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

Jayla Williams, Leslie Bowen, Monique Aster

Skills Needed to Start a Business

Topics Stages of Starting a Biotech Business Explore Motives & Skills Needed Skills Needed to Start 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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Skills Needed to Start a Business

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All Monique Aster

Motivations for Starting a Business

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Skills Needed to Start 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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Registrations Required for Government Funding

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All Leslie Bowen

Motivations for Starting a Business

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Skills Needed to Start a Business

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4: Market Research

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5: Financial Analysis and Projections

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8: Product Development and Marketing Plan

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All Jayla Williams

Motivations for Starting a Business

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Skills Needed to Start 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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Characteristics of Successful Biotech Entrepreneurs

Characteristics that are common among successful biotech entrepreneurs include being

  1. Focused with single-pointed attention that you can adapt to each situation
  2. Creative with ideas on science, products or services, and dealing with challenges
  3. Flexible
  4. Willing to take risks and good at managing risk
  5. Self-motivating
  6. Visionary and good at communicating vision
  7. Passionate and persuasive
  8. Persevering

Source: Biolyze, 2018

Consider partnering with someone who complements you in these characteristics associated with success.

Skills Needed to Start a Business Successfully

A broad range of skills is needed to start a business and build it successfully. The skills needed differ with the stage of the business and the industry. Most of the skills needed can be learned as you need them or you can hire someone who has the skill and experience needed.

To learn what Business and Financial skills are needed to start a business, complete the Challenge.

Reference:

Biolyse. How To Start A Biotechnology Company Fast. Biolyse. August 21, 2018.

Tips:
  • You will need many mentors for different aspects and phases of starting your business. Ask them for anticipatory advice about what you will need in the next phase of your business development.
  • Be proactive in developing skills you need or finding someone to supply those skills before they are needed.
Read More:

Evaluate Your Business Skills

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How Mentors Can Help Biotech Entrepreneurs

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Entrepreneur Financial Skills and Resources

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Challenge:

Below are lists of business and financial skills needed to run a business. To better understand your strengths and weaknesses in these areas, rate your level of skill in each one.

Financial Skills:
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No skillLow skillModerate skillHigh skillVery high skill
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No skillLow skillModerate skillHigh skillVery high skill
No skillLow skillModerate skillHigh skillVery high skill
Business Skills:
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No skillLow skillModerate skillHigh skillVery high skill
No skillLow skillModerate skillHigh skillVery high skill
No skillLow skillModerate skillHigh skillVery high skill
No skillLow skillModerate skillHigh skillVery high skill
No skillLow skillModerate skillHigh skillVery high skill
No skillLow skillModerate skillHigh skillVery high skill
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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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