Are You an Entrepreneur?

25. September 2012

Lisa Balbes

This post was adapted from content on the Career blog of the American Chemical Society (ACS) with the kind permission of ACS and the author.

Recently, I encountered several graduate students who were considering starting their own businesses. While many people dream about being an entrepreneur, a significantly smaller number are willing to put in the time and effort it takes to make their dream a reality. A colleague who has been running his own company for over 20 years said that, when people ask for his advice on starting a business, he tries to talk them out of it to gauge how dedicated they are to the idea. When he started his own business, he noted that “the only thing that would have stopped me from doing it was if my wife had told me no!”

If you have that kind of dedication, you just might be an entrepreneur.

Starting point
A great place to begin is by writing a business plan—a document in which you completely describe the business. Forcing yourself to write it down will make you step back and really plan out the venture. The living document then serves as a roadmap as you move forward and start to involve other people. 

Summary
One of the first sections of the business plan will be the executive summary. You should be able to describe your business in several different levels of detail. Are you going to sell a product or a service? What is your targeted industry? What will make your offerings compelling to potential customers?

Legal structure
Will you start a sole proprietorship, partnership, limited liability company, C or S corporation? The form you select will have implications for taxes, liability, staffing and complexity. Make sure you understand all the options and implications, and choose what’s right for you. 

Products and services
While you may have an idea of what you’re going to sell, in a written business plan you’ll have to detail your offerings. How many different products/versions will you have to offer in the beginning? How is your offering going to be different/better from other things already on the market? Will you offer customization? How will you protect your intellectual property? Will you patent your ideas, or keep them trade secrets?

Market analysis
Describe the industry in which you will be working, including historical, current, and projected future size. What subsection constitutes your target market? What is the critical problem your offering is going to solve? What alternatives are they currently using?  What are their geographic and demographic characteristics? Who is your ideal customer? Are there any seasonal or cyclical purchasing patterns you’ll have to work around? What market share do you expect, and why?

Marketing plan
Once you have your product and target market, you have to get the two together. What is your marketing plan? How are those ideal customers going to find out about your offering? Will you exhibit at trade shows or conferences? Offer free trials?

Competitive intelligence
Who exactly is your competition? It could be other companies—or possibly even your own potential customers if they have the capability to devise internal solutions to the problem you aim to address? What are the strengths, weaknesses and market share of each? How important is this market to your competitors? What are barriers to entry to this market? What other offerings will present to differentiate you from the pack? What is on the horizon from other companies?

Organization and management
Who is going to run the company? What is their expertise and experience? If you are plan to hire employees, you become responsible for bringing in enough business to cover their salary, and taxes, while reporting requirements get more complicated. Depending on the number of employees you have and the state in which you are operating, various other regulations start to apply as headcount numbers increase. How will you address the various regulatory requirements?

Pricing
How much is it really going to cost to make your product or service, and how will you price it? Are you going to compete on low cost and high volume? Or high cost and high quality? Is your offering a need or a want for your customers, and will that affect what they are willing to pay?

Revenue
Will you reply on repeat customers, subscriptions, or contracts? Will you sell over the Internet or are face-to-face sales required? Will you hire your own sales force, or use distributers? Where will start-up money come from? How will you ensure enough money to cover operating expenses until substantial profits arrive? Will you seek investors? If so, how will you attract them and what will you offer them?

There are many more questions your business plan will have to answer, but if you’ve already thought about all these issues, congratulations! You are well on the way to becoming an entrepreneur. If not, you now know how to get started. For more resources, see the US Small Business Administration or SCORE for more ideas, and the new ACS Entrepreneurship Initiative (EI).

This article was written by Lisa M. Balbes (lisa@balbes.com) of Balbes Consultants LLC. Lisa is a technical writer/editor and author of Nontraditional Careers for Chemists, published by Oxford University Press.

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Myths and Tricks from a Hiring Professional

18. September 2012

 Lisa M. Balbes

This post was adapted from content on the Career blog of the American Chemical Society (ACS) with the kind permission of ACS and the author.

I recently had the pleasure of listening to a presentation by Jill Lynn, a human resources professional at BASi, which provides research to the global pharmaceutical industry. It’s always interesting to hear from someone on the other side of the hiring process, and she graciously allowed me to share some of her insights with you.

She began by debunking three myths about the job application process.

Myth 1: “My professional experience and skills are the most important thing, and that’s all that matters to get the job, right?” Nope, sorry! A lack of interpersonal skills is the most frequently cited reason for not hiring someone (2005 Leadership IQ Survey), so they are crucial. How well you fit into the corporate culture is a major factor in the hiring decision, and many companies will “hire for attitude and train for aptitude.”

