Advice from Canada’s Fastest-Growing Companies

Aaron Lynett/National Post

“Being an entrepreneur is difficult, and there are days when it’s almost unbearable. So, when you achieve a goal you’ve set for yourself, celebrate it!”

Rick Spence  Jun 20, 2011 – 2:33 PM ET | Last Updated: Jun 21, 2011 11:12 AM ET

What can you learn from Canada’s top growth entrepreneurs? Lots.

In the June issue of PROFIT Magazine, which features the publication’s annual list of Canada’s Fastest-Growing Companies, the editors asked CEOs on the list for the best advice that they might offer other entrepreneurs. The result is fun set of highly opinionated guidelines with a street-smart authenticity well worth heeding.

Here is some of the best advice from the “PROFIT 200.”

On startups:

“Start simple, and get complex only as necessary.” Stay lean, focused and flexible, because until you find your true market, you’re going to have to shift a lot.”“Try to do something no one else is doing.”“Find another entrepreneur you’d like to emulate, and then pick his or her brain incessantly.”“Persevere. You’re going to hear ‘No’ 10 times before you hear ‘Yes.’”

On Managing People:

“Get ‘A’ players on your team and let them do what they need to do. Support them. Don’t micro-manage.”“Do not compromise when building your executive team. I repeat: Do not compromise.”“Employees need to be as passionate as you are about the business. So learn how to transfer your passion.”“Do not be afraid to share your success. Wanting to keep everything for yourself is a recipe for failure.”

On Leadership:

“You can’t be a jack of all trades when your company grows. As you grow, try to stop and think and trust people. It’s a big challenge.”“Delegate. Your job as a business owner is to grow it, not to run it.”“Don’t worry about resources; be resourceful.”“Being an entrepreneur is difficult, and there are days when it’s almost unbearable. So, when you achieve a goal you’ve set for yourself, celebrate it!”

You can read the full list of advice, and the 2011 ranking of Canada’s 200 Fastest-Growing Companies, in the June issue of PROFIT magazine.

Posted in: Entrepreneur  Tags: Growth, leadership, motivation, Profit Magazine, startup