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For those new to Edmonton, starting a business can be a daunting task. Trying to navigate an unfamiliar system comes with its own set of challenges.
But a new event called the Edmonton New Entrepreneurs Forum aims to inform newcomers on how to overcome these challenges and realize their entrepreneurial dreams.
The forum, to be held today at the Edmonton Expo Center, is hosted by Business Link, a government-funded not-for-profit organization supporting Alberta’s small and medium-sized businesses.
This forum is organized to answer questions about starting a business and help budding entrepreneurs become familiar with processes such as registering and licensing a business and how to access financing.
This will also be a networking opportunity and will feature success stories from other newcomers.
According to Immigration Canada, Edmonton will have more than 30,000 immigrants in 2023 and is expected to have another 40,000 immigrants by 2025.
Many newcomers are looking to start their own business. According to Business Link, they account for 20% of his calls to organizations.
Abdallah Mohamed, Manager of Immigration Entrepreneur Services at Business Link, immigrated to Canada from the United Arab Emirates last year. he told CBC. Edmonton AM on friday.
Listen | Helping Newcomers Succeed as Entrepreneurs:
This interview has been edited for length and clarity.
Please tell us about your professional journey.
I’m a communications engineer. I also have an MBA. My professional journey began 20 years ago. I worked for a company for a long time, holding various roles. in sales and marketing, business development, management and leadership. I am also a trained coach and serve as a business advisor for Business Link.
Edmonton has a large population of immigrants working in business. What challenges are they facing?
One is the fact that you know when you’re coming to a new country, right? So obviously there’s a language barrier. I think one of the most important things is to have a general idea of the market you are entering. Business Link offers free secondary market research. This will help them navigate and understand what potential ventures or businesses they want to start.
Other barriers may be the financial system. Some newcomers come from a very cash-based society and come to a more credit-based system. Therefore, it is important to gain such understanding.
Don’t they want to borrow money?
Yes, even if you need to borrow money, you should definitely understand the credit score system. Therefore, that should also be considered.
Also, one of the things you always have to adapt to when you come to a new country is things like cultural norms and the Canadian way of doing business, or business practices. Also, the network is limited, so that’s to be expected.
Do you think tomorrow’s Expo is a good starting point for newcomers looking to start a business?
Tomorrow’s Forum will be a series of panel discussions with industry experts covering topics we believe are important when starting a business. For example, one panel will be about business licenses and registration. We will also hold a panel discussion on how to develop a business plan. And obviously access to finance. We will have a panel discussion about it.
But more importantly, there are also some inspiring stories from some new entrepreneurs who have been there and made it. And I think it’s important to convey that insight to the viewer: that it is possible to achieve your dreams.
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