Canadian marketplace is not drastically changed unlike other markets like US or other countries. The point is that virtually all its population is concentrated along the southern border with the US and nearby regions. And that’s why it is very much dependent on those cities. The majority of the new generation of Canadian youth fresh from colleges and universities now don’t look for a 9 to 5 job, unlike a 10-15 years ago when it was the preferred choice. So, what are the up to now?
There are a number of reasons why young people try to go for being an entrepreneur by starting a venture or a startup. Canadian companies in the past too have made it big and some of them ruled the word for a number of years. Recent example can be Blackberry devices which were the de-facto way of communicating for the corporate world. In the past Nortel Networks were the king of Communication. But things turned out to be quite the opposite way for both of the companies mentioned above.
Nortel Networks: Once the King and Now only a Glorious History
The example of Nortel Networks is one of the best ones that can offer you great insight as how things can go wrong for a huge multinational company of this stature. There are a number of things that you need to aware of as I will try my best to offer my readers how things turned around for it and how.
Nortel Networks was founded in 1895 in Montreal, Quebec. It soon turned out to be a really important company as it was started right at the start of the industrial revolution and the fundamental advancements in the telecommunication sector too. So, basically Nortel Networks ticked all the boxes that can make it a giant in the telecom industry with little or no competition for decades to come. But its sudden demise was also seen as a great shock to everyone.
What Can we Learn from the Case of Nortel’s Bankruptcy?
The case is like a jolt for all the prospective Canadian entrepreneurs who look to start a company of their own. They may think that if such a big company, which once accounted for more than a third of total valuation of Toronto Stock Exchange and employed over 94,000 people across the globe, can turn bankrupt, then what about us? While there were multiple reasons for the demise of Nortel Networks, the fact that it didn’t made sure how to cope up with the changing times made its products outdated with the customers got interested in other products which offered them good options.
Many reports and case studies stated that the management was arrogant and didn’t gave a damn about its dwindling sales and sinking share prices until the inevitable happened. Nortel filed for Chapter 11 protection on January 14th, 2009 and the rest is history. As a budding entrepreneur, you don’t need to lose hope as there are a number of positive aspects for starting any business in Canada. Let me offer you some bit here.
Successfully Starting a Business in Canada is not an Improbable Task
There are a number of reasons for which you must start a venture with a positive frame of mind. Canada is the world’s 10th largest economy if you consider GDP and the growth chances here for any business is tremendous. There are a number of reasons for which people with a great idea can make it big in the market. Whether you are looking for coming up with a company offering android app
development, ecommerce websites, web design/development, etc., the scope is unlimited it’s just the matter of starting a business with the right intention, dedication and after thorough research of the market.
There are a number of ways in which you can come up with a plan and execute it in the form of a business which is targeted at your potential customers. And taut marketing is the key here to succeed. Don’t think of this step lightly as the more you will look into it, more you are likely to think that this is what can make or break your business.
Over to you
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