Chapter 1: Entrepreneurial Leadership Foundations
Here are a few Black entrepreneurs who have built businesses in Canada.
Wes Hall founded Kingsdale Advisors, a company that advises major businesses and their leaders on important shareholder and corporate decisions. He later founded WeShall Investments, which invests in businesses, particularly those led by entrepreneurs who have often had less access to investment opportunities.
Claudette McGowan founded Protexxa, a Canadian cybersecurity company. After years of working in technology and cybersecurity, she recognized the growing problem of cybercrime and built a company focused on helping organizations protect themselves.
Isaac Olowolafe Jr. founded Dream Maker Inc., which operates businesses in areas including real estate, property management, investing and financial services. He has also invested in other businesses and supported entrepreneurship programs for Black entrepreneurs.
Vivian Kaye built KinkyCurlyYaki after identifying a gap in the hair-extension market for Black women. What began as a response to a specific customer need grew into a successful business, and she has since used her experience to mentor and teach other entrepreneurs.
Look at what they did
Their businesses are different, but their actions have something in common.
They noticed needs and opportunities.
They used their knowledge, skills or experiences.
They made decisions and took action.
They built something that other people valued.
And the impact does not stop with the entrepreneur. A business can provide income for an entrepreneur and their family. It can create jobs, provide products or services people need, introduce new solutions, support other businesses and contribute to the community.
What Is an Entrepreneur?
An entrepreneur identifies a need or opportunity and takes action to develop a business, product, service or other venture that creates value.
An entrepreneur does not simply have an idea. They take responsibility for developing it, making decisions, finding resources, responding to challenges and determining how it can work.
What is Entrepreneurship?
“Entrepreneurship is the process of recognizing an opportunity and creating something that provides value.”
— The Africentric Arts View
If the entrepreneur is the person, entrepreneurship is what they do. Entrepreneurship is the process of identifying an opportunity and developing it into something that creates value for others. That process can include researching an idea, understanding customers, creating a product or service, finding resources, managing money, promoting and selling, solving problems and making changes as the business develops. Entrepreneurship also involves uncertainty. Entrepreneurs do not always know exactly what will happen. They use information, make informed decisions, learn from results and adjust when necessary.
Entrepreneurial Qualities
-
Examines challenges and looks for practical solutions.
-
Sees something that needs to be done and takes action.
-
Thinks of new ideas or different ways of doing something.
-
Takes ownership of decisions, commitments and results.
Successful entrepreneurs may have different personalities, backgrounds and abilities. What matters is how they use certain qualities in their actions.
-
Adjusts when information, circumstances or customer needs change.
-
Continues working through difficulties and learns from setbacks.
-
Communicates ideas, makes decisions and is willing to act.
-
Finds ways to use the people, information, money, skills and tools available.
These qualities do not mean an entrepreneur will always know what to do. Strong entrepreneurs learn how to make decisions, take responsibility for their actions and keep developing their ability to lead.
Case Study
Jordan is 16 and has always enjoyed designing custom graphics. Friends often ask him to create birthday invitations, team posters and social media graphics.
One summer, Jordan decides to turn that skill into a small business.
He chooses a business name, creates a simple logo and begins showing examples of his work online. When someone places an order, Jordan speaks with the customer, agrees on what they want, sets a price and completes the design.
As more people begin ordering, Jordan has to organize his time, keep track of payments, communicate professionally and make sure customers receive their work when promised.
Sometimes a customer asks for changes. Sometimes Jordan makes a mistake and has to correct it. He learns that running a business requires more than being good at design.
Jordan has to make decisions, manage responsibilities, communicate with people, use his skills and keep learning.
The money he earns allows him to buy better design tools, save some money and contribute toward some of his own expenses.
Think About It
Jordan did not become an entrepreneur simply because he knew how to design. He became an entrepreneur when he took that skill and began organizing, managing and taking responsibility for a business around it.
What makes Jordan an entrepreneur?
What actions show entrepreneurship?
What skills or qualities does Jordan need to run the business?
What responsibilities does he have?
How is running the business different from simply enjoying graphic design?
How could the business benefit Jordan or his family?
Which entrepreneurial quality do you think Jordan will need most? Why?
Knowledge Check
