Kanwardeep Johar has been an entrepreneur since he was 14.
Now at 24, Johar runs his own business, Galt Industries from his home in Brampton, where he buys and sells domain names, works on various business-to-business ad platforms and creates innovative, consumer-focused web applications.
And the business world is noticing. Profit Magazine is considering Galt Industries for their upcoming Profit Hot 50 List — the annual ranking of Canada’s emerging growth companies.
Despite his success, Johar remains focused on future opportunities. “I’m a serial entrepreneur,” he says. “I like creating new things and seeing the impact they have.”
Johar created Galt Industries in the summer of 2002 after reading a blog that suggested parallels between domain names and real estate. Owning a domain name (like www.satellitereceiver.com) is like owning land someone might buy.
One of his current ancillary projects is a “socially collaborative” deal-hunting site. The site searches deals both on and offline — items such as electronics, books, and computer-related paraphernalia. According to Johar, “the focus (is) on developing sites in such a way to promote the generation of user content, that is, incentivize users, let them take ownership of the content ... like Wikipedia, but channelled into other niches.”
In addition to creating successful ideas, Johar also believes working his own hours and having no ceiling on his success are the benefits of being a young entrepreneur. Advancing in any career is difficult, but in your own business, you are the president.
This is a benefit other young people are noticing. According to George Wheeler, acting manager of small business at Enterprise Toronto, approximately 4,600 of the clients they dealt with last year were under the age of 29.
Wheeler feels preparation and perseverance are essential to succeeding as an entrepreneur.
“More than half of businesses close within the first three years. So, we recommend lots of front-end research and the preparation of a business plan, that includes a clear identification of a customer base, a marketing plan, identification of competitors and a financial plan.”
As the sole person in charge of finances, marketing, strategy, and operations for Galt Industries, Johar has his own advice for young entrepreneurs: “Start young, find a niche, work smart, not hard.”