigration.

During her two month internship, Kiran designed and implemented new techniques to bring in top level recruits. She conducted market research into the Chinese communications market to create a business strategy to help meet growing future demands.

Busily working her way to the top of her profession

With her education and extensive experience, Kiran moved into a new position in August 2011 as a Financial Advisor for CIBC in Regina. Able to balance personal loan, mortgage, and credit requests with managing personal and commercial investment portfolios, she scored in the top quartile for revenue targets and anchor product sales.

In January 2012, she also took on a second part-time position as a Financial Administrator for Loblaws, managing payroll, sales performance and payment methods for a year.

“I am a workaholic and managed my work efficiently, although I worked 7 days a week.”

In 2014, Kiran chose to take her current role as Job Cost Administrator with AECOM. She has now been in the job for nearly a year, and excels at providing cost analysis, and reports on job progress, ensuring projects are being completed within their budgets, on time, with all of the necessary paperwork and reports in place.

Committed to becoming one of the global trade elite

Kiran applied for the elite CITP®|FIBP® designation to demonstrate her expertise and commitment to her profession.

“I truly believe the CITP®|FIBP® designation sets you apart in the competitive international business industry because it’s proof you possess the competencies global business experts have identified as being essential for a successful career in international trade.”

“It also recognizes your dedication to ethical business practices and ongoing professional development—both of which are desirable traits for today’s global business practitioners.”

She says that now that she has her designation, “it feels like a dream come true,” and that she is excited to network with her fellow CITP®|FIBP®’s.

“The CITP®|FIBP® designation will provide me access to professionals with expertise in a similar field and enhance my future options to be a leading player in International Business. I feel proud to be a part of the CITP®|FIBP® family, and invigorated to pursue the ambition of international trade development.”

The post Kiran Sharma, CITP|FIBP – Job Cost Administrator appeared first on Trade Ready.

The ability to communicate effectively can have a huge impact on the success of your trip. Here are some great options you can use to help you stay connected with your network while you travel the world!

1. Cellphone Roaming

If you’ve done a lot of business traveling, odds are you have paid for roaming on your phone before.

Paying your phone company for the ability to access another network and continue your regular phone, text and data plan internationally can be very useful, but also expensive, depending on where you live and which phone carrier you use.

Before traveling, make sure you research to discover what your roaming charges would be and think about how you want and need to stay in communication, to decide whether paying for roaming charges is the best option for your situation.

2. Wi-Fi Finder

Wi-Fi Finder is an incredibly handy app that uses GPS to help you locate Wi-Fi, both free and priced, in your area. Think of how beneficial this could be if you are in a foreign city and you desperately need to find a place to use your laptop.

In addition to finding the locations, Wi-Fi Finder also lets you know what the building is. For example, it will tell you if the Wi-Fi spot is a coffee shop, a hotel, an Internet café, etc. This app can really help you out of a jam.

3. Delta Wi-Fi Passes

In an effort to keep up with the times, Delta has enabled its customers to purchase Wi-Fi passes that can be used on flights.

Once the plane reaches 10,000 feet in altitude, passengers who purchase these Wi-Fi passes can surf the web, check emails, and otherwise stay connected.

This is a great development for air travel because it means that passengers can be much more productive during the hours on a flight.

A Wi-Fi mobile pass only costs $1.95, and is therefore extremely affordable. There are also $16 24-hour passes applicable to all devices, and monthly and yearly passes can also be purchased for frequent flyers

4. WhatsApp

The WhatsApp app allows people using different phones and service providers to communicate with each other via SMS texting for free, using the phone’s Internet connection or data plan.

[quote type=center]It’s essentially a way to bypass all of the hassle of messaging between Android phones, iPhones, Blackberries, etc.[/sws_blockquote_endquote]

This eliminates the need for fees, and allows for enhanced communication. This can be a life saver if you have an iPhone and your boss has a Blackberry!

