Two 20-Something CEOs Share Their Tips on Entrepreneurship

What does young entrepreneurship look like in Canada? For one, it's a small group. Just 1.7 per cent of all entrepreneurs in Canada are under 30, according to a recent RBC Economics report. Perhaps not surprisingly, they're an educated bunch: young entrepreneurs are more likely to have post-secondary education than the average Canadian and they're much more data-savvy than their counterparts in the 50-64 age range.

RBC Disruptors, a monthly series about technology and innovation, recently featured two 20-something CEOs who have hit the ground running as young entrepreneurs. Here's what they shared about starting a business.

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By John Stackhouse

The Internet and record low interest rates have made entrepreneurship more accessible than ever, and yet the rate of young Canadians starting their own businesses has been relatively flat since the 1980s. The shine of the start-up world diminishes when placed in the context of rising student debt levels and unaffordable housing in major cities.

At our recent RBC Disruptors conversation, we heard from two 20-something CEOs who nevertheless joined this tiny minority—and haven't looked back.

Braden Ream is the founder and CEO of VoiceFlow, a software platform making creative tools for voice interface designers building on Alexa and Google Home. Julia Kirouac is the founder and CEO of NudFud, a company producing sweet and savoury snacks with a focus on nutrition.

Ream and Kirouac shared 8 tips for starting your own business—and why your 20s might be the perfect time to do it.

1. Just Do It

When you're young, you can dive in headfirst, full of energy and free of responsibilities. The risks are lower in your 20s—you can live on little, and people won't judge you for gaps in your resume.

2. Don't Focus on Your Age

Young entrepreneurs may struggle to be taken seriously. Ream suggests not bringing up your age—it's not what's important anyway. “You don't want to be the best 22-year-old CEO in Canada; you want to be the best CEO, period."

3. Ask Questions

On a fundraising trip to Silicon Valley, Ream was getting frustrated after dozens of rejections. When he started asking questions, he learned that his presentation wasn't speaking to investors. People wanted to hear more about the voice tech market, and less about his particular product. He tailored his presentation—and started landing investors.

4. Find Mentors—plural

You'll need go-to people for different things. (Don't complain to your investors about your product's failings!) Find someone who can give you financing advice, someone else knowledgeable about your industry and someone else you can rant to when things aren't going right.

5. Learn as You Go

Everyone fails—and it's an important experience. Particularly if you lose money, it'll be a lesson you don't forget. “Failure teaches you how resilient you are. Either it's going to break your spirit, or make you come back even stronger," Kirouac said.

6. Be a Sniper, Not a Machine Gun

Starting a business will definitely be a grind, but you can maximize your output by staying focused: prioritize your time effectively, and work on the right things. As Ream put it: “You can either be a sniper or a machine gun."

7. Take Care of Yourself

Self-care isn't talked about enough among entrepreneurs. It can become a competition about how little sleep you're getting by on. That's going to catch up to you. Get a good night's sleep, eat well, and lean on your network. “Don't be an island, definitely reach out," Kirouac said.

8. Pave the Way For Others

It can be tempting to move to the U.S. But every company that decides to stay in Canada, like Shopify has, paves the way for more success stories. According to Ream, “It may be tougher, but we can pay it forward to future generations of entrepreneurs."