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Andrew Williams, co-founder of Night Vision Music (nightvisionmusic.com), says it’s all about starting small. “Get a basic version of what you want to do out there and test the market. The business cards and fancy website can come after. If it’s a capital-intensive project that you want to try, surround yourself with people already doing something like it and see if your idea might work for their client base.”

PHOTO BY ROBSON FLETCHER

“I worked on my business concept and developing my business plan for one year after hours prior to committing full-time to entrepreneurship. This allowed me to really take my time to do research, go through proof-of-concept with other key people, and really decide if this is the business I want to commit to. It was exhausting as I worked full-time for more than 50 hours a week, working on my business idea in my spare time. If you want something bad enough though, you find the energy and time.”— Corinne Ferguson, president and CEO of Five Star Media Group Inc.

“Follow your gut. Keep investing time and energy into the business venture, and when the time is right, it will present itself. You will know.”— Anne-Marie Lindell, program manager for Ventures — decsa.ca

“I think full-time entrepreneurs benefit from additional time and the sense or urgency required to create a business that stands out in a competitive marketplace. As cash flow from running a business is generally less regular than cash flow as an employee, you should generally consider reducing fixed personal expenditures and accumulating some working capital before starting your business.”— Josh Spurrell, president of Spurrell & Associates Chartered Accountant — spurrell.ca

“Farmers markets are an excellent way to ease your way into entrepreneurship. The low startup costs and low rental rates allow for a brilliant opportunity to test market your products on a local audience. Markets allow you to interact directly with your customers, and be able to tell if they like your product or not. I have seen many entrepreneurs dip their toes in with markets and eventually go on to run their own businesses full-time. It’s exciting to see people take a great opportunity and run with it.”— Stephanie Szakacs-St. Louis, executive director of Old Strathcona Farmers’ Market — osfm.ca

“I read recently that only seven per cent of people have the desire or stomach to be an entrepreneur. I don’t know if there is such a thing as easing your way into entrepreneurship. It takes a lot of hard work and stress to succeed as an entrepreneur, so if you’re willing to put up with sleepless nights and working more hours than you would as an employee, then go for it.”— Laurie McNaughton, owner of ActionCOACH — actioncoach.com/lauriemcnaughton

“Things you’ll need include a GST number, a great accountant, a fantastic bookkeeper, an awesome mentor, plus tons of courage and resilience. There will be naysayers, pessimists and supporters when you take the plunge; feed off the supporters.”— Dennis Michael, owner of Wake Creative — wakecreative.ca

“One great way is Startup Weekends. This will give you an idea of what it takes to go from idea to a tangible product or service. Fleshing out your business plan and taking it as far as you can part-time is another option. There will come a time when a choice has to be made, however, to commit totally or decide that entrepreneurship is not for you. There is no easing into that final choice.”— Illarion Shulakewych, owner of High Stick Vodka — highstickvodka.com

“If you know that your business has a high degree of probability for success and you have the resources to get started with a bit of a financial safety net, then your best bet is to just jump straight in. The longer you procrastinate, the higher the risk of getting cold feet or someone else stealing your idea and running with it.”— Michael Mabey, CTO of Barriertek Inc. — barriertek.com

“In retrospect, I knew from a very young age that I wanted to be my own boss. Being a paperboy, cutting grass, etc. fall into the class of starting one’s own business. If you look back, you may see the seeds of entrepreneurship in your own life. If this is the case, then find a vocation that is your passion, put in your 10,000 hours at the best firm that you can find, and when the time comes you will know it.”— Bob Gaetz, owner, broker and president of Gaetz Realty Inc. — gaetzrealty.com

“If you just dip your toes into the water of entrepreneurship, you are only going to get the same kind of results back. It’s big and scary, but in order to be successful, you have to jump in, both feet first. You can do this by keeping your day job, but you are going to need to be committed in your mind and in your practice to making your own business venture priority No. 1. Entrepreneurship is about taking risks and getting back up when you are knocked down. You can’t do that if you aren’t in 100 per cent.”— Faye Holt, owner of Dayhome Registry — dayhomeregistry.com

“It’s easy to think you can just wing it when getting into business, but you’ll end up paying for this in the long run. Instead, do your homework and have a proper business plan and strategies in place.”— Jody Hrabiwchuk, freelance marketing and business consultant

“Make sure you have clarity on what you’re doing. Have your financials in order so you know where you stand, and if you can afford it money-wise, then go for it. When you fully commit to take on your own business and put 100 per cent of your focus into it, then it flies. There are so many benefits to being an entrepreneur that aren’t about money, like being able to work during times that best suit you and doing what’s right for you.”— Lil Lezarre, owner of Tender Loving Cups — tenderlovingcups.com

“If you sit too long with an idea, sometimes the time to execute it will pass … or someone else will come up with the same idea and fly with it. Having a cushion is useful, but I did not have a fallback position. For me, it was start my business and be successful, or fail. I was willing to risk failure. Starting my own business was all or nothing, and eight years later, it is my all.”— Rebecca Lippiatt, owner of Rebecca Lippiatt Photography — rebeccalippiatt.com

“The reality for me when opening my business was that revenue and clients did not come flocking in, and it took many months of working for free. I kept my mainstream job for as long as I could, built a cash reserve to sustain me for months, and had a supportive husband who believed in my business. My business partner and I did as much of the initial startup while still working and earning a steady income. For an added safety net, I took a one-year leave of absence to ensure I had some job security. My caution to new entrepreneurs is to remain positive but realistic. Do as much as you can with your new endeavour while continuing to work full- or part-time.”— Keltie Brisson, co-owner and recreation therapist at Rehab and Retreat — rehabandretreat.com

“Live with your parents, and if that’s not an option, make sure you have a contingency fund that will provide you with a cushion to take a chance and start your own venture. Anyone who starts their own business will inevitably experience lean times, and having a fallback will help you through that period so you can come out the other side.”— Desmond Chow, senior financial advisor at ATB Securities Inc. — is.atb.com/poitraschow

“It depends; if you have enough capital to invest into your business at the start then you can fully focus on it. Some people take a part-time job to support themselves while working full-time on their own business. Having a full-time job would be a bit exhausting, and it won’t leave you with the energy needed to launch your own company.”— Yuliya Cruikshank, founder of Epic Experiences — twitter.com/EpicXPs

“Ensure that you have financial stability in your life to alleviate the stress of having to find business, and associate with mentors and people who will support you on your journey. Finally, remember to invest in yourself professionally, like hiring a business coach, attending conferences and staying current in your industry.”— Michelle Devlin, partner at Creating People Power — creatingpeoplepower.ca

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How would you recommend ‘easing one’s way’ into entrepreneurship?

Expanding your product line can go a long way towards helping your business grow, but doing so can be a huge undertaking. That’s why Wel-lington Holbrook, executive vice-president of ATB Busi-ness, is curious to hear from you:

How much research should you do when devel-oping new products?

You can answer the question in two ways:• Open today’s Capital Ideas email if you’re a member, or• Visit capitalideasedmonton.comWe’ll publish the best answers, along with your busi-

ness name and website address, on March 11. For more great information on what business owners in Alberta think, visit atb.com/businessbeat.

CAPITAL QUESTION: How much research should you do when developing new products?

COMMUNITY QUESTION:

This question was posed by Jim Ewing, co-founder of Pro-Vision Solutions. Connect with him at

linkedin.com/in/JimEwingProVision. To submit a business-related question of your own, visit

capitalideasedmonton.com/ask.