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🌞 July Insight: Embracing Innovation and Adaptability🌞

Welcome to the July edition of the IWEP Newsletter! This month, we focus on a crucial aspect of entrepreneurship—embracing innovation and adaptability. In today's rapidly changing business landscape, the ability to innovate and adapt is key to sustaining growth and staying competitive. We'll explore how to foster a culture of innovation within your business and share strategies for adapting to new challenges and opportunities. Let's discover how embracing change can drive our entrepreneurial success.

Business Connection:  🚪"Industry Gateway"🚪

Attending networking events provides the ideal opportunity to meet potential clients, partners, mentors, and investors, fostering connections that can offer valuable resources and support. These events are often filled with experienced professionals eager to share their knowledge and insights, helping entrepreneurs stay informed about industry trends, innovations, and best practices.

Participating and speaking at these events is also a fantastic way to hone your communication skills and build confidence in introducing yourself and presenting your business ideas. Seeing other successful women in business can be a powerful source of inspiration and motivation for aspiring entrepreneurs.

Join fellow women entrepreneurs at upcoming events, workshops, and networking opportunities to take the next step in your entrepreneurial journey.

July 2, 2024: Vancouver - Women In Business Networking Event Tickets, Multiple Dates | Eventbrite

July 4, 2024: Surrey Resilient Women In Business Networking event Tickets, Multiple Dates | Eventbrite

July 5, 2024: Info, Idea, Concept Session for Entrepreneurs on the Rise - WeBC (

July 9, 2024: Coquitlam Women In Business Networking Event Tickets, Multiple Dates | Eventbrite

July 11, 2024: Value Added Content: Adding Flavour to your Brand- Presented by Rebecca Coleman - WeBC (

July 17, 2024: Build. Grow. Thrive. 2024: Vancouver - Roundhouse Community Centre

July 18, 2024: Blossom Investor Social Vancouver 2024, The Loft at Earls Yaletown, Vancouver, 18 July 2024 |

July24, 2024: IWEP Workshop - Tax Tips & Tricks for Small Businesses | 10:00am-11:00am | Zoom
July 25, 2024: IWEP Meetup | 12:00pm-1:00pm | Zoom (Please reach out to your Business Advisor for registration)

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🔎Monthly Myth-Free Zone 👁️‍🗨️

The journey of an entrepreneur can sometimes be challenging, especially with the countless myths floating around about building a business. It's not easy to locate all the resources and be aware of all the rules and guidelines, especially as a recent immigrant. The lack of knowledge can make one feel vulnerable. While some beliefs and assumptions may sound convincing due to their popularity, it's crucial to stay vigilant and conduct fact-checking to make more informed and sound decisions.

Let's take a look at the selected Biz Myth Busters for this month!

Myth 1: It is easy to start an online business. I can promote some products or sell something on social media. Money can be made overnight, and there is no risk at all!

Fact: Starting an online business does not guarantee instant success or profits. It requires significant time, effort, and strategic planning to overcome competition, build customer trust, and achieve visibility. Success depends on ongoing learning, adaptability, and perseverance in the face of challenges.

Myth 2: I don't have to report the income from my online business activities and social media activities using digital platforms.

Fact: False! All income from online business activities and income from the platform economy, which includes ridesharing, accommodation sharing, gigs, peer-to-peer sales, and social media activities using digital platforms should be reported to CRA. 

Source: Five common mistakes to avoid at tax time! -

Myth 3: In order to start a business, I must have a business background, a business degree and obtain all the information in advance.

Fact: While having some knowledge before starting a business is important, there are many resources and programs available to help small business owners. At IWEP, we are dedicated to helping women entrepreneurs in Canada start and expand their businesses by providing training, resources, and guidance on all the critical steps of their entrepreneurial journey!

☀️"Embracing Innovation and Adaptability in Business" ☀️

In this feature, we delve into the significance of innovation and adaptability for entrepreneurs. We discuss how to cultivate an innovative mindset, encourage creative problem-solving, and stay agile in the face of change. Learn about the latest trends in business innovation and hear from industry experts on how to implement innovative practices. We'll also provide practical tips (see below) on how to pivot your business strategy effectively when faced with unexpected challenges.


  1. Assess the Situation Thoroughly:

    • Conduct a comprehensive analysis of the current situation. Understand the root causes of the challenges and gather data to inform your decision-making. This may involve market research, financial analysis, and customer feedback.

    • Source: Harvard Business Review suggests conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to get a clear picture of your current standing and the external environment.


  2. Define Clear Objectives:

    • Determine what you aim to achieve with the pivot. Set specific, measurable, attainable, relevant, and time-bound (SMART) goals. These objectives should align with your long-term vision but address the immediate challenges.

    • Source: Forbes emphasizes the importance of having a clear vision and goals when pivoting your business strategy.


  3. Identify Core Strengths and Leverage Them:

    • Focus on your business’s core competencies and strengths. Identify what you do best and how these strengths can be applied to new markets, products, or business models.

    • Source: Entrepreneur highlights leveraging existing strengths and resources to navigate through a pivot effectively.


  4. Engage with Customers and Stakeholders:

    • Communicate with your customers, employees, and stakeholders. Understand their needs and expectations. Their feedback can provide valuable insights into how you should pivot.

    • Source: According to Inc., maintaining open lines of communication with stakeholders is crucial during a pivot to ensure alignment and support.


  5. Develop a Flexible Plan:

    • Create a strategic plan that is flexible and can be adjusted as new information and opportunities arise. This plan should include actionable steps, timelines, and contingency measures.

    • Source: McKinsey & Company advises that businesses should remain agile and ready to adapt their strategies as circumstances evolve.


  6. Innovate and Experiment:

    • Embrace innovation and be willing to experiment with new ideas. Pilot new initiatives on a small scale to test their viability before fully committing.

    • Source: The Lean Startup methodology, as described by Eric Ries, promotes continuous innovation and iterative testing to find the best solutions during a pivot.


  7. Monitor and Measure Progress:

    • Continuously track the progress of your pivot strategy. Use key performance indicators (KPIs) to measure success and make data-driven decisions. Adjust your approach based on what the metrics tell you.

    • Source: Harvard Business Review recommends setting up a robust performance monitoring system to ensure that the pivot is on track.


  8. Seek External Expertise:

    • Don’t hesitate to seek advice and support from external experts, mentors, or consultants. They can provide fresh perspectives and guidance based on their experience.

    • Source: According to Forbes, engaging with external advisors can help businesses navigate the complexities of a strategic pivot.

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Client's Corner - Your time to thrive and shine!

This is your opportunity to shine! Share your success stories and lessons learned with our vibrant community now. Whether you've reached a significant milestone, overcome a challenging hurdle, or discovered an insightful lesson on your entrepreneurial journey, we want to hear from you. Submit your stories, and let us feature your journey to inspire and empower fellow women entrepreneurs. Join us in celebrating our collective achievements and fostering a supportive network of success.

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🤗Thank you for being a part of the IWEP community.🤗

Let's continue to inspire and support each other by embracing change and fostering innovation in our businesses. Together, we can create resilient and forward-thinking enterprises

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