Holly at From Bench to Business highlights four questions any scientist-entrepreneur should ask themselves before beginning their own bio-business. First and foremost, she writes, those looking to make their science profitable should be prepared for the possibility of failure; sure, scientists are used to "little failures" on a day-to-day basis at the bench, but "I am asking how you would react to something you worked for a year on, for 14 hours a day, seven days a week?" Second, how would you handle a shift in focus away from science? "Many scientists I know are research purists," Holly writes, adding "if the project has to be changed in the name of profit, some would feel like they are 'selling out.'" Next, bio-business entrepreneurs must be willing to "create everything from scratch," including a flexible business plan covering all bases from human resources to sales to accounting, management, and customer service. Finally, scientists looking to break into business must be reasonable about their expectations: "The average business takes five years to become profitable," she notes.
Planning, Precision, and Profit Margins
Aug 11, 2010