BDC, TMA Montreal Launch Resiliency Award
The Business Development Bank of Canada (BDC), in partnership with the Turnaround Management Association, Montreal Chapter, launched the BDC Entrepreneurial Resiliency Award. This award is designed to recognize a Canadian business that has come back stronger after undergoing a turnaround or pivotal event in the past year.
Entrepreneurs are synonymous with taking risks and working hard to achieve success, but not all ideas work out. Those with the entrepreneurial resiliency to turn the lessons of experience into opportunities – and come out smarter and stronger – often rise above the others.
Most entrepreneurs can relate to a comeback story. In fact, according to a recent Industry Canada report, 80% of enterprises that entered the marketplace in 2008 survived for only one year, whereas 72% that entered in 2007 survived for two years. Despite the odds, most entrepreneurs are not deterred. More than one-third (34%) of experienced entrepreneurs have gone on to successfully start another business after a failure, while almost two-thirds (60%) have started between two and four other businesses.
“As the pre-eminent organization of turnaround and corporate renewal professionals from all disciplines, TMA-Montreal is thrilled to be partnering with BDC on this new award for Canadian entrepreneurs,” said Michael Hanlon, Attorney and TMA-Montreal’s first vice president. “While all businesses start with a plan, and hope for success, few entrepreneurs plan for failure. Learning from difficult situations, embracing lessons learned and moving forward is an important part of any successful restructuring.”