Author: Pamela Swift

Categories
Entrepreneurship

Entrepreneurship Opportunities in Biomedical Engineering

Biomedical engineering is vital for the effective functioning of modern hospitals and healthcare centers. Biomedical engineers design, maintain, and operate the machines and devices necessary to test, identify, and treat disease; without them, doctors would hardly be more effective at eliminating illness than they were a few centuries ago.

Yet, health tech isn’t an altruistic field determined to fund the best solutions and administer them fairly to every medical facility. Rather, endeavors to improve health tech begin and proliferate like all other tech startups in Silicon Valley: with idea pitches, venture capitalist backing, aggressive marketing, and ultimate wealth. Thus, ambitious biomedical engineers would be wise to learn the basics of entrepreneurship — and vice versa.

Fortunately, there is plenty of innovation in biomedical engineering to go around. Here’s how entrepreneurs and biomedical engineers can create profitable businesses in the field of health tech:

Understand Biomedical Engineering

It’s not impossible, but it is extremely difficult to start a business in a field you are unfamiliar with. Before you take any serious steps into starting a biomedical engineering business, you should be certain that you understand the details of biomedical engineering, both so you can appropriately guide your enterprise in the right directions and so you can appropriately predict the needs of your staff.

It is possible to study biomedical engineering online. Enrolling in an advanced program over the internet will provide you with the necessary exposure to the field without dramatically impacting your day-to-day responsibilities and schedule. Plus, such online courses typically train engineers for management positions, which is ideal for an aspiring entrepreneur. Because engineers are unique employees that require specific care and attention, obtaining a master degree that provides such unique training is advantageous before you launch your biomedical engineering business.

Develop a Business Plan

Ultimately, a biomedical engineering business is like any other business. Thus, to be successful like any other business, you need a plan.

A proper business plan isn’t a throwaway document used to woo investors; it is a comprehensive strategic resource that is integral to business success. You can learn the intricacies of building business plans through further education, perhaps in business administration, but if you utilize business plan software, the work is much less strenuous. Your plan should consist of seven elements:

  • Executive summary. This is the elevator pitch which distills the important aspects of your business into easily digestible language. It must include your business’s value proposition.
  • Business description. This will describe in detail what your business does. It should include your mission statement and goals as well as the structure of your business.
  • Market analysis. This is an evaluation of your competition and your customers. It requires significant research, and it will help you make strategic decisions about your business and products.
  • Organization and management. This is a showcase of your top talent. You should explain how and why you chose your management team. Additionally, you should explain your business structure.
  • Sales strategies. This is where you establish your funding practices and your profit models. This should be a detailed section covering everything from price point motivation to web marketing strategy.
  • Funding requirements. This will tell prospective investors how much you need to get started. You should be realistic and specific; undercutting yourself will set your business up for failure.
  • Financial projections. Finally, you should summarize your current successes and predict your successes in the future. This should be based on accurate information and realistic forecasting.

Be Aware of Competitors

Biomedical engineering works toward the health and well-being of the population — but make no mistake, it is a cutthroat industry. If you skip the rest of business planning (but you shouldn’t) you should at least put significant time and effort into the third section, market research. To ensure your success, you should become an expert on your competitors; you should know what devices they specialize in, what their audience is, what their marketing strategy looks like, what their price points are, and more. For every competitor, you should compile a list of strengths and weaknesses, which you can use to carve out your own space in biomedical engineering.

During this process, it is wise to become gain the trust and support of true biomedical engineering experts. Especially if you lack thorough experience in the field, it is invaluable to have a network of experts providing advice and guidance. Ideally, these experts won’t be in direct competition with your budding business; instead, you should seek alliances with biomedical engineers across the country. Then, you won’t have to cut your mentor’s throat when your business gets big.

Categories
Planning & Management

The Business Process Management Playbook For Elite Managers

Article Contributed by Finn Pierson

When it comes to being an elite manager, you need the right tools and strategies to succeed. Without them, you risk losing to the competition in various sectors of your market. To keep the business process of management under control, use the tips below:

Customer Service

If your management team has experience in customer service, you will be at a distinct advantage. Thankfully, high quality customer service training is something every business can afford and use right away. Understanding how to put the customer first in every transaction has a number of benefits. First, you can anticipate their needs so problems don’t arise in the first place. Secondly, there are referral opportunities that arise. That means free marketing and advertising.

