entrepreneurship 101: making critical career decisions

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Making Critical Making Critical Career Decisions Career Decisions Entrepreneurship 101 Entrepreneurship 101 January 23, 2007 January 23, 2007 Teresa Snelgrove Teresa Snelgrove Executive Recruiter &Venture Backed Executive Recruiter &Venture Backed Entrepreneur Entrepreneur

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Part of the MaRS Entrepreneurship 101 Event SeriesSelling yourself, career management and taking control of your career pathSpeaker: Dr. Teresa Snelgrove Download the audio presentation and post questions on the MaRS blog:http://blog.marsdd.com/2007/01/26/entrepreneurship-101-making-critical-career-decisions/

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Page 1: Entrepreneurship 101: Making Critical Career Decisions

Making Critical Career Making Critical Career DecisionsDecisions

Entrepreneurship 101Entrepreneurship 101January 23, 2007January 23, 2007

Teresa SnelgroveTeresa SnelgroveExecutive Recruiter &Venture Backed EntrepreneurExecutive Recruiter &Venture Backed Entrepreneur

Page 2: Entrepreneurship 101: Making Critical Career Decisions

It all starts with youIt all starts with you

Where are you today…where have you Where are you today…where have you been…where do you want to gobeen…where do you want to go

Making change happen – not easyMaking change happen – not easy Selling yourself – easier and 4 tipsSelling yourself – easier and 4 tips Elevator statementElevator statement NetworkingNetworking

Page 3: Entrepreneurship 101: Making Critical Career Decisions

Managing Your CareerManaging Your CareerA Four Step ProcessA Four Step Process

Define your productDefine your product Determine your marketDetermine your market Make a planMake a plan Use effective marketing channelsUse effective marketing channels**

* Borrowed unabashedly from William Bridges’ “You & Co.”* Borrowed unabashedly from William Bridges’ “You & Co.”

Page 4: Entrepreneurship 101: Making Critical Career Decisions

1. Define Your Product1. Define Your Product

Things I do well OR Things I do for myThings I do well OR Things I do for my

Customer:Customer:

1. _______________________________1. _______________________________

2 _______________________________2 _______________________________

3. _______________________________3. _______________________________

4. _______________________________4. _______________________________

Page 5: Entrepreneurship 101: Making Critical Career Decisions

2. Determine Your market2. Determine Your market

Who are your target companies or target Who are your target companies or target customerscustomers

• InternalInternal• ExternalExternal

Page 6: Entrepreneurship 101: Making Critical Career Decisions

3. Make a Plan3. Make a Plan

Create your own marketing planCreate your own marketing plan• Define your goalDefine your goal• Define your target audienceDefine your target audience• Communicating the value of your productCommunicating the value of your product

• Elevator statementElevator statement

• Become visible to your buyersBecome visible to your buyers• NetworkingNetworking

Page 7: Entrepreneurship 101: Making Critical Career Decisions

4. Use Effective Marketing 4. Use Effective Marketing ChannelsChannels

Industry organizationsIndustry organizations Industry contactsIndustry contacts Business AcquaintancesBusiness Acquaintances RecruitersRecruiters Volunteering – internal & externalVolunteering – internal & external

Page 8: Entrepreneurship 101: Making Critical Career Decisions

So You Want Change to HappenSo You Want Change to Happen

Tell people what you want to do and why Tell people what you want to do and why it’s a good planit’s a good plan

Listen to what those people say – don’t Listen to what those people say – don’t dismiss advice out of handdismiss advice out of hand

Never say never; sometime opportunities Never say never; sometime opportunities come out of the most curious placescome out of the most curious places

Craft your elevator statementCraft your elevator statement

Page 9: Entrepreneurship 101: Making Critical Career Decisions

Elevator PitchElevator PitchNot just for the elevatorNot just for the elevator

When you introduce yourselfWhen you introduce yourself When you’re speaking on the phoneWhen you’re speaking on the phone When you leave a voice mailWhen you leave a voice mail On your outgoing messageOn your outgoing message On your websiteOn your website On your business card, email signatureOn your business card, email signature On any marketing collateralOn any marketing collateral

Page 10: Entrepreneurship 101: Making Critical Career Decisions

Elevator StatementElevator Statement

What is it:What is it:

A brief description of who you are and who A brief description of who you are and who you do it foryou do it for

How you offer value, benefit, qualityHow you offer value, benefit, quality

Elevator pitch YOU=ITElevator pitch YOU=IT

Page 11: Entrepreneurship 101: Making Critical Career Decisions

Creating the elevator pitch…your Creating the elevator pitch…your productproduct

Things I do for my customer or things I can Things I do for my customer or things I can do for my next employerdo for my next employer

Reasons why people do business with me Reasons why people do business with me or reasons why I’ve been hired in the past. or reasons why I’ve been hired in the past. What problems did they want me to solveWhat problems did they want me to solve

Page 12: Entrepreneurship 101: Making Critical Career Decisions

Differentiate YourselfDifferentiate Yourself

How do you differ from your peers or How do you differ from your peers or classmates?classmates?

