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Are You an Entrepreneur?

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You are deciding on taking the plunge or maybe you are getting close to creating a new company or business.  One of the first considerations before taking the final steps is YOU:

  1. Are you a person that can find the positives in all situations and try to move forward?
  2. Can you keep your enthusiasm and stick to a business when the going gets difficult?
  3. Can you organize tasks and ensure proper and timely work flow?
  4. Can you attract and motivate staff to join in and work hard?
  5. Can you manage finances to ensure you get the most efficient use of your funds?

You need these attributes and maybe a little training or education.  That is why in this article, a few of the characteristics of the entrepreneur founder/CEO along with a few real life examples are being discussed.

No founder is ever a failure for trying to build a business, but many businesses do fail.  Sometimes you can do everything by the book, but for reasons you could not have predicted the business failed.  This is a common problem faced by biotech companies that conduct clinical trials and need FDA approvals.  As an example, one California biotech company raised more than $300MM and spent several years developing a product.  The company completed Phase 3 clinical trials (the last step in the development).  On analysis of the data, the product turned out to have toxicity issues that were not seen in any of prior studies.  You guessed it, $300MM spent and the company no longer exists.  Management executed well and did nothing wrong, but the product did not live up to expectations.  This is fairly common. Analyze trading histories of public biotech, pharma, or medical device company stocks. They rise and fall around announcements of clinical data.  Can you keep your wits, stay focused and make important decisions?

You are deciding on taking the plunge or maybe you are getting close to creating a new company or business.  One of the first considerations before taking the final steps is YOU:

  1. Are you a person that can find the positives in all situations and try to move forward?
  2. Can you keep your enthusiasm and stick to a business when the going gets difficult?
  3. Can you organize tasks and ensure proper and timely work flow?
  4. Can you attract and motivate staff to join in and work hard?
  5. Can you manage finances to ensure you get the most efficient use of your funds?

You need these attributes and maybe a little training or education.  That is why in this article, a few of the characteristics of the entrepreneur founder/CEO along with a few real life examples are being discussed.

No founder is ever a failure for trying to build a business, but many businesses do fail.  Sometimes you can do everything by the book, but for reasons you could not have predicted the business failed.  This is a common problem faced by biotech companies that conduct clinical trials and need FDA approvals.  As an example, one California biotech company raised more than $300MM and spent several years developing a product.  The company completed Phase 3 clinical trials (the last step in the development).  On analysis of the data, the product turned out to have toxicity issues that were not seen in any of prior studies.  You guessed it, $300MM spent and the company no longer exists.  Management executed well and did nothing wrong, but the product did not live up to expectations.  This is fairly common. Analyze trading histories of public biotech, pharma, or medical device company stocks. They rise and fall around announcements of clinical data.  Can you keep your wits, stay focused and make important decisions?

 

via Examiner.com 

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Written by Mjay

September 28, 2011 at 01:20

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