Sales

Many of the best managers know how to sell. Selling is more than a skill, it is a lifestyle. If you can sell, there isn’t anywhere you can’t succeed. Knowing how to uncover needs and guide people through a proven process to make a purchasing decisions is what every business depends on. Luckily, you can get out in the field any time you want and get real experience fast. That way, your sales team will know that you’ve been in their shoes before.

Copywriting

There’s a saying that copywriting is simply salesmanship in print. That is to say that copywriting converts the sales process into something digital and portable. Whether it is a long form sales letter, email, or advertisement, you can apply your knowledge of great copy to sell more for your company. The best part is that once you create this asset, it continues to work for you without additional time or money put into it.

Marketing

Sales is necessary and important. However, marketing aims to make the selling portion of business irrelevant. That means that your marketing should be focused on putting your product in the best light possible. For example, if you have a premium product, your marketing skills should highlight why it’s good to pay more for your solution. If you get great at this as a manager, there’s no limit to how well you can grow your business.

Finances

Finance can be scary and confusing, but it doesn’t have to be. If you take some simple finance courses, you can know more than the majority of people competing in your market. Never hesitate to hire a CFO or other professional into the right role, but don’t leave yourself in the dark. Finance is a tactic that can stretch money and do magic with less investment.

Team Management

Nothing gets done in business without a whole team working hard. If you don’t manage your team, they will eventually resent you. To manage your team better, try conducting team exercises regularly. These create bonds between workers. When everyone is on the same page, it decreases drama and boosts productivity. And that’s a result that’s win-win.

Motivation

A highly motivated work force will make more products and services in less time. They do this because they have a clear understanding of why they’re working for your company. When you motivate people, always use the tactic of visualization. Allow them to clearly see what the gold at the end of the road is.

Market Research

You can always design a product and then try to find a market to sell it to. However, this is the most expensive way to grow a brand. Instead, smart business managers always ask themselves which market they want to reach first. Then, they design solutions specifically for them.

Markets are dictating that managers have to be performing at their best to stay competitive. It’s crucial that you use the right tips and techniques. Without them, your profits and productivity can suffer. Make sure you’re schooled up on the skills above and enjoy better results in your company.

Categories
Starting Up

Branching out? Consider These 6 Factors First

Article Contributed by Jeanna Marnela Lising 

You are doing well as a first-time entrepreneur. Your current venture is going great, and with the way things are going, it just feels right to ride the hot hand and see where your current winning streak takes you.  After all, you have the capital to expand your business and branch out. You are probably thinking, since what you are currently doing is working, why not take the same business model to another city or state right? What could go wrong?

To answer the question, there are a lot of things that could go wrong. Branching out is not as easy as duplicating what you are doing in your current location and expect it to be successful in another. While some aspects can be retained, there are some factors that you need to consider before actually branching out like:

Laws and regulations

Different cities and states may have different sets of requirements for new businesses that intend to operate in their location. Most states would require a state identification number, your trade name registration, and zoning approval. Then there are other documentary requirements like professional licenses and special operating permits depending on your product or service. You better make sure that you are compliant to whatever laws and regulations apply to your business based on your industry in the new location as well. You are basically starting another business in another location even if it is completely based on your current venture.

Competition

You have to also consider that you will be entering a market where there is already a dominant player. Even if you do well in the first months because of market curiosity, you might see your sales dwindle after as the market goes back to what is familiar to them.

Research the strength of your competitors in the new location. Do you have something of value that can keep you competitive or even give you an edge? Or are you just presenting the market of more of the same? If you are the latter, then you might as well just pack your bags. If you are not presenting the market with anything different, consumers will always go to what they already know and those are the old established businesses in their area.

Current financial status

Do you remember how hard it was to even breakeven during the first months of your business? That’s right, you will be going through that again as you will be spending more than you are getting while you are trying to set your business footing in the new location. After all, you will be spending on capital expenses and you might even end up getting a loan to really get the ball rolling in your new branch.

