lived it lecture with dorothy engelman: entrepreneurship 101
DESCRIPTION
Dorothy Engelman, Senior Partner and Owner, q Media Solutions; Founder, Getinvolved.ca Recently named as one of Canada’s Most Powerful Women by the Women’s Executive Network (WXN), Dorothy Engelman combines the business savvy of the Fortune 500-connected digital entrepreneur with the passion and heart of an inspirational storyteller. A former documentary film producer, she is co-owner and Senior Partner of Toronto-based q media solutions, creating programming, commercials and integrated content for clients. An active volunteer, Dorothy parlayed her expertise and that of q media into the creation of getinvolved.ca, a social web community that matches organizations and individuals who want to make a difference. This is part of a series of “Lived It” lectures in the program, sessions that offer a great opportunity to hear firsthand and ask questions about the experience of starting up an innovative company from people who have seen it and done it.TRANSCRIPT
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Dorothy EngelmanCo-Owner, Sr. Partner
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Innovation (social or not)
Innovation is a formula with no right or wrong answers. So while it’s based on math, for me, it’s really a mysterious alchemy of…
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A+T+RN=SI
n
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A= Accidents T= TimingRN = Relationship between nature to the power of nurture = SI Innovation or social innovation
n
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A= Accidents
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T= Timing
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RN = Relationship between nature
n
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to the Power of n: nurture
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= SI Social Innovation
Starting q media with my husbandwhich lead to development of our
business model
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7?’s 7 Lessons
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Question 1What is the value of your
idea? If you build it will they
come?
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Lesson 1: The idea is not the big
idea. Execution is the big idea. Execution makes the big
idea successful.
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Question 2 Is there an entrepreneur
in your DNA?
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Lesson 2: Know yourself and figure out who and what skills/expertise you are
missing. Age? Experience? Or someone that balances or
complements you for, or against risk.
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Question 3 What is your risk
tolerance?
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Lesson 3: You have to take risks, emotional,
personal, professional and financial risks to build a business, or create an
innovation.
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Question 4Do you have the
perseverance to make it over the long-haul?
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Lesson 4: It’s hard. It’s okay,it might take you 2 or 3 attempts
before you find your way.
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Question 5 Do you know how to
collaborate?
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Lesson 5: Collaborating internally and with like-minded partners is critical to succeed in a social enterprise.
Funding /Outreach /SustainabilityEngage all potential stakeholders
Private/Public/NFP
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Question 6 Do you know why you want to start
a business? What do you want from the
business?
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Lesson 6: Before you start a venture with
group, or on your own, reflect on your own values. Know what you
want out of the business. Fame? Fortune? Change the world?
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Question 7What kind of business do you want to build? What kind of culture do
your want to create?
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Lesson 7: It’s not personal. It’s business.
Wrong. Ridiculous. Your enterprise is an extension of
who you are and your values.
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Conditions for Success 1. Technology.2. Network.3. Team.4. Research.5. Resources.