WhatsApp is also expanding – since being purchased in February 2014 by Facebook, it has begun to roll out free voice calling to other WhatsApp users for some mobile devices, and WhatsApp Web, which is compatible with select Internet browsers.

5. Skype

While many people are aware of Skype, few people are aware of its full value.

Skype is completely free internationally to any other Skype user anywhere in the world, via either a computer or the Skype mobile app. Voice calls, video chats and instant messaging to other Skype users are all completely free as well, requiring only a Skype account and an Internet connection or mobile data.

Finally, Skype allows you to call landlines and cell phone numbers if need be, for a small fee. Skype is incredibly useful for staying connected wherever your business may take you.

6. Whistle Phone App

Whistle Phone is a handy app that allows you to make calls over Wi-Fi to any U.S. number, for free, from anywhere in the world.

The catch is that you only get twenty minutes of free calling. After that there is a small fee. However, you can still call other Whistle Phone users for free.

Primarily, it’s just another great way to have a phone connection if you are in a jam. For example, say you are doing business in Uruguay and your phone dies while you are in transit. If you have your iPad, you can still make calls, and even have the first twenty minutes free. That can be quite helpful!

7. Evernote

The Evernote app comes with multiple functions that can be of help to the business traveler. In terms of staying connected, it enables you to turn business cards into complete contact profiles by just taking a picture of the card.

[quote type=center]You can even sync your LinkedIn account with Evernote and the app will cross-reference what it finds on the business card with that person’s info on LinkedIn.[/sws_blockquote_endquote]

The end result is that you can build a digital Rolodex for your contacts that is incredibly convenient and easy to use.

Evernote also helps you organize notes that you may take while you are on the go and then gives you the option to share them with other users, making it a great app to have while traveling for business.

Today the tools are there to keep you more connected than ever, eliminating the stress and interruptions of business travel. With internet connections at our fingertips, even when cruising at 20,000 feet, being on the go doesn’t have to mean a loss in productivity.

What technology do you use to stay connected on the go?

The post 7 great options to stay connected when you travel on business appeared first on Trade Ready.

Maybe the all too familiar refrain of last year’s uncertainty has dampened our competitive spirit as Canada realigns its economic identity.

However, there are strong reasons to remain genuinely optimistic about the major prospects of Canadian SMEs on the global stage in 2015.

The global momentum was building in 2014…

2014 was billed as the year of recovery for many advanced economies around the world, and thus the global economy.

Although the trajectory for recovery in 2014 fell short of many predictions, there was still a 2.6 percent global growth against the 2.5 percent growth seen in 2013. This marginal increase was a tangible sign of optimism for the years ahead.

In Canada, the projected real GDP growth and the declining unemployment rate, which was down to 6.7 percent by the end of 2014, were only a few of the indicators that showed we were at an economic turning point.

Though some dispute the strength of the Canadian economic recovery in 2014 given the marginal increase, the fact remains that the economy improved and the momentum was building coming into 2015. 

Then the price of oil dropped….

Reaching their peak in June 2014, oil prices had to come down.  Yet no one accurately foresaw the magnitude of oil prices’ prolonged decline.

The shocking free-fall dominated headlines across the globe, economic forecasts were overhauled, and investment plans were re-evaluated. Canada’s already slow-moving economic recovery was now facing internal conflicts as projected government surpluses came under serious threat.

Stephen Poloz, Bank of Canada’s Governor, even stated,

I think that this [fall in oil prices] is a setback [on] our path back to where we planned to go. It’s delaying things by perhaps as long as a year.

He then shocked many Canadians by cutting the central bank’s benchmark rate from 1 percent to 0.75 percent; making Canada the first G7 nation to make a major move in response to falling oil prices.

Plummeting prices (and sluggish economic recoveries in the EU and Japan) also left the World Bank with no choice but to lower the global economic growth forecast for 2015 from 3.4 percent to 3 percent.

There were losers and winners

The nose-dive taken by the price of oil has inadvertently left Canada, a major oil-producing nation, facing a win-loss dichotomy.  Though it remains too early in the game to assess the full impact, analysts are predicting major losses.