Review your financial status and make sure that the profit you are currently getting from your first location is enough to get you by while you open your new location. You do not want to live as a pauper while trying to get the new branch running.

 

Manpower or labor

You will also have to consider the labor or manpower aspect of your new branch. Do you get people from your current business and transfer them to the new location? It has the advantage of having people already familiar with your business operations and may result in a more seamless transition. However, these people will be relocating and there should be an incentive for them to move to another city or state. You could also hire people from the area as they are already within the vicinity of your new location. However, you will have to invest more on training and on-boarding to ensure that they know the ins and outs of your business come opening day.

You also have to consider that the standard of pay may be different in each location. If you are paying most of your employees the minimum wage, you might be surprised that each state has different minimum wage rates. Tips are another thing to consider. Some states say that tips given to workers should be added on top of their wages while other states say that tips make up a percentage of the employee’s pay and companies can just pay the difference. These seems trivial, but it can affect your overall payroll.

Technology

The technology you are using in one location may not be feasible on the next location, implementation or cost wise. A good example is your business phone system. When you have only one location, it is perfectly fine to have an on-premise system. However, once you plan to branch out, the same phone system cannot be used on the new location anymore unless you install the same system there. That would, however, be very costly.

A good option is to turn to the cloud. Cloud services are delivered via the internet and can be accessed from anywhere, making it perfect for businesses that run in multiple locations. There are cloud services for different business functions including human resources, accounting, phone systems, and storage. Businesses can just subscribe to the service they need and it can cover all their locations.

Culture

An important factor that most entrepreneurs fail to consider is culture. What people like and appreciate in one place may be a big no-no in another. Just ask Anthony Bourdain. As a New Yorker, he is not a fan of catsup on anything. Then he arrives in Ecuador and he finds that most dishes use ketchup (banana ketchup at that), and it boggled his mind. So before even considering opening a business in another location, you need to know if your product or service will be appreciated. Without research, you might find yourself offending your market’s sensibilities, and that will be the start of your downfall.

This is not to discourage you from expanding your business. Expansion is a good thing; it means growth and is a good sign that your business is doing well. This is just a reminder that previous success does not guarantee success in another location. The same amount of research and hard work when you started your current business will be needed to get your new branch up and running.

Categories
Technology

5 New Tech Advances That Will Take Your Startup To New Heights

Article Contributed by Mark Palmer

A start-up business can be demanding in terms of time and resources. You have a million and one ideas to get your business up and running, and you need to create time for each thought crossing your mind. It is at this moment when advances in technology become necessary; more especially those that will help in prioritizing and smart spending. Here are some five tech advances that will redefine your startup in future.

Augmented reality

Often referred to as AR this new advance will redefine your startup especially when it comes to brand engagement. We all hate ads popping up on our browser, and in fact, most of us turn them off with ad blockers. It is now possible to use AR to combine physical and digital experiences. If you are in the furniture business, you can make it possible for your customers to virtually redesign their homes with new furniture. There are low-cost options for augmented reality that you can use for your startup.

Big data

Forget about the traditional marketing and business operations. Big data is already applied in several aspects of our lives, and it is helping transform lives. Imagine a world where you do not have to push tens of thousands of ad impressions and hope that few of them will convert. Imagine a world where you send very specific targeted ads that are informed by your customer’s buying habits. It is more effective, less challenging and better paying way of getting to your customers.

Algorithms

Trading in the stock market can be very challenging especially if you are just a beginner. Algorithms are used to execute trades often following pre programmed criteria. Well, the use of algorithms does not stop there; there are other numerous ways that they can be used especially for startup businesses to watch the market trends. Using credit spread strategy, for example, when looking for investors in your business can help to analyze maximum gain and minimum loss from the investment they make in your business. It is a revolutionary technology that will shape how businesses will be done in the future.

Blockchain technology

Well, you must have heard of the new technology that is basically used to process cryptocurrencies payments. The potential that this technology has is immense, and its application not only to financial instruments is inevitable. It has the ability to bring a democratic value system and revolutionize the way users interact in the digital world. If your business is in e-commerce, then you are in luck because this technology is for you. Think about instant payments, decentralized corporations, enhanced communication, efficiency maximization, fraud minimization to mention but a few.

