Mrs.Morris: Center of Entrepreneurship centennial collegeàapplied research and consulting services, 95% 5 year start-up success rate
-asks what you think of when you think of entrapeneurship? Should think of benefits of what you are selling. Think of the benefits of chiropractic.
-business model: partnership, rent a room at a wellness clinic
-be uniqueà service (acupuncture, massage), pricing (clients like options or packaging), marketing (crawl-ins and walk-ins welcome, target families (family days, bring you children in), important to get demographics for area you want to get into). Brought up Tim’s vs Starbucks, Tim’s is cheaper but Starbucks sells the experience, you can do this too as a chiro. Important to know what your average customer is, start with 2 customer segments.
Dr. Raheem Karim: centennial college, vice chair of cmcc board of governors, mba, rehab specilizaiton.
-Opportunitiesà clinical practice, research (can get a research credential?), policy (colleges, government), education (at cmcc, another school), and administration (can fall under any of the other opportunities). This is a very fluid spectrum and transitions can be made, some require additional credentials.
-Leadership competencies: professional development (Continuation of educaton, creating performance goals through self-reflection) and self-reflection, professionalism (what is expected of you from society, specialized knowledge, competency, integrity, accountability, self-regulation, image), communication (listening, respect, congruency between words and actions, recognise diversity), innovation (new ideas, being aware of new trends of possibility), expertise (being current, something to be shared, challenge assumptions), collaboration (within profession and with other professionals).
-intrapreneurship: people who work in an organization to develop innovation?
-Next steps: get involvedà community, student life, find a mentor, re-frame (ex. 2004 lego was bankrupt, now number 1 toy maker in the world, when practicing how do I make myself look like a beginner again, I need to think this in 5 year time frame, lego other toys are not your competition , competing with phone makers and all other electronic media)
-leadership style for entrepreneurs? Diverse styles, ability to understand surroundings/ what’s out there and taking calculated risks, motivated, accountable. Personality traits? Determination, Self-reflection (not about others).
-in this economy is it realistic for young chiros to open up a business? Be aware of current trends and make sure you have finances in places?
-associateship vs independent contractor: independent rents a space within a larger organization but is a sole practitioner, responsible for patients, marketing, can move locations and take patients with you. Associates work in someone’s practice, share forms, resources, patients become patients of the practice. Always have copy of files from legal risk management perspective, ultimately the file belongs to the patient.
-non-compete clauses legal to enforce? Depends on what is reasonable, time and distance. Let a lawyer to check contracts.
-common marketing mistakes for chiros: once in business for a while people become complacent. Keep websites very static and very similar. Important to keep customers in mind and how to get traction with trends in mind, be creative. Don’t do the same things over and over again. Check standards.
-business initiaves for right now: find passion for community involvement. Rotary club? Networking groups, get roots in community before opening business.
-where start-up money comes from: Limited funding out there, business development bank of Canada. Good plan and little bit of training goes a long way, marketing plan, and know your niche. Venture capitalists can also be a funding source. Can buy a practice, good plan, bank will like. Test the market by renting a room, get market information but low investment now you’re in a position to show the bank your growth and billings
-getting mba helpful? He wanted those administrative skill, to get involved in education admin. In terms of running a practice it is not useful.
-Where even start business plan? CP!!!!! Lean canvas? Recommends doing research, talk to clinic owners/ people in practice.
-have to relate to your patients and keep them at the forefront to try not to appear too commercial, people expect the multidisciplinary approach, business opportunity to offer this. Must have value proposition unique to you.