Differentiate with “proof” statements, not Differentiate with “proof” statements, not subjective onessubjective ones

• Strategic Thinker OR repositioned companyStrategic Thinker OR repositioned company• Good people skills OR low employee turnoverGood people skills OR low employee turnover• Profit-focused OR Increased ROI by 5.5%Profit-focused OR Increased ROI by 5.5%

Page 13: Entrepreneurship 101: Making Critical Career Decisions

In Summary :The Elevator TestIn Summary :The Elevator Test

A sound bite that reminds people of what A sound bite that reminds people of what you have been doing, and more you have been doing, and more importantly, what you wantimportantly, what you want

FocusedFocused MemorableMemorable Differentiates you from others in the fieldDifferentiates you from others in the field Invites further dialogue with those whom you will Invites further dialogue with those whom you will

network to achieve your goalnetwork to achieve your goal

Page 14: Entrepreneurship 101: Making Critical Career Decisions

Networking by SpreadsheetNetworking by Spreadsheet

You have 50 real contacts in life You have 50 real contacts in life

You can’t manage 50 contacts without You can’t manage 50 contacts without a “system”a “system”

Page 15: Entrepreneurship 101: Making Critical Career Decisions

NETWORKNETWORK

You have 50 contacts in lifeYou have 50 contacts in life You can’t manage 50 contacts without a You can’t manage 50 contacts without a

“system”“system” You can’t treat all 50 contacts the same You can’t treat all 50 contacts the same

wayway..

Page 16: Entrepreneurship 101: Making Critical Career Decisions

Networking by SpreadsheetNetworking by Spreadsheet

Rank your contacts:Rank your contacts:

15 “A’s” – most important15 “A’s” – most important Your mentor or previous managerYour mentor or previous manager Your biggest clientYour biggest client Your biggest Your biggest potentialpotential client client

• 15 “B’s” – not so important15 “B’s” – not so important• 20 “C’s” may someday be important20 “C’s” may someday be important

Page 17: Entrepreneurship 101: Making Critical Career Decisions

Networking by SpreadsheetNetworking by Spreadsheet

““A’s”A’s” ContactContact

StrategyStrategy

SeptemberSeptember OctoberOctober NovemberNovember

Tony Tony RedpathRedpath

Phone or Phone or email once a email once a monthmonth

RecruiterRecruiter Email every Email every other monthother month

Previous Previous colleaguecolleague

Phone 2x Phone 2x monthmonth

Cynthia GohCynthia Goh

Page 18: Entrepreneurship 101: Making Critical Career Decisions

Networking by SpreadsheetNetworking by Spreadsheet

Review contact activity regularly:Review contact activity regularly:

““Gee, I haven’t spoken with Tony in ages”Gee, I haven’t spoken with Tony in ages”

Page 19: Entrepreneurship 101: Making Critical Career Decisions

Networking by SpreadsheetNetworking by Spreadsheet Review contact activity regularly:Review contact activity regularly:

Don’t favour highly familiar over high Don’t favour highly familiar over high potentialpotential..

Page 20: Entrepreneurship 101: Making Critical Career Decisions

Networking by SpreadsheetNetworking by Spreadsheet

Review contact activity regularly:Review contact activity regularly: Don’t favour highly familiar over high Don’t favour highly familiar over high

potential.potential.

Turn cold calls into warm callsTurn cold calls into warm calls

Page 21: Entrepreneurship 101: Making Critical Career Decisions

Networking by SpreadsheetNetworking by Spreadsheet

Review contact activity regularly:Review contact activity regularly: Don’t favour highly familiar over high Don’t favour highly familiar over high

potential.potential. Turn cold calls into warm callsTurn cold calls into warm calls

Cultivate and cull your C’sCultivate and cull your C’s

Page 22: Entrepreneurship 101: Making Critical Career Decisions

Recap: It all starts with youRecap: It all starts with you

Where you are today….where have you Where you are today….where have you been…where do you want to gobeen…where do you want to go

Today = transition modeToday = transition mode How did I choose my careerHow did I choose my career

Page 23: Entrepreneurship 101: Making Critical Career Decisions

Questionnaire for Questionnaire for Entrepreneurship 101Entrepreneurship 101MaRS Lecture SeriesMaRS Lecture Series

1.1. How and why did you choose your field of How and why did you choose your field of study?study?

2.2. Have you managed your career or has it Have you managed your career or has it just happened?just happened?

3.3. Who have been the key influencers in your Who have been the key influencers in your career?career?

4.4. What do you think has made you What do you think has made you successful?successful?

5.5. What do you think holds people back from What do you think holds people back from being successful?being successful?

