The truth behind entrepreneurship

Amanda Samuels, Owner of Amanda J. Events Photo Credit: Yassser Nolasco

After three years of biochemistry, physiology, neuroscience and the dream of one day becoming a pediatrician, planning a Harry Potter Winter themed formal shifted the direction of biology student, Amanda Samuels’s dream. Samuels, 25, began contemplating the possibility of becoming a business owner.

Entrepreneurship paints a pretty picture. You work when you want, often from home, get paid without deductions and you don’t answer to a boss; you are the boss! In spite of the benefits, there’s more to the “pretty picture” than meets the eye. Entrepreneurship starts with taking the leap then requires discipline, hard work, consistency and sleepless nights.

Photographer, Andreea Muscurel has run a successful wedding photography boutique called The Love Studio for eight years. She sais passion alone isn't going to cut it.

"The business won't survive on passion," Muscurel said. "It's hard work that's sustaining it, it's strategy that's sustaining it, it's relationship that's sustaining it, (it's) skills."

Samuels had just finished four out of five years at Trent University when she landed a job

in the event coordinating field, she decided while finishing school, she was going to start her business, Amanda J Events. She would focus on event designing & coordinating.

“I’ve always said I want to be a pediatrician but every time I said it there was always a fraction of doubt,’ Samuels said. “It was everybody else’s dream and not mine.”

Letting go of the dream everyone else had for Samuels was hard because she wanted to give her parents peace of mind. However, establishing a business where she would be able to control her hours, create a legacy, invest ample time into a family, friends, and mentorship was a priority.

The truth is, the demand of running a business will often spill into your personal life and financial stability is not guaranteed. For some, strict hours is worth the luxury of leaving work at work, getting benefits and having financial stability.

"For me, having autonomy over my time is much more important than those other things," Muscurel said.

Samuels has coordinated events for her university and the International Student Association. She currently coordinates events for her church and works for a decor company where she designs and coordinates weddings. She's always been a creative person, from creating things out of nothing to singing, drawing, and writing. However, she understands that it is going to take more than talent to build a successful business.

Samuels has registered her business. Invested in branding and promotion material. She is beginning to establish her business on social media and continues to educate herself by taking postgraduate courses in marketing and entrepreneurship. She plans on going to Humber College for the Event Management program. Her business is set to launch January 1st, 2019.

"I don't feel like rushing it or being unprepared," Samuels said. I'm still in the process of writing contracts, outlining services, (and pricing)."

Managing Editor at Global News, Sadiya Ansari remembers being a freelance writer and says staying on top of the administrative work is vital when running a business.

"If you’re freelancing full time and you're going to be making more then $30,000 a year, you have to apply for an HST number and then often you can also apply for a business number through the CRA (Canada Revenue Agency)," she said. "If you're going to be making more money then, on top of an invoice you tap on HST and then you either pay your HST quarterly or annually."

Business owners can sometimes make the mistake of spending the HST and owing CRA. Learning to put away HST and savings is a must.

Despite being in the entry level of her business venture, Samuels has already learned a lot.

"Every conversation and every opportunity you have to go somewhere, even if it has nothing to do with your business, go!” She said. "Networking is so prestige."

Muscurel would go as far to say "relationships are the only thing that matters," she said. "If you are going to walk away with one thing, make it relationships and make them authentic."

Samuels recalls a time when she missed a wedding and almost missed the opportunity to work with a millionaire. The potential client was looking for an event planner to run events out her home. She was later invited to a baby shower where the millionaire was in attendance.

" It was when I was leaving the lady's sister asked me what do I do, I said event coordinating. The millionaire overheard and wanted to start working with me."

Learning new things is a huge part of what entrepreneurship is all about, however, knowing when to delegate tasks is just as important.

"You have to know what your limits are, Muscurel says. "If there are certain things you're not good at, be honest about it and hire somebody that's good at those things."

Samuels has learned that her experiences have helped her become a better entrepreneur. Through her many years in retail, she's learned to be resistant, patient and has gained social & networking skills. She hopes her five years of university will also be of great benefit.

"Everything has its place, she said. "Even if you learn specific skills from different areas of your life they can apply to this level of entrepreneurship."