You manage your research. You want to manage a business. How about managing your career?
Dr. Teresa Snelgrove of ProFitHR and Dr. Frederick Sweeney of VG Partners talk about career management theory and practice: what inputs are needed for critical career decisions and their execution. Join us for some very practical advice on how to manage your own success.
Part of the CIBC Presents Entrepreneurship 101 lecture series: http://www.marsdd.com/ent101
2. The material contained in this document is strictly confidential and the sole property of
VGPartners Inc.
3. Taking the Pulse of the Audience
Agenda
Factors Influencing/Inhibiting Success
The Networking Universe
Bridging the Gap, Taking the Leap
Skill Set: Hard vs. Soft Skills
4. Agenda
Taking the Pulse of the Audience
Factors Influencing/Inhibiting Success
The Networking Universe
Bridging the Gap, Taking the Leap
Skill Set: Hard vs. Soft Skills
5. Taking the Pulse of the Audience
What defines success?
Who are you?
• Students, post-docs
• Employed
• Entrepreneur
• Aspiring Entrepreneur?
Have you experienced success?
• What kind?
• What is the definition of success?
What are the critical factors defining success?
6. Taking the Pulse of the Audience
What defines success?
Factors for Success
12 -- Drive and Passion
7 -- Leadership
6 -- Networking
4 -- Intellect
4 -- Luck and Timing
2 -- Taking Risks
2 -- Effective Planning
4 -- Integrity and Fairness
7. Factors for Success
Drive and Passion
-CURT ROSENGREN, THE OCCUPATIONAL ADVENTURE BLOG
“Passion is the energy
that comes from
bringing more of YOU
into what you do.”
8. Factors for Success
Leadership
-WARREN BENNIS
“Leadership is a function of
knowing yourself, having a vision
that is well communicated,
building trust among colleagues,
and taking effective action to
realize your leadership potential.”
9. Taking the Pulse of the Audience
What factors inhibit success?
Factors Inhibiting Success
12 -- Lack of Belief in Self
8 -- Fear of Risk
5 -- Poor Communication
4 -- Greed and Ego
4 -- Lack of Passion
3 -- Taking Focus
1 -- Dishonesty
5 -- Procrastination
# of Respondents
10. Agenda
Taking the Pulse of the Audience
Factors Influencing/Inhibiting Success
The Networking Universe
Bridging the Gap, Taking the Leap
Skill Set: Hard vs. Soft Skills
11. The Networking Universe
Network Matrix
Level
of
Connection
Degree of Comfort
Home Run
Contacts
Mentors
Champions!
“C-level”
Social Networking
(LinkedIn)
Mentors
Friends
12. The Networking Universe
The Networking Universe
The A List - the priority
• Potential customers/clients
• Friends of the project
• Mentors/counselors
• Collaborators
• Your team
The B List – near term
• Issue identified -> customer one step removed
• Contacts of existing customer/s
• Perceived influencers
• Possible barriers identified
The C List – next 12 months
13. The Networking Universe
Mentorship
Finding a Mentor
• Similarities in personality
• Sharing of lessons learned
• Has to operate on both the professional and personal level
• Transparency essential….as is honesty
14. The Networking Universe
Managing these Relationships
Provide Professional
Information
Be a Connector
Provide Personal Help
How and what?
Be an advisor, counsellor, mentor
How and what?
Re-engage the Universe, Especially the A List
15. Taking the Pulse of the Audience
Agenda
Factors Influencing/Inhibiting Success
The Networking Universe
Bridging the Gap, Taking the Leap
Skill Set: Hard vs. Soft Skills
16. Bridging the Gap, Taking the Leap
Making the jump from a purely academic training to the practical world of
business can be very challenging
17. Bridging the Gap, Taking the Leap
The inertia dilemma, are you pursuing this for the right reasons
CONSULTING
FIRMS
INVESTMENT
BANKS
DUE
DILIGENCE
MANGEMENT
STRATEGY
FINANCIAL
NETWORK
POWER
TRANS-
ACTIONAL
STAY PUT JOB SEARCH
STABILITY
INTERNAL
PROMOTION
FEAR?
FINANCIAL
INTELLECTUAL
CONFLICT?
COMFORT
ZONE
AMBITIONS
AND DREAMS
INFORMED
APPROACH
The Career Dilemma
Should I stay or should I go?
18. Bridging the gap, taking the leap
Self-assessment, be realistic
How are you going to
differentiate yourself?
Do you know
what you want
to do?
Do you have the
network, how are
you going to get
the network?
What are the
reasons why you
pursue this?
Do you know the
space you are
getting into?
19. Bridging the Gap, Taking the Leap
Do you know what you want to do?
Think of the home run
Focus on getting to first base
2000 2003 2009 2010-2012 2013
2007 2015
Find a path that fits with your skills, and build from that
Use your skills as a selling point...
...but find something that keeps you out of your comfort zone
Be persistent
20. Bridging the Gap, Taking the Leap
Do you know the space you are getting into?
Educate yourself on your field of choice
• Network
• Books
• Blogs
Know the space, players, lingo
• Find someone who works in the space
• Get a realistic view of the space
• Ask what are your blind spots
What are the reasons why you pursue this?
• Money is not a reason
• Consider quality of life, intellectual freedom
• Do your homework to understand what is required to succeed in the field
21. Bridging the Gap, Taking the Leap
The Elevator Pitch: The 2 minutes that can change everything
When you introduce yourself
When you’re speaking on the phone
When you leave a voice mail
In an interview - obviously
On any marketing collateral
• Who I am
• What I do and what I want to do
• Why I am so great, my experience
• (Subtle) name dropping
• End with a specific question
Elevator Pitch
Not just for the elevator
22. Bridging the Gap, Taking the Leap
Do you have the network, how are you going to get the network?
Level
of
Connection
Degree of Comfort
Home Run
Contacts
Mentors
Champions!
“C-level”
Social Networking
(LinkedIn)
Mentors
Friends
How to build your
network, helpful tips
23. Bridging the Gap, Taking the Leap
“Networking” often has a negative connotation
"More business decisions occur over lunch and dinner than at any
other time, yet no MBA courses are given on the subject."
-Peter Drucker, Business Management Guru
"You can use your business card to get the other person's business
card. As far as I'm concerned, this is the one truly legitimate benefit
of business cards."
-Bob Burg, Author/Motivational Speaker
“The currency of real networking is not greed but generosity.”
-Keith Ferrazzi, Author Never Eat Alone
24. Bridging the gap, taking the leap
How to build your network, helpful tips
Three Golden Rules
Do your homework, