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Ryerson University program supports entrepreneurs in a multicultural market

Ryerson University’s G. Raymond Chang School of Continuing Education introduced a new Certificate in Entrepreneurship and Multiculturalism. 

The only one of its kind in Canada, the certificate focuses on skills needed to engage and be successful in today’s multicultural market.

The innovation entrepreneurs bring to the development of new products and services generates new wealth and creates jobs. 

Sixty-three per cent of the population in Toronto will belong to a visible minority group by 2031, according to Statistics Canada, so a focus on understanding the impact of cultural diversity in small business is critical to creating a thriving ecosystem.

“There is a growing demand from people who want to develop entrepreneurial skills,” says Marie Bountrogianni, Interim Dean.

“With Canada’s diverse population, entrepreneurial opportunities exist in every sector of the economy. 

This certificate will give students the skills to harness these opportunities in a multicultural context.”

The Chang School hosted a panel discussion, in partnership with RBC, which looked at the challenges and opportunities entrepreneurs face in Canada’s diverse marketplace. A clear message from the panel was that nurturing a multicultural business environment where diversity of thought is recognized as productive is absolutely critical to growing our economy.

For any entrepreneur wishing to start or grow a business in the multicultural marketplace, Dr. Sean Wise, Academic Coordinator for the Certificate in Entrepreneurship and Multiculturalism, offers the following tips:

Prepare your entrepreneur’s tool kit: Three key tools that any entrepreneur needs are: an ability to anticipate change and assess your ideas; the passion to be able to ride the wave of trends and ideas; the willingness to leverage technology and other key resources.

Know your market: For businesses looking to attract a multicultural clientele, the key is to understand cultural demographics and traits, and then appeal to their needs. You must understand the sensitivities of your market in order to properly market to them. 

Be prepared to make the case for financing: One of the barriers some entrepreneurs face is access to financing. Being prepared to explain why the funds are needed; how they will be used to grow the business; how the debt will be repaid and what contingencies are in place in the event of a cash shortage, will strengthen the case for financing, and help to build a sustainable business.

For more info about Ryerson University’s G. Raymond Chang School of Continuing Education, visit www.Ryerson.ca/ce/entrepreneurship

Posted: Jul 29, 2014

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