The numbers aren’t looking promising for heavy oil-producing provinces like Alberta, Newfoundland and Labrador, and Saskatchewan, where we expect a sharp fall in government spending and resource revenue, as well as declines in business investment. There is even the potential for massive job losses.

Leaders are undoubtedly going to have to call several timeouts to re-focus and strategize before we even reach the end of the first quarter. But the game is far from over.

In 2014, Canada’s exporters—particularly, non-energy exporters—had a good year that was stimulated by the low Canadian dollar. They’re poised to win again this year.

According to a recent economic outlook report by RBC Economics Research, we can actually anticipate higher export-growth this year than in 2014.

Last year, export was a key driving-force behind Canada’s recovery, and exporters are only going to gain speed in 2015 if they’re bold enough to seize the opportunities before them.

So far, our winners seem have ample game left to play.

Reasons to go global again

There is a surging appetite for Canadian innovations on the global market, especially in the manufacturing, automotive, ICT and agricultural sectors. This is creating an auspicious environment for Canadian small and medium-sized enterprises (SMEs) on the world stage.

To renew your go global strategy this year is a competitive move for Canadian businesses, but it’s also absolutely critical to Canada’s economic future, especially now that we know to expect significant cuts to government revenue due to the drastic decline in oil prices.  Here’s why: 

1. The momentum from the US recovery cannot be underestimated

President Obama, during his 2015 State of the Union Address, explained that

…after a breakthrough year for America, our economy is growing and creating jobs at the fastest pace since 1999. Our unemployment rate is now lower than it was before the financial crisis.

This is not just a promising partisan political statement, but a fundamental fact. As the world’s largest economy, America’s robust economic revival is not only good for our southern neighbors, but also a major catalyst to global economic growth.

The US housing market continues to improve, business investment is gradually picking up pace, and the decline in oil prices is actually boosting household income while simultaneously stimulating spending.

The international political and economic spheres continue to support the narrative that the US economy has rebounded.

Canadian exporters cannot afford to underestimate the plethora of opportunities this is creating. With that being said, global growth in 2015 and beyond cannot take full flight on the single engine of the US economy. But for Canada, this single engine seems to be garnering more-than-ample momentum to give us our own economic lift.

2. A World of Opportunity Beyond the US
The US will always be an important trading partner for Canada, but global trade patterns are changing. The call for Canadian exporters to diversify and venture into new opportune markets is louder than ever.

As the growth of emerging markets continues to outpace that of the so-called developed world, expansion of trade is a necessity in today’s highly competitive global market.

Despite lower-than-expected performances last year by high-growth emerging economies like China, Brazil and India, these markets, together with others like Mexico, South Korea and Indonesia, remain vital to Canada’s economic prosperity as a trading nation.

In 2005, looking beyond the BRIC nations (Brazil, Russia, India and China), before the inclusion of South Africa to form the BRICS , Goldman Sachs, introduced the notion of the Next 11 (N-11- Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam), as the next set of growth markets.

While the Next 11 vary economically and geographically, they share common economic growth potentialities.

Although the four most prominent economies of the N-11—collectively referred to as the MINT (Mexico, Indonesia, Nigeria and Turkey) —may not exert the same impact as the BRICS , they are expected to rival the G7.

For example, Mexico is a market geographically positioned to benefit from the tailwinds of American economic growth.

According to the US Department of State, nearly 80 percent of Mexico’s total exports are to the US. Mexico is also the United States’ largest exporting market, after Canada.

As an emerging economy and a NAFTA partner, Mexico remains important to Canadian exporters with booming manufacturing and auto sectors, as well as increasing foreign direct investments. We have every reason to be very optimistic about Mexico’s growth potential.

Peter Hall, Export Development Canada’s Vice President and Chief Economist, even stated that

as the other economy that shares a border with the world’s growth engine, Mexico has had a banner year in trade. Thus far, exports are up 7.9 percent largely because of the US economy, and given the latter’s continued strength, Mexico’s exporters seem buckled in for another great year.  

