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Home › Topics › Stages of Starting a Biotech Business › Explore Motives & Skills Needed

Alexis Bumundi, Mandy Jones, Sasha Thomas

Life Impact of Starting a Business

Topics Stages of Starting a Biotech Business Explore Motives & Skills Needed Life Impact of Starting a Business
Explore Motives & Skills Needed

Motivations for Starting a Business

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Life Impact of Starting a Business

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Skills Needed to Start a Business

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Life Impact of Starting a Business

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All Sasha Thomas

Life Impact of Starting a Business

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Part I: Business and Management Structure

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Part II: Founding Team

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7: Venture Capital and Other Funding

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All Mandy Jones

Life Impact of Starting a Business

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Part I: SBIR/STTR & Other Seed Funding Overview and Getting Started

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Part II: Writing and Submitting SBIR/STTR Grant Proposals

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7: Venture Capital and Other Funding

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All Alexis Bumundi

Life Impact of Starting a Business

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Part II: Founding Team

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Being an Entrepreneur Can Help You Grow as a Person

  1. You may become more responsible and self-motivating from achieving a series of benchmarks. You have to become more responsible and learn to hold yourself accountable.
  2. You may become better at compromise and communication in all your relationships from working hard at it with a partner or co-founder.
  3. You may become more understanding of others by putting yourself in the shoes of your employees to understand them, an important skill of a boss and a partner.
  4. You become better at systemic thinking by being responsible for all aspects of the business and trying to see problems from the different perspectives involved.
  5. You may become more confident from overcoming your fear of taking risks, learning new skills, meeting the demands of your business, and navigating the challenges as they arise.
  6. You may find contentment by having the freedom to align your work with your passions and most important values.

The potential costs of starting a business, especially in the initial stages:

  1. Time Commitment. Starting a business requires a major time commitment.
  2. Strained Relationships. The long hours, fatigue, emotional strain, and financial uncertainty that often accompany starting a business can strain relationships. Life partners may feel the relationship is being neglected. Parents with young children may feel conflicted about how much time the business takes from time with children.
  3. Financial Uncertainty. At first, you may not know how much money you can count on making. You may make less than you would as an employee in someone else’s business. You may even have to work at a paying job during the day and your new business in the evening, get a business loan, or skip being paid by the business for a while.

These “costs” tend to ease as the business starts to succeed, and the entrepreneur often increasingly enjoys the benefits promised by motivations to start a business (see previous section).

Tip:

Be sure to discuss with life partners and family the potential impact that starting your business could have on their lives.

Read More:

Business Success Stories from Women Life Scientists

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Challenge:

Before looking at this website, Biostartup Advice, how motivated were you to start your own business?
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Topic Home Expand All
Explore Motives & Skills Needed
3 Articles
Motivations for Starting a Business
Life Impact of Starting a Business
Skills Needed to Start a Business
Develop a Business Plan
12 Articles
1: Executive Summary, Company & Product Descriptions
2: Business and Management Structure
Part I: Business and Management Structure
Part II: Founding Team
3: Seek Professional Assistance
4: Market Research
5: Financial Analysis and Projections
6: SBIR/STTR and Other Seed Funding
Part I: SBIR/STTR & Other Seed Funding Overview and Getting Started
Part II: Writing and Submitting SBIR/STTR Grant Proposals
7: Venture Capital and Other Funding
8: Product Development and Marketing Plan
Set Up Your Business
4 Articles
Establish the Business
Registrations Required for Government Funding
Biotech/Biomed Industry Unique Requirements
Pitching Your Business
Return to Stages of Starting a Biotech Business

This project is funded by National Institute of General Medical Sciences (Grants 1R43 GM131458-01 & 2R GM131458-02)


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