Skills Needed to Start a Business
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Characteristics of Successful Biotech Entrepreneurs
Common characteristics of successful biotech entrepreneurs include being . . .
- Focused and able to adapt single-pointed attention to each situation.
- Creative with science, product, or service ideas and with challenges.
- Flexible.
- Willing to take risks and good at managing risk.
- Self-motivated.
- Visionary and good at communicating vision.
- Passionate and persuasive.
- Persevering.
(Biolyse, 2018)
Consider partnering with someone who complements you in characteristics associated with success.
Reference
Biolyse. How To Start A Biotechnology Company Fast. Biolyse. August 21, 2018.
Skills Needed to Start a Business Successfully
A broad range of skills is needed to start a business and build it successfully. The skills that are needed differ for each stage of business development and for each industry. Most skills can be learned as you go, or you can hire someone who has the skills you need.
Business Skills Needed
- Leadership
- Business communication, pitching, and negotiation
- Problem-solving
- Networking
- Project planning and management
- Hiring personnel and delegation
Financial Skills Needed
- Budgeting, managing cash flow, basic accounting, keeping books and balance sheets
- Working with invoices and purchase orders
- Managing tax accounts and working with tax professionals
- Investing
- Finding and communicating with investors
- Borrowing and understanding credit
- Marketing, prospecting potential customers, sales, terms of payment, and customer service
References
Froshauer S. Careers at Biotech Start-Ups and in Entrepreneurship. Cold Spring Harb Perspect Biol. November 1, 2017;9(11).
Harvard Business School Online. Accounting for Entrepreneurs: 5 Skills You Need to Know. 2018.
Rojas N. The most important financial skills every entrepreneur should possess. Millo. 2018.
Young Entrepreneur Council. 11 Crucial Skills Every Small Business Owner Needs From Day One. Forbes. January 21, 2020.
Tips
- You will need many mentors to learn the different aspects and phases of starting your business. Ask for anticipatory advice for the next phase of your business development.
- Be proactive in developing the skills you need or in finding someone to supply those skills before you need them.
Read More
Evaluate Your Business Skills
How Mentors Can Help Biotech Entrepreneurs
Entrepreneur Financial Skills and Resources
Challenge:
Below are lists of business and financial skills needed to run a business (Froshauer, 2018; Maker’s Row, 2018; Rojas, 2017; YEC, 2020). To better understand your strengths and weaknesses in these areas, rate your level of skill in each one.
Financial Skills:
Business Skills:
References
Froshauer S. Careers at Biotech Start-Ups and in Entrepreneurship. Cold Spring Harb Perspect Biol. November 1, 2017;9(11):a032938. doi:10.1101/cshperspect.a032938.
Maker’s Row. Financial Skills Every Entrepreneur Needs to Succeed. Maker’s Row Blog. January 24, 2018.
Rojas N. The most important financial skills every entrepreneur should possess. 2018.
Maker’s Row. Financial Skills Every Entrepreneur Needs to Succeed. Maker’s Row Blog. January 24, 2018.
Staff. Accounting for Entrepreneurs: 5 Skills You Need to Know. Nov. 9 2017.
Young Entrepreneur Council. 11 Crucial Skills Every Small Business Owner Needs From Day One. Forbes. January 21, 2020.
