Winnipeg Free Press - PRINT EDITION
Posted: 02/5/2014 1:00 AM | Comments: 0
Last Modified: 02/6/2014 12:23 PM | Updates
IT'S hard to imagine Obby Khan as the poster child for anything.
Yet, as incredible as it might seem, the former Winnipeg Blue Bomber was trotted out at an event hosted by the Canadian Youth Business Foundation Tuesday morning.
The 33-year-old former offensive lineman and proprietor of Shawarma Khan restaurant has just received a second round of funding from the CYBF to open up another eatery.
A yet-to-be named juice bar is currently under construction in Osborne Village.
Khan said without the kick-start from CYBF, which provides business resources, financing and mentoring for entrepreneurs between the ages of 18 and 39, it would have been much more difficult and taken longer for him to open up his Exchange District eatery.
"It's a lot easier when somebody like CYBF is opening doors for you," he said.
Joelle Foster, CYBF director for Manitoba, Nunavut and the Northwest Territories, wants to encourage soon-to-be graduates to consider entrepreneurship as a career and to base their operations out of Manitoba.
Since hanging up the CYBF shingle three years ago, Foster has funded 94 entrepreneurs, including 11 restaurants, with a success rate of 95 per cent.
Would-be business owners can get $15,000 without any collateral, $30,000 through a combination of CYBF and the Business Development Bank of Canada and another $30,000 through a business startup program at the Royal Bank. "I can get somebody $75,000 no problem," she said.
Scott MacAulay, entrepreneurship practicum course leader at Red River College, said textbook entrepreneurialism doesn't work. But if you show would-be business owners the right things to do, you can "activate" them.
For years, he would work with young people in building a sophisticated business plan, but when it came time to go and get the financing, which was sometimes into six figures, they'd balk.
Now he uses the "small cliffs theory," which espouses taking many smaller steps to get something off the ground.
"Make one sale, get your business registered or go sell your product at a card table at a farmers market," he said.
"If you do something too big or too sophisticated, it's overload. You need to have lots of little steps."
In a little more than a year, Khan will have created 25 jobs, including 10 at the new juice bar. He has no intention of slowing down, either.
"The Khan empire is growing. There's something else in the works, but I can't mention it yet. Hopefully, CYBF gives me another $75,000 and we'll open another venture in a year," he said.
Republished from the Winnipeg Free Press print edition February 5, 2014 B4
Updated on Thursday, February 6, 2014 at 12:23 PM CST: Corrects "incredulous" to "incredible"
Having problems with the form?Contact Us Directly
Health officials say ice cream is safe despite some recalls
Starbucks: Computer outage fixed; stores to reopen Saturday
Hopes grow for grain farmers
North America's largest powwow draws thousands to New Mexico
City sees healthy growth in economic development
New York begins effort to help startups navigate regulations
Credit union members sink massive merger
Germany's Deutsche Bank changes tack on Postbank
Hawaii poised to become 1st state to raise smoking age to 21
Address probate before it's too late
Biggest US players in the cable game
Legislature passes bill that would make Hawaii first state to raise legal smoking age to 21
No trade breakthrough expected with Japan during Abe visit
Canam revenues, profits surge in Q1
Most actively traded companies on the TSX
Vancouver-area mayors grill National Energy Board
Midwest pheasant producers are anxious as bird flu spreads
Winners and losers of the demise of the big Comcast deal
FBI: Korean firm scammed out of $375K for fake Pharrell show
How the Dow Jones industrial average fared Friday
American, United delay, change Boeing 787 orders
Wynn Resorts shareholders: Elaine Wynn won't return to board
Taking the abs out of Abercrombie: retailer tones down sexy
Ford recalls 390,000 cars to fix door latches
Five things to expect for oilpatch results
Barrick faces ire of CPP Investment Board
Softwood lumber agreement heading for expiry
Vote against merger due to intolerance to LGBT community surprises credit union CEO
Recalls this week: vacuum cleaners, bicycles
Falling prices, rising threats cool interest in Kurdish oil
New York to get nearly $1B loan to make commuter rail safer
US oil and natural gas rig count drops by 22 to 932
Fire officials: New York City crane accident leaves man dead
Harley recalls nearly 46,000 motorcycles
Initial public offerings scheduled to debut next week
France still undecided about delivery of warship to Russia
Yamana Gold to buy Mega Precious Metals
Winpak's net earnings soar 39 per cent in first quarter