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Intrapreneurship in Enterprising Families

Launching New Ventures

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Nikitasha Kapoor

Key Takeaways:

  1. Family business and entrepreneurship both require hard work and determination, and rely on having the right people
  2. Family business can teach you the values to be a strong entrepreneur
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Mitch Garber

Key Takeaways:

  1. In your business plan, show a realistic progression
  2. Big numbers aren’t impressive, true numbers are impressive

Nikitasha Kapoor
In terms of me wanting to do something else in the future and still carry on the entrepreneurial sort of ways of life, I kind of understand what’s demanded in terms of being an entrepreneur because of how it’s been with my family. I’m someone who will put in the hours if need be, I’m not someone who looks at the ticking clock and be like oh, you know, I banked in 8 hours I’m going to get paid, if it takes me as long as it does, that’s what I’ll do. But in terms of me being and entrepreneur, I like the fast paced-esque of it. I like that things move quickly, decisions are made quickly, and things are implemented even faster than that. It’s just a matter of having the right team that’s able to pivot with you if need be. That’s what I love, I love the adrenaline of it, yes it’s hard, yes it’s financially straining, but you get through it if you like it.

Mitch Garber
It’s the same mistakes I see on Dans l’oeil du Dragon, a TV show here in Quebec, exact same mistakes all the time, which is lack of preparation and understanding of the business and industry that you’re pitching, and either a lack of financial projections or totally unreasonable financial projections. So I would say that if your business plan shows two million dollars of revenue in year one, 180 million in year two and 300 million in year three, you should rip it up and throw it in the garbage and show something much more realistic. Show that you’re going to lose a bit of money in year one, and really show how the progression gets you to profitability. People want to see something realistic, they don’t want to see big numbers. Big numbers aren’t impressive. True numbers are impressive.