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UC Alternative Careers Seminar Science Careers in Small Business Health Science Graduate Student Association April 21, 2009 PowerPoint PPT Presentation

UC Alternative Careers Seminar Science Careers in Small Business Health Science Graduate Student Association April 21, 2009 Overview Power of Small Business Definition of Entrepreneur Entrepreneurial Drivers Entrepreneurial Attributes Entrepreneurial Myths

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UC Alternative Careers Seminar Science Careers in Small Business Health Science Graduate Student Association April 21, 2009

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  • UC Alternative Careers Seminar

  • Science Careers in Small Business

  • Health Science Graduate Student Association

    • April 21, 2009

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  • Power of Small Business

  • Definition of Entrepreneur

  • Entrepreneurial Drivers

  • Entrepreneurial Attributes

  • Entrepreneurial Myths

  • Classic Entrepreneurial Mistakes

  • Entrepreneurial Survival Skills

  • Getting Started

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Power of Small Business 1

  • Small business is a powerful engine of

  • opportunity and economic growth

    • “Golden Goose” of job creation

    • Of all net new jobs created over half created by 1-4 employee businesses

    • Jobs created by new firms account for

    • > 60% of the total employment increase

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Power of Small Business 2

  • Builds wealth

  • 80% of the current Forbes 400 list of wealthiest Americans are first generation entrepreneurs who “started with nothing and built major enterprises creating enormous wealth”

  • This entrepreneurial dominance of the list of America’s wealthiest has been the case every year since the magazine was first published in 1982.

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Power of Small Business 3

New and small firms play a crucial role in experimentation and innovation that leads to technological change and productivity growth

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Power of Small Business 4

  • Three key trends

    • Transformation of large businesses

    • Creation of new and small businesses

    • Role of women, minorities and immigrants and

    • veterans

      • Women and minority owned businesses continue to increase at rates exceeding the average rate of increase in US firms

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In Summary…..

Small business is here to stay!

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  • Start-Up

  • A new business venture

  • A risky enterprise

  • In business for about ten years or less

  • May or may not have achieved profitability in that time span

  • Small Business

  • A business that is independently owned and operated that is not dominant in its field of operation, provided it has annual receipts not in excess of $500,000 and has fewer than 500 employees

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  • Entrepreneur

  • A person who organizes and manages a business

  • undertaking, assuming the risk for the sake of profit

  • (Webster)

  • Creation and/or recognition of opportunities

  • followed by the will and initiative to seize these

  • opportunities (Spinelli)

  • Entrepreneurs devise ingenious strategies to

  • marshal their limited resources (Timmons)

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Entrepreneurial Drivers

  • Dreams

  • Passion for Change

  • Hope for Future

  • Desire to Succeed

  • Downsized

  • Accidental

  • Crisis-Driven

  • Social Cause

  • Career Changing

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Entrepreneurial Attributes

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Committed / Determined

  • Willing to do whatever it takes

  • Decisive

  • Persistent in problem solving

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Leadership Driven

  • Self-starter

  • Team-builder

  • Honest, reliable, trustworthy, fair

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Opportunity Obsessed

  • Understands customer needs and wants

  • Market driven

  • Value creation

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Tolerant of Risk, Ambiguity and Uncertainty

  • Calculated risk taker, minimizes/shares risk

  • Manages paradoxes and contradictions

  • Tolerates uncertainty, lack of structure, stress, conflict

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Creative, Self-Reliant and Adaptable

  • Non-conventional thinker

  • Quick, superior learner

  • Flexible, quickly adapts to change

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Motivated to Excel

  • Outstanding achievement

  • Goal and results oriented

  • Aware of weaknesses and strengths

  • Maintains perspective and sense of humor

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Entrepreneurial Myths

  • Entrepreneurs are born, not made

  • Anyone can start a business

  • Entrepreneurs risk everything

  • Entrepreneurs want to run the show

  • Entrepreneurs are their own boss and completely

  • independent

  • Entrepreneurs are motivated only by money

  • Talented entrepreneurs are successful in a year or two

  • Entrepreneurs with a good idea can raise capital

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Classic Entrepreneurial Mistakes

  • Technology in search of a market

  • Failure to transform a technology into a product

  • Product never ready for market

  • Focus on product features instead of benefits

  • Unrealistic about product’s unfair advantage

  • Underestimating customer willingness to change

  • Underestimating the competition

  • No commercialization experience

  • Underuse of professional advisors to save money

  • Undesignated or inexperienced leadership

  • Insufficient capital

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Founder Mistakes

  • Lack of focus

  • How to tell the good guys from the bad guys

  • Failure to admit a mistake

  • Ignoring the handwriting on the wall

  • Reluctance to seek help

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Importance of Attributes, Myths, Mistakes

  • Understanding the realities improves the probability

  • of success a new venture

  • An entrepreneur or employee of a small business

  • may need to modify his/her own traits to have a

  • higher probability of success

  • Some attributes can be acquired, some cannot –

  • build or join the small business team accordingly

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Entrepreneurial Survival Skills

  • Addressing Unmet Market Need

  • Business Plan

  • Advisory Board

  • Mentors

  • Network

  • Apprenticeship

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Addressing Unmet

Market Need

  • Unique

  • Solves real problem – clinical, economic, patient care

  • Improvement over current practice

  • Saves time, money

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Business Plan

  • What

    • Comprehensive picture/model of business

    • Who, what, where, when, how, how much?