Machine learning

Think about a world where you can automate non-creative tasks with machines that are intelligent and learning the nature you do business. Well, machine learning is a disruptive technology that looks at automating aspects of your business that you never even thought possible. For a startup business, you stand to gain more by getting more done with little resources and personnel. The biggest challenge for most startups is resource allocation and management. With machine learning technology, you can complete tasks that would otherwise take five employees working all day in just a few hours. Accuracy and efficiency are guaranteed.

Conclusion

Advancement in tech is inevitable and whether or not you want to be part of is at your discretion. However, there is much to gain and everything to lose if you do not join the wagon. For startup business owner, you do not have a choice you just have to embrace the changes in technology if you are to remain relevant. Big businesses are already using some of these advancements, and you cannot compete with archaic technology. The good news is there are low-cost tech advancements that will achieve the same results and compete with the big giants. These five tech advances should give you an idea of the direction to take for your business.

Categories
Entrepreneurs

Sam Ovens Gives 5 Reasons Entrepreneurs Should Start as Consultants

The word “entrepreneur” has become somewhat of a blanket term for anyone that makes an independent foray into the business world. From people who start multi-million dollar companies to people selling products on Etsy to make a few extra bucks every month, if you make money for yourself, you’re considered an entrepreneur.

But if you want to be a serious entrepreneur—aka, one who makes a living out of your entrepreneurial endeavors—then before you begin that business you’ve been dreaming of, consider starting out as a consultant. Why? Here are just a few reasons, from one of the most successful consultants in the business today, Sam Ovens.

It’s Cheap and Easy to Begin

The limiting factor in starting a lot of new businesses is the start-up cost. Getting a loan for a new business is nigh impossible, and most people don’t have the finances to self-fund a new business. But starting a consulting firm is quick and inexpensive. Finding your first client and providing them with the services they need costs you next to nothing. With just a computer and a phone, you can be in business. And because the overhead is virtually nonexistent, you can use the funds from your growing consulting business to begin other entrepreneurial endeavors.

You Learn about Cash Flow

Consulting gives you an opportunity to learn about business cash flow with very minimal risk. Due to those low costs already mentioned, your odds of bankruptcy or serious financial problems in your business are at a minimum. You can learn about managing invoices, setting up payment plans, and monitoring your business’s expenses in a more controlled environment than what other business types provide. Of course, there’s always the potential that your inexperience could cause some serious problems, but that risk is much lower for a small, low-overhead consulting firm.

You Can Master Marketing

In a consulting firm, the product that you’re selling is one you’re very familiar with—you. So you can work on mastering sales and marketing techniques by learning to promote yourself and your skillset. Marketing a consulting firm uses very straightforward and old-fashioned selling techniques, which lets you build on your marketing skills from the ground up. This is invaluable knowledge later on, when you build a more complex marketing team for another business endeavor.

You’ll Learn to Scale Anything

Consulting is a labor-intensive industry, which means that every new client you land is going to require you to put in more time and more work. You can’t mass-produce consulting services on an assembly line, so scaling a consulting firm can be difficult. It will require you to build an extremely organized team with effective leaders, and a strong business model to make it work. But, if you can learn to scale a business like this, then you’ll have no trouble scaling your business endeavors in the future.

It Requires Excellent People Skills

It’s almost impossible to be a successful entrepreneur without good people skills. No matter how fantastic your idea is, if you can’t talk to potential clients or pitch your idea to investors, your business won’t get off the ground. For those that need a little practice with people skills, consulting is a great way to start. You have to work one-on-one with your clients and convince them of your expertise, not to mention the facetime that is required to land a client in the first place. Some people may find it daunting at first, but prolonged exposure as a consultant will make it second nature for you, and your newfound people skills will be a valuable asset in establishing your next business.

Entrepreneurship is not for everyone. But if you’re ready to make your first foray into the business world, consider the advice of Sam Ovens—a multi-millionaire and entrepreneur himself—and start out as a business consultant. It might just be the springboard you need to launch yourself into a remarkably successful career.