"Entrepreneurship is no longer a career field; it's a way of being": An Interview with Sarah Katyal, President of Impact Entrepreneurship Group

If it were not for youth entrepreneurship initiatives, I would never have had the means or strategy to launch a nonprofit girls' leadership institute as a college sophomore. By winning the Independent Means National Youth Business Plan Competition, I connected with a community of business leaders who showed me that making a big difference and making a big living were not mutually exclusive. And I received a very generous academic scholarship to Babson College that I so wish could have been applied to an MBA! But I digress....

I recently had the opportunity to speak with Sarah Katyal, the National President of Canada's Impact Entrepreneurship Group, about Impact's programs and the evolution of youth entrepreneurship. Enjoy.

Alexia: Please tell me a little bit about Impact.

Sarah: Impact is Canada's largest non-profit, student-run organization dedicated to encouraging the entrepreneurial spirit amongst youth in Canada and becoming a starting point, as well as a catalyst, for youth interested in entrepreneurship and leadership.

We started in 2004 as a small conference in Kitchener, Waterloo. And since then, Impact has developed programs both at the national and local level. Consisting of over 100 student volunteers nationwide, Impact is dedicated to driving the entrepreneurial spirit in youth. In 2008, as the host organization for Global Entrepreneurship Week Canada, our programs have recently reached over 500, 000 young people across the country!

A: Why is entrepreneurship such an important leadership skill for Generation Y/Millennials?

S: Entrepreneurship is no longer a career field; it’s a way of being. The skills one learns from entrepreneurial endeavors provide more insight into leadership then almost any other form of leadership opportunity. What Gen-Y needs to understand about entrepreneurship is that starting a company is no longer synonymous with entrepreneurship. Starting a charity, a cause, changing existing patterns, being ambitious and innovative all fall under the umbrella of entrepreneurship.

My entrepreneurial experiences have taken me to a level of leadership that can’t be taught in a classroom. Gen-Ys/Millennials are the movers’n’shakers. They’re media savvy and want things faster than ever before. Taking charge of your own projects and your own decision making is entrepreneurial and crucial to the future of leadership.

A: One of Impact's programs that brings emerging leaders and entrepreneurs from all over the world together is the Global Youth Entrepreneurship Congress. How does a young person get involved?

S: GYEC is one of our global events offered by Impact in partnership with Global Entrepreneurship Week. Its goal is to bring like-minded youth leaders and entrepreneurs from host countries for the week to discuss, collaborate and spearhead the next generation of youth entrepreneurship.

It takes place from November 19-22^nd, 2009 in Downtown Toronto, Canada.

For a young leader interested in getting involved, s/he can visit our website which will be launched soon. But in the meantime, you can email Dave Wilkin (dave.wilkin@impact.org), our Program Chair, to find out more!

A: What are the 3 most important skills that an entrepreneur should possess?

S: Vision: Ability to think well beyond the present, to understand the strategy behind long term goals. It’s what drives the passion.

Ambition: Without that ambition, you can’t call yourself an entrepreneur. Ambition will push you past the ups and downs that you face every day.

Communication: Unfortunately, it’s the most underrated skill, but to me, one of the most important. Communication is what drives the team, the mission and the overall internal and external development.

I call these skills even if they’re more like personality traits. They help create skills you need to be an entrepreneur, the nitty gritty skills like Sales/Business Development or Finance, etc.

A: How do you envision entrepreneurship evolving as our global community continues to think about social, economic, and environmental sustainability?

S: Entrepreneurship is the answer to many of our sustainability issues. In order to tackle some of the failures of our institutions, to accommodate the new mindset of our generation, as well as social and environmental issues still in existence, we must create and focus on new ideas, new programs, and innovative solutions. Hence, entrepreneurship is the backbone behind these solutions.

A: What's on tap for Impact over the next 2-5 years?

S: Impact is working on a couple of new projects and hoping to grow these into programs across Canada and potentially with global partners.

We’re looking to start one of our most exciting programs to date, the Impact Ventures program, sometime in 2010. This is the Canadian spin-off of the successful Y-Combinator model. It’s a 12-week incubator whereby entrepreneurs receive funding, mentorship, resources and participate in weekly lunches and learn to connect and discuss individual company challenges. The goal is to develop viable products for funding.

A: Thank you, Sarah.

To learn more about Impact's programs, to volunteer, or to make a donation to ensure that our next generation of global leaders succeed, visit Impact Entrepreneurship Group online. To connect to other entrepreneurs harnessing their values, strengths, enthusiasms, and resources to create businesses that make a positive social, economic, and environmental impact, check out:

1. Net Impact
2. NFTE- Teaching Entrepreneurship to Youth
3. Echoing Green
4. Skoll Foundation
5. Young Women Social Entrepreneurs