Myth 2: “My resume should be unique, creative, and a reflection of my personality and style.”
Again, nope! Hiring professionals receive a huge flood of resumes. The thing they most want is an easy-to-read and electronically friendly resume (meaning one that scans easily and contains all the appropriate keywords). Resumes that are “unique” are often difficult to read. With so many candidates for companies to choose from, the less work the reader has to do, the better. Your resume should list your professional experience in reverse chronological order, using action words and phrases (not narratives). Make sure to use a professional email address. (
Hotbabe@domain.com may get you a date, but it will not get you a job.)

Myth 3: “A detailed job objective, and information about my hobbies and outside interests, will make me stand out.”
Perhaps, but they will not get you a job. Many hiring professionals view objective statements as “filler” for those who don’t have enough work experience, and hobbies can actually hinder your ability to land an interview because they distract from your professional experience.

Hiring professionals make their living researching and reading people. They may talk to your friends, family and co-workers, and they will read your online social networking profile and postings. Any publically available information is fair game (including your Facebook or Linked In profiles), so make sure you know what’s out there about you and start cleaning it up now, if needed. Be especially careful of whom you let tag you in online photographs or comment on your pictures or posts.

The interview begins not when you meet the interviewer, and not even when you enter the building, but the minute the company receives the first contact from or about you. From then on, everything you say and do is considered as part of the package. You are never off-stage.

Before you go in for the formal interview, make sure to research the company—and, even better, the person with whom you will be interviewing. Always be prepared with a few questions to ask when it’s your turn, and stay focused on the position and the organization.

During the interview, be professional. Dress to impress, matching the company style if possible. Try to connect to the people with whom you interview, but remember that they are investigating you, and may try to “trip you up” by asking the same question in a different way, to see if you give a different answer. Make sure to give a clear, concise, and always accurate, answer to each question. Before responding, think about what they are really asking. Do they actually care where you want to be in 10 years, or do they want to know what you’re most interested in now, and if you have considered your future? Are they genuinely concerned about what your biggest weakness is, or do they want to know how you are working to overcome it?

These few tips will go a long way towards making sure you shine during the hiring process. I hope you find the company that fits your skills, personality and ambitions.

Good luck!

This article was written by Lisa M. Balbes (lisa@balbes.com) of Balbes Consultants LLC. Lisa is a technical writer/editor and author of Nontraditional Careers for Chemists, published by Oxford University Press.

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Academia or Industry? How about Both?

10. September 2012

Yoshi Okawachi

Should I go into industry or stay in academia? Many of us have asked ourselves this question over the course of our grad school careers. Fortunately, it doesn’t have to be an either/or choice. Over the past year, I’ve been fortunate enough to get involved in both.

Growing in place
I’m currently a research associate in Alexander Gaeta’s nonlinear optics lab at Cornell University. My career path has been a bit different than many others in that I’ve continued doing research at the same academic institution where I got my Ph.D, master’s and bachelor’s degrees. This past June was the 10-year anniversary of my first graduation from Cornell! 

While a position in a different lab would have offered a new perspective in terms of academic experience, ultimately I decided to stay where I was because it enabled me to expand upon the research that defined my Ph.D. career. That has been very rewarding. Luckily, I   have had a great advisor during my time here at Cornell. He has helped me to expand my resume while challenging me with opportunities to grow as a researcher and manager.

While I was an undergraduate, I never imagined that I would still be here after enduring so many snowy winters, but as it turns out, I’ve been quite happy. I still get great pleasure from stepping into the lab and getting into the thick of things. The days when I achieve exciting results make all the hard work worthwhile.

In my position as a research associate, I have taken on new responsibilities, such as mentorship, proposal writing and more interaction with collaborators. I’ve come to view my research team from more of a managerial perspective than I did as a Ph.D. student—which has been an interesting transition for me.

Exploring industry
Recently, I’ve also become a consultant with PicoLuz, a start-up company partnered with Thorlabs. One of their new products is a temporal magnifier, which is based on time-lens research done at Cornell just a few years ago. It’s been very exciting to see this being packaged as a commercial product after having also been a part of the academic research. For me, having a window into industry while working on cutting-edge laboratory research in an academic institution has been an ideal fit.

So while there are certainly many factors that go into making big career decisions, it’s a good idea to take a moment to reflect on what excites you.What gets you out of bed in the morning? Sometimes there are paths and opportunities that you don’t expect—even when your best next step means staying right where you started.

Yoshi Okawachi (yo22@cornell.edu) is a research associate in Alexander Gaeta's group in the School of Applied and Engineering Physics at Cornell University.

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