The global opportunities and assistance you need are waiting!

Sanctioned countries excluded, these markets, together with other developing economies like Chile, Colombia, Kuwait, Ghana, Peru, and Zambia, are where Canada’s world of opportunities in trade lay for 2015 and beyond.

As our nation forges its path into both developed and emerging markets, it is critical for Canadian exporters to leverage the services of EDC, the Department of Foreign Affairs, Trade and Development (DFATD), Trade Commissioners and the government’s renewed commitment to international trade to take on opportunities to gain competitive advantage for themselves. By doing so, they can help make significant contributions to Canada’s economic prosperity at home.

Are you planning to rethink your global strategy this year?

The post Here’s Why You Need to Recharge Your Go Global Strategy appeared first on Trade Ready.

If I were a Cameroonian or a Frenchman, I might sympathize with Quebec’s desire to protect its language and culture. If I were a Belgian I would understand the challenge of maintaining one’s language rights against another, and if I were a Haitian I would want to keep in contact with my many countrymen who make Canada their base.

But if I were an importer or exporter in the US, Latin America, Asia or even Europe (with its linguistic mix), I would have to pause before doing business with a new country which is suffering from massive job losses, has a debt that outpaces population growth, needs major healthcare restructuring, boasts of a series of public corruption scandals in government and in the construction industry … and has a divided electorate and an exasperated neighbour.

As an outside business-executive considering doing business with Quebec in the future, after having seen what the combination of politics and media control did to Italy, how could I rely on a country that boasts of having a multimillionaire media-tycoon as part of its government?

I would also have to consider the logic of a provincial government that chooses to separate from Canada, one of the richest and safest countries in the world, which has a banking system that works so well that others are trying to copy it, and from a country that is solidly partnered with the U.S. and Mexico, both of which speak English, the international language of business and a vital tool which Quebec refuses to accept as necessary to succeed in commerce.

Unity is mutually beneficial

From an international point of view, the illogical part of a separate Quebec is that the majority of the world has understood the importance of strength in numbers. For example, in spite of its linguistic, historical, political and cultural differences, all members of the European Union have managed to live together and become a global commercial force to be reckoned with.

Canada has also achieved this by partnering in NAFTA and negotiating trade partnerships with the EU and several other countries.

Therefore, the idea of “going it alone” would not be logical unless Quebec had the proven infrastructure and management ability to do so. The reality is that for many years Quebec has not balanced its budget in spite of the federal government’s support, which incidentally includes providing several billion dollars per year of generous equalization payments to Quebec as a “have-not province”.

If it can’t operate in the black under these conditions, how could it possibly survive as an independent nation on its own?

And if it separates from Canada, apart from other start-up expenses (army, currency, international agreements, etc.), how will it make up those dollars which Ottawa will obviously not donate to a foreign country?

Not business as usual after separation

From an international business point of view, many other issues would have to be reconsidered. For example, if a foreign company is exporting goods to Canada through the St. Lawrence Seaway, new agreements will have to be made since the Seaway is currently owned by Canada and the U.S.

The port of Montreal is Canada’s #1 container port – foreign companies who want to continue to do business with the rest of Canada would have to renegotiate their transport, and probably pay higher fees – will they want to? Canadian federally-licensed financial institutions (all banks for example) would no longer be able to operate in a foreign country except with representative offices, so foreign business executives will take their business (and money) elsewhere.

International airlines will have to renegotiate landing rights in Quebec’s airports and ensure their pilots speak French in order to be able to talk to uni-lingual flight controllers, etc.

There are no easy answers to these and other questions.

In order to avoid these difficulties, Quebec should look at the big picture to survive.

In spite of current international challenges (Ukraine, Syria, Scotland and others) and however difficult it may be, there is more to be gained from “togetherness” than separation. I can only hope that common sense will trump cultural and linguistic pride, and that Canada will survive this threat once again.

The post Can international business in Quebec survive a separation from Canada? appeared first on Trade Ready.