Entrepreneurship in Biotechnology

What is an Entrepreneur ?
• An entrepreneur is an individual who creates a new business, bearing
most of the risks and enjoying most of the rewards. The process of
setting up a business is known as entrepreneurship.
• The entrepreneur is commonly seen as an innovator, a source of new
ideas, goods, services, and business/or procedures.
• An entrepreneur is an individual who creates a new business, bearing
most of the risks and enjoying most of the rewards.
• The process of setting up a business is known as entrepreneurship.
• The entrepreneur is commonly seen as an innovator, a source of new
ideas, goods, services, and business/or procedures.
• An entrepreneur creates a firm to realize their idea, known as
entrepreneurship, which aggregates capital and labor in order to
produce goods or services for profit.
• Entrepreneurship is highly risky but also can be highly rewarding, as it
 Creativity
• What is innovation ?
• Creativity in product
• Creativity in process
• Creativity in application
The exploitation of entrepreneurial opportunities may include:

• Developing a business plan

• Hiring the human resources
• Acquiring financial and material resources
• Providing leadership
• Being responsible for both the venture's
success or failure
• Risk aversion
Relationship between small business and entrepreneurship
• PERSONALITY

• The word personality itself stems from the Latin word

persona, which referred to a theatrical mask worn by
performers in order to either project different roles or
disguise their identities.

• Personality is a combination of qualities, emotions, behaviors

that form a person a distinctive and unique character.
 SHAPING PERSONALITY

• Personality is shaped by two factors one is inheritance and other is

environmental factors.

• Inheritance: there are two brothers who are born to the same parents and
got the same environment but even their nature is somehow different from
each other, so they are naturally different from each other.

• Environment: two brothers who are born in a village, one got admission in the
college or university in a city and he spends almost 4 to 5 years there. So there
will be huge difference in both the brothers like dressing sense, beliefs, thoughts,
behaviors ,language. So these things are shaped by the environment.
 Creativity

• Though creativity is often associated with

artistic output, it is an important trait for all
entrepreneurs to have. Creativity doesn’t only
apply to visual elements or branding.
Entrepreneurs who are able to creatively solve
problems and think outside of the box when
facing everyday business challenges, they are
able to quickly pivot and implement necessary
solutions that lead to business growth.
Self-Awareness
Resourcefulness
Process-Oriented
 Empathetic

• Empathy is an essential trait for entrepreneurs.

Whether a business owner manages a large team of
employees or works directly with their customers as a
high-performing solopreneur, they must be able to
connect with others on a genuine level.
• Business owners who have the soft skills necessary to
connect with others, they may experience benefits
such as increased customer loyalty, more customer
referrals, and increased employee productivity.
Communicative
Self-Motivated
 Confident

• If you have an idea you want to bring to life and

share with others, you have to have the
confidence to see it through. Whether you are
introducing a new product to market, or are
seeking outside funding for your business, you
must be able to speak to what you offer clearly
and confidently. Successful entrepreneurs stand
behind their ideas without letting concern over
what others may think get in the way.
Flexible
Risk-Taker
 Resilient

• Many entrepreneurs may find themselves starting

multiple businesses if their initial idea doesn’t take off.
According to the Bureau of Labor Statistics,
nearly half of small businesses fail within the first four
years. Some successful business owners may find their
first few business ideas weren’t sustainable in the long
run but can apply those learnings to new businesses.
Whether an entrepreneur isn’t granted a sale or
opportunity or has to start at square one, being
resilient and inventive in the face of challenges is a
must.
• https://blog.hubspot.com/sales/entrepreneur-
personality-traits
• https://slideplayer.com/slide/7675185/
• Attitudes Pillars
• Pillar 1: Startup Skills. Launching a successful venture
requires the potential entrepreneur to have the necessary
startup skills.
Pillar 2: Risk Acceptance. Of the personal entrepreneurial
traits, fear of failure is one of the most important obstacles
to a startup. Aversion to high-risk enterprises can retard
nascent entrepreneurship.
Pillar 3: Networking. Networking combines an
entrepreneur’s personal knowledge with their ability to
identify more viable opportunities, and can access more and
better resources.
• Abilities Pillars
• Pillar 4: Opportunity Startup. This is a measure of startups by
people who are motivated by opportunity who are believed to
be better prepared, to have superior skills, and to earn more
than what we call necessity entrepreneurs.
Pillar 5: Human Capital. The prevalence of high-quality
human capital is vitally important since the quality of
employees also has an impact on business development,
innovation, and growth potential.
Pillar 6: Competition. Competition is a measure of a
business’s product or market uniqueness, combined with the
market power of existing businesses and business groups.
• Aspirations Pillars
• Pillar 7: Product Innovation. New products play a crucial role in the
economy. New Product is a measure of a country’s potential to generate
new products and to adopt or imitate existing products. In order to quantify
the potential for new product innovation, an institutional variable related to
technology and innovation transfer seems to be relevant.
Pillar 8: High Growth. This is a combined measure of the percentage of
high-growth businesses that intend to employ at least ten people and plan
to grow more than 50 percent in five years with business strategy
sophistication.
Pillar 9: Internationalization. Internationalization is believed to be a major
determinant of growth. A widely-applied proxy for internationalization is
exporting. Exporting demands capabilities beyond those needed by
businesses that produce only for domestic markets.
Pillar 10: Risk Capital. The availability of risk finance, particularly equity
rather than debt, is an essential precondition for fulfilling entrepreneurial
aspirations that are beyond an individual entrepreneur’s personal financial
resources.
Innovation and entrepreneurship in
biotechnology
 The biotechnology industry is characterized as follows:

 Medium to very long product development lead times;

 Capital-intensive;
 Highly regulated;
 Extensive skill sets and technical knowledge required;
 One of the most research-intensive industries in the world;
 In many cases ethical clearance is essential, especially for any animal/ human
testing;
 Intellectual property protection is an essential element of success for most
biotechnology companies;
 Strong linkages and strategic alliances established with universities,
institutions and other biotechnology companies;
 Capital raising is essential and consumes a significant amount of time and
resources throughout an organization’s life cycle.
• Basic research is experimental or theoretical work undertaken
primarily to acquire new knowledge of the underlying foundation of
phenomena and observable facts, without any particular application
or use in view.
• Applied research is also original investigation undertaken in order to
acquire new knowledge. It is, however, directed primarily towards a
specific practical aim or objective.
• Experimental development is systematic work, drawing on existing
knowledge gained from research and/or practical experience, which is
directed to producing new materials, products or devices, to installing
new processes, systems and services, or to improving substantially
those already produced or installed. R&D covers both formal R&D in
R&D units and informal or occasional R&D in other units.
Models of Bio industries
Project planning and development
Research
 Hypothesis
 Objectives
 Outcome
 Scope
 Time line
 Facilities- chemical & instrumentation
 Budget