And Another Thing...
Um, No: What Not to Do When Starting a Business By Denise L. Merkle, PhD
American Chemical Society (ACS) members can join as many of the thirty-two Technical divisions as their little hearts desire, thereby enjoying professional enrichment in multiple diverse fields. ACS offers divisions dedicated to the science of chemistry, and also boasts a number of divisions dedicated to the business of chemistry. The Division of Small Chemical Businesses, SCHB, inspired this month’s ‘And Another Thing…’. Every single week since the start of COVID-19 Captivity, SCHB has Zoomed with its members and friends. Unsurprisingly (it’s SCHB, after all), many of the Zoom-discussions address aspects of starting and maintaining a NewCo (New Company). So, in the spirit of entrepreneurism, and in honor of One Full Year of SCHB’s Innovative, mid-COVID, Virtual programming, insight from chem business owners and service providers was sought, and is shared with you here. Of the thirty-six or so professionals who were asked to send one piece of ‘Don’t Do This’ advice, twelve very kindly complied (25% ROI – pretty good!). Disclaimers: Keep in mind that the views of the respondents*may not be the views of the author. Don’t get your biz advice from random newsletter articles, youtube, or social media. Don’t even move without consulting card-carrying professionals who can guide you on the best path to success. Please enjoy this selection of the Top 10 Don’ts for Starting A Business.
April 2021
#10) Don’t be afraid or doubt yourself! New ventures are scary beasts. Sometimes they’re frightening enough to immobilize the entrepreneur. This is to be expected – as long as you breathe in, breathe out, and power on through. If you’re not an Adrenaline Junkie, Entrepreneurism may not be your niche. #9) Don’t succumb to Inventor Syndrome, in which the inventor is so invested in the innovative idea that all else required to establish a successful company is condescendingly deemed unimportant. Don’t think you, as the Inventor/ Founder, are the best person to run the company, either. And by all means, before you spend money on your website and marketing, figure out your brand – What will your venture be? #8) Don’t feel like you have to know everything – You can’t. Acknowledge your weaknesses, find competent professionals and advisors - and let them advise you. Don’t keep everything so secretive that competent people can’t help you. It’s nearly impossible to start and maintain a successful business while Flying Solo. Don’t do it. #7) Don’t do very much of anything without contracts and agreements. NonDisclosure Agreements can be necessary for in-depth discussions of technology, as well as for business practices. If a professional is handling a task or project for your company, it is imperative that the scope of work is defined and formalized, and the interactions are, too. You need a good attorney – or two – for this. #6) Don’t wear out your friends and family. When you start your company, your immediate family may very well think you
The Southwest RETORT
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