(Photo by Emily Rogers)
Local entrepreneurs had an opportunity to network, and learn how to thrive and overcome challenges, during a Small Business Week Workshop.
The event on Tuesday (Oct. 22), was in partnership between the Burman University School of Business and the Lacombe and District Chamber of Commerce and featured a keynote speaker, hands-on workshops, and an expert panel discussion focusing on Resiliency for Small Business.
Dr. Louicius Michel, event host and Chair of Burman University's School of Business explained that small businesses are facing three main challenges, including financial management, strategic management, and marketing management.
“We believe there’s ground for collaboration with the business community, and to address those difficulties,” Michel said.
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He added the three main challenges are the root cause of small businesses having to shut down before the five-year mark.
“If we work with businesses, we address those issues and reduce the attrition rate, then we’re going to have an increase in wealth and Gross domestic product (GDP),” Michel said. “That would be better for local governments, for businesses, for the provincial government, and for the national government.”
Lacombe and District Chamber of Commerce executive director Wendy Buyar commented on the importance of supporting local businesses.
"It's so important, especially now. We have such a crazy economy and we have so many small businesses that are desperate for support. We want everybody to get out and spend your dollars locally, support those small local businesses. They are the ones who are going to be putting back into your community."
Through the workshop, Michel is hopeful that entrepreneurs took away strategies on how to be resilient, through real-life experiences that other business owners have been through.
“It's information sharing, it’s a learning experience for all of us in academia and in business,” he said.
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