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UC Alternative Careers Seminar Science Careers in Small Business Health Science Graduate Student Association April 21, 2 - PowerPoint PPT Presentation

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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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  • 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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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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Snapshot companies with a proven mix of business and scientific know-how, effective services and cutting edge laboratory facilities

  • 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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THANK YOU! companies with a proven mix of business and scientific know-how, effective services and cutting edge laboratory facilities

  • Carol J. Frankenstein

  • President


  • 3130 Highland Ave.

  • Cincinnati, OH 45219

  • [email protected]

  • 513-475-6610

  • www.biostart.org

  • http://dialedin.org