Starting and running a successful business requires three key ingredients; creativity, the right idea, and enough money. Many entrepreneurs have all these tools but sometimes lack the patience to see their business through success. It can be challenging for a scientist to train to be an entrepreneur, but the key is to recognize you are new in the field and have the willpower to learn. Even though the early stages of starting a business can be challenging, there are a couple of strategies to help build your business from the ground to the top by approaching your start-up journey through the lens of a scientist:
Think of Yourself as an Entrepreneur
Adjust your mindset to think like an entrepreneur. Start-ups are draining and challenging, but having the ‘Big Picture’ mentality shapes you into getting the entrepreneurial mindset. Sometimes your first plan might not work, but that should not discourage you from trying another tactic and pivoting in a whole new direction. Knowing your strengths, weaknesses, and skills helps you explore alternative opportunities and to try out different solutions to address business problems. This may involve being decisive, redefining failure, and always being curious about what is trending and how certain opportunities could benefit your business.
Create a Business Plan
A business plan outlines your goals, mission, and vision for your company while demonstrating your start-up’s market potential, competitive advantage, and financial returns for investors. Other critical things to consider include the problem you are trying to solve, an explanation as to why current strategies don’t work well, your unique value proposition, how you plan to make money from your business idea, how you plan to protect your innovation through patents or intellectual property, your team’s qualifications and background, and financial analysis. Getting all of these critical components in order when crafting your business plan is vital because this would help you to:
Discover some of the potential weaknesses and gaps you might not consider in your original start-up idea.
Communicate some of your ideas to potential stakeholders.
Attract and hire some of the top talents for your business.
Invest Time in Marketing
Although marketing is one of the most under-looked areas in business for many technical founders, it is one of the most important ways to gain exposure for your business. Set up a website and ensure your business is available across all social media platforms, including Twitter, LinkedIn, Facebook, and other social medial platforms. Advertise your company on these channels and see your start-up flourish in months.
Building a new business is possible if you have the right mindset and business strategy. First-time founders should invest their time in developing themselves, getting suitable funds, and creating a business plan. Starting a company does not have to be daunting or discouraging - with the right preparation, any scientist or engineer can prosper even as a new entrepreneur.
If you are a researcher or scientist looking forward to your next chapter as an entrepreneur, get yourself a copy of Train Like a Scientist, Think Like an Entrepreneur (available on Amazon today).