Page 24: Entrepreneurship 101: Making Critical Career Decisions

How did you choose your field of How did you choose your field of studystudy

Reason CEO Other Receipt of scholarship Career counsellor Strongest subject in high school

Benefit mankind Love of science Personal reasons Intellectually stimulating

Page 25: Entrepreneurship 101: Making Critical Career Decisions

Where do I go? What shall I Where do I go? What shall I do? do? Courtesy Christian BurksCourtesy Christian Burks

undergraduate

training

graduate

training:

life sciences

graduate

training:

law

graduate

training:

MBA

biotech & pharmauniversity

research lab

government

research lab

law firm

journalism &

entertainment

industry

government patent

office

venture capital &

investment banks

education

Page 26: Entrepreneurship 101: Making Critical Career Decisions

How did I get here?How did I get here?StationStation Job DescriptionJob Description Planned Next Planned Next

StepStepGolden High School Golden High School

(Golden, Colorado)(Golden, Colorado)

general education:general education:

literature, skiing, climbingliterature, skiing, climbing

Mountain guide in WyomingMountain guide in Wyoming

St. John’s College St. John’s College

(Santa Fe, New Mexico)(Santa Fe, New Mexico)

Great Books Program:Great Books Program:

evolution of western thoughtevolution of western thought

Graduate work in physicsGraduate work in physics

Yale UniversityYale University

(New Haven, Connecticut)(New Haven, Connecticut)

grad work in molecular biophysics: grad work in molecular biophysics: enzymology, x-ray & neutron diffractionenzymology, x-ray & neutron diffraction

Academic research on molecular Academic research on molecular basis of cognitionbasis of cognition

Los Alamos National LabLos Alamos National Lab

(Los Alamos, New Mexico)(Los Alamos, New Mexico)

Biology resource building:Biology resource building:

bioinformatics, GenBank, genomics, bioinformatics, GenBank, genomics, software toolssoftware tools

Basic research on gene regulatory Basic research on gene regulatory signalssignals

ExelixisExelixis

(South San Francisco, CA)(South San Francisco, CA)

start-up biotech:start-up biotech:

genomics, drug discoverygenomics, drug discovery

Start-up biotechStart-up biotech

AffiniumAffinium

(Toronto, Ontario)(Toronto, Ontario)

start-up biotech:start-up biotech:

proteomics, drug discoveryproteomics, drug discovery

Start-up biotechStart-up biotech

Ontario Genomics InstituteOntario Genomics Institute

(Toronto, Ontario)(Toronto, Ontario)

non-profit virtual research institute: fund non-profit virtual research institute: fund raisingraising

??????

Courtesy Christian Burks, CEO, Courtesy Christian Burks, CEO, OGIOGI

= correct prediction

Page 27: Entrepreneurship 101: Making Critical Career Decisions

Career ManagementCareer Management

CEOs CEOs Other Other

Just Happened Just Happened

Actively Actively ManagedManaged

A Bit of BothA Bit of Both

Page 28: Entrepreneurship 101: Making Critical Career Decisions

Key Influencers Over your CareerKey Influencers Over your Career

CEO’sCEO’s OthersOthers

Professors Professors

Family & Friends Family & Friends

Supervisors, bosses Supervisors, bosses

Peers Peers

Employees Employees

Career CounsellorCareer Counsellor

Through Networking Through Networking

Page 29: Entrepreneurship 101: Making Critical Career Decisions

Factors for Success Factors for Success CEO CEO Early StageEarly Stage

Luck Luck

Seizing the OpportunitySeizing the Opportunity

Integrity & FairnessIntegrity & Fairness

Being flexible and open-Being flexible and open-mindedminded

Effective Planning (both Effective Planning (both strategy and implementation)strategy and implementation)

Understanding PeopleUnderstanding People

Intellect Intellect

Drive, passion Drive, passion

Leadership skills Leadership skills

Networking Networking

Taking risksTaking risks

Excellent communication Excellent communication skills skills

Surrounding yourself with Surrounding yourself with good people good people

Page 30: Entrepreneurship 101: Making Critical Career Decisions

Factors Inhibiting Success Factors Inhibiting Success CEO Earlier Stage Lack of belief in self Greed/overly ambitious/ego

Lack of consultation Procrastination Dishonesty Lack of passion Lack of focus Fear of risk Fear of success Too many different value systems

Inability to make decisions

Fear of hiring people better than you

Feeling intimidated Poor communication skills

Page 31: Entrepreneurship 101: Making Critical Career Decisions

Sample Career Path TimelineSample Career Path Timeline

Page 32: Entrepreneurship 101: Making Critical Career Decisions

Question and AnswersQuestion and AnswersQ & AQ & A

Page 33: Entrepreneurship 101: Making Critical Career Decisions

Contact InformationContact Information

Teresa SnelgroveTeresa SnelgroveSnelgrove AssociatesSnelgrove Associates121 Richmond St. W. Suite 302121 Richmond St. W. Suite 302Toronto, OntarioToronto, OntarioM5H 2K1M5H 2K1

T (416) 359-9212 ext 224T (416) 359-9212 ext 224F (416) 359-9420F (416) 359-9420E E [email protected]@snelgroveassociates.com