The 10 best tips for your Life Sciences and Health venture
Are you a student, an entrepreneur or a researcher who wants to launch your own product or company? Then read these ten essential tips to be as prepared as possible for entrepreneurship!
- Apply for a patent as soon as possible. There is nothing more disheartening than losing an idea or invention to another larger company or someone who steals it before your eyes. So always apply. Even if you think the idea may not have large potential. You could be wrong!
- Invest in the right number of employees with good qualities. It is important, especially in biotech, to have reliable and skilled employees on the work floor. Quality over quantity.
- Do not let entrepreneurship overshadow your private life. Life consists of much more than business and work. Try to find the right balance for yourself with a relaxing hobby or sport.
- Structure your business in a growth plan: write down concrete objectives. Think about when and how you want to achieve them. Make them realistic and consider how much time you really need for them. The clearer you make it for yourself, the easier it will be to measure whether you are on track.
- Invest in good cooperation with colleagues. It sounds logical, but it is personal ties that make the difference in the long run. Support people where necessary and show genuine interest. Nowadays, loyal employees are a luxury to be cherished.
- Make sure you have an extensive network with enough entrepreneurs with experience. Ask them for advice. They can help you to not make the same mistakes they suffered in their careers.
- Follow your intuition. Ask yourself how it feels rather than what it costs. Do not go for money and profit in the first place, but for the pleasure and with that, the quality in your work.
- Be patient. After all, research takes years. The better your idea, the more time you will probably need to eventually participate in the market.
- Always try to stand out from your competitors with a clear communication strategy. For example, always be accessible and respond to stakeholders as quickly as possible. Also when it comes to difficult subjects.
- Keep your organisation flat. Of course it is important to have some form of hierarchy in your organisation, but try to limit it. Flatter means more accessible, which makes it easier for everyone to communicate with each other and which results in a better functioning company.
If you have no idea where to start in setting up your LSH company and how to arrange everything that comes with it, it is advisable to turn to a professional mentor. In the Netherlands, for the Life Sciences and Health sector, this is unlock_. They have the network and the expertise to turn your idea into a successful business!
Written by Steven van Polanen