entrepreneurship 101: making critical career decisions
DESCRIPTION
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/TRANSCRIPT
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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
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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
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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.”
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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. _______________________________
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2. Determine Your market2. Determine Your market
Who are your target companies or target Who are your target companies or target customerscustomers
• InternalInternal• ExternalExternal
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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
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4. Use Effective Marketing 4. Use Effective Marketing ChannelsChannels
Industry organizationsIndustry organizations Industry contactsIndustry contacts Business AcquaintancesBusiness Acquaintances RecruitersRecruiters Volunteering – internal & externalVolunteering – internal & external
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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
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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
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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
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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
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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%
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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
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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”
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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..
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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
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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
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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”
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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..
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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
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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
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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
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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?
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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
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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
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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
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Career ManagementCareer Management
CEOs CEOs Other Other
Just Happened Just Happened
Actively Actively ManagedManaged
A Bit of BothA Bit of Both
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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
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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
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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
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Sample Career Path TimelineSample Career Path Timeline
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Question and AnswersQuestion and AnswersQ & AQ & A
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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