    • An adventure story-makes reader want to know more

  • Why

    • Sell yourself on the business

    • Raise capital

    • Secure customers

    • Attract employees

    • Motivate management team

    • Guide operations

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  • Overview of Company

  • Products / Services

  • Market Opportunity

  • Intellectual Property

  • Sales Awareness and Strategy

  • Management Team and Advisors

  • Financial Projections

  • Investment Opportunity

  • Exit Strategy

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Advisory Board

  • Small group of experts

  • May be paid or volunteer

  • People who will tell you the truth

  • Skills and experience that compliment your own

  • Care and feeding of advisory boards

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  • Someone you want to learn from

  • Possess coaching skills

  • Ask hard questions and expects real answers

  • Challenge you to challenge yourself

  • Cultivate mentors throughout your life

  • Care and feeding of mentors

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  • Local Opportunities

  • Young Entrepreneurs Organization

  • Collegiate Entrepreneurs Organization

  • National Collegiate Inventors and Innovators Alliance

  • Kauffman Entrepreneurial Internship Program

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  • Successful entrepreneurs are outstanding learners

  • Takes 7-10 years to gain sufficient judgment,

  • instinct, experience to develop a successful business

  • Work for a large company

  • Work with a successful entrepreneur

  • Work with an emerging entrepreneur

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Getting Started

  • Research, Ask Questions, Listen, Learn

  • Feasibility Assessment

  • Concept Statement

  • Test the Waters (Ask. Listen, Learn)

  • Write the Plan

  • Test the Plan (Ask. Listen, Learn)

  • Sell the Plan

  • Implement the Plan

  • Ask, Listen, Learn

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Advice from Successful Entrepreneurs

  • Do what gives you energy - have fun!

  • Anything is possible if you believe you can do it

  • Make opportunity and results your focus - not money

  • Make your team the hero - a team builds a business,

  • an individual makes a living

  • Integrity and reliability = longevity

  • Sweat the details that are critical for success

  • Play for the long term - it is rarely possible to get

  • rich quick!

  • Give back

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Local Examples

  • William Motto, PhD, Meridian Biosciences

  • Timothy Schroeder, PhD, Clinical Trial and Consulting Services

  • Candace Kendle, PhD, Kendle International

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Working in a

Small Business

  • Advantages

  • Disadvantages

  • Finding Opportunities

  • What to Look For

  • Local Opportunities

  • Resources

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Rewards of Small Business Careers

  • Multi-faceted, wear multiple hats, variety

  • Exposure

  • Satisfaction / ability to see results

  • Teamwork

  • Work independently

  • Apply creativity and problem solving skills

  • Constantly learning new things

  • Working with other imaginative people – social advantages

  • Success depends on being able to think differently

  • No sacred cows – no baggage – nothing to protect

  • Empowering, invigorating to know you impact success

  • Less structure

  • More flexibility

  • Responsibility, autonomy, opportunity, initiative

  • Profit sharing, stock options

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Risks of Small

Business Careers

  • Company may run lean and mean

  • May go under, run short of funds, overestimate growth

  • May trade off pay and benefits for upside potential

  • Less opportunity for specialization

  • Differences in professional advancement

  • Professional development opportunities more limited

  • Equipment – used, jury rigged, use what does the job

  • Seek out role models and mentors

  • Less financially stable?

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How to Find Opportunities

  • Career fairs

  • Job/career web portals

  • Alumni networks

  • Portfolios of venture capital firms

  • State life science association company directories

  • Networking

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What to Look For

  • Founder /CEO Vision and Experience

  • Business Plan

  • Board of Directors

  • Scientific Advisory Board

  • Financial Projections

  • Funding Sources

  • Organizational Structure / Plans to Build Out Team

  • Employee History

  • Burn Rate

  • Website

  • Press

  • Analyst Reports

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Local Opportunities

  • Regulatory

  • Clinical Research Planning

  • Clinical Trials

  • Bio-manufacturing

  • Product Development

  • Research and Testing

  • Other Professional Consulting

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Resources #1

Biomedical and pharma career fair

May 14, 2009 1:30-6 pm TechSolve


alternative career section

Bioentrepreneur – from benchtop to boardroom

Profiles of small businesses hiring science positions

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Resources #2

Commercializing Successful Biomedical Technologies: Basic Principles of the Development of Drugs, Diagnostics and Devices,

Shreefal S. Mehta, 2008

High Tech Start-Up by John Neisbaum, 2000

Commercializing New Technologies: Getting from Mind to Market

Vijay Jolly 1997

Start-Up: An Entrepreneur’s Guide to Launching and Managing a

New Business by William J. Stolze, 1999.

New Venture Creation – Entrepreneurship for the 21st. Century by Jeffrey Timmons, 2004

Money Hunt – 27 New Rules for Creating and Growing Breakaway Businesses by Miles Spencer, 1999

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As a catalyst, BIOSTART empowers young life science companies with a proven mix of business and scientific know-how, effective services and cutting edge laboratory facilities

  • As a community, BIOSTART engages clients and partners in a stimulating, supportive entrepreneurial culture.  This enables vital connections for successful commercialization. 

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  • Cincinnati’s Life Science Catalyst and Community

    • Affiliate of BioOhio, state life science industry association

    • Operates life science start-up center in Hoxworth Center

    • Serving pharmaceutical, medical device and diagnostic firms

    • Independent 501 c 3 not-for-profit

    • 11 year proven track record

    • Assisted 125 companies

    • Raised $180 million

    • Public/private partnership

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  • Carol J. Frankenstein

  • President


  • 3130 Highland Ave.

  • Cincinnati, OH 45219

  • [email protected]

  • 513-475-6610



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