Like many entrepreneurs, Matthew Hickman's decision to go into business for himself was driven by a desire to control his future and make his mark on the world.
Hickman is achieving those goals as owner of Kean's Pump Shop, a flourishing St. John's, Newfoundland business he bought in 2004. The company he took over was solely a water pumping business. But he has since diversified it to provide water, air, heating, and ventilation systems to municipal, commercial and residential clients.
"I worked in a larger organization before starting my own business, but I didn't feel like I could have the impact I wanted," Hickman, 34, says. "I've always been driven to have a certain degree of control, and I believe that's a trait that many entrepreneurs share. They have a vision and they want to have a chance to execute it."
Hickman's business success was recognized last year when he won BDC's Young Entrepreneur Award for Newfoundland and Labrador. The annual award recognizes the business excellence of entrepreneurs from across Canada between the ages of 19 and 35.
Hickman says it's taken hard work to build his company, including overcoming what he sees as bias towards young people in the business world.
"Credibility was an issue," says Hickman who began his entrepreneurial career at 26. "The age bias affects everything. It affects your ability to attract financing, quality employees and good suppliers."
To counter the difficulties, his advice to other young entrepreneurs is to build a solid network of contacts and seek the support of experienced business people.
"Get to know as many people as you can. Build relationships with people that are important in the industry."
Hickman also received more formal advice on business issues from BDC Consulting.
Peter Brown, a senior executive at Deloitte, agreed that drawing on advice is a key to success for young entrepreneurs.
"Entrepreneurs are made, not born," says Brown, National Leader of Private Company Services at Deloitte, a leading professional services firm, providing audit, tax, financial and consulting advice. "They become great from coaching and counselling, combined with opportunity and innovation."
That can be especially true when they are confronting the problems of a recession.
"Experienced entrepreneurs have great days and bad days and they've learned to deal with them, and I think for young entrepreneurs that is a big challenge. That's why advisors can help," Brown says. "Successful young entrepreneurs find ways to learn from other people's mistakes as well as their own."
Steven Karpenko, BDC Director of Small Business Markets, said tenacity is especially important for young entrepreneurs trying to make their way with limited resources.
"It's important to define what you want to do and have a fairly narrow focus," Karpenko says. "Early on it can get pretty rocky, and when you're young and you typically don't have the same kind of money, the tenacity factor is really crucial. You have to stick with the plan and remain flexible."
On the other hand, Karpenko believes young entrepreneurs have some advantages over their more experienced counterparts, including an ability to use creative, inexpensive marketing techniques.
"Younger entrepreneurs are definitely more in tune with social networking and online marketing," he says. "I find young entrepreneurs understand those tools better, so they can use them more effectively to market themselves."
As with anything in life, it's important to play to your strengths and be prepared when opportunity knocks. In Hickman's case, he found opportunity sitting across the table from him.
"I was at a training seminar and sitting at my table was the only person in the room within 20 years of my age," he says. "I found out that his father was the owner of Kean's Pump Shop, which, of course, I later purchased and operate successfully today."
"Had I not gone to that seminar on that day, we never would have had the occasion to meet. So, like I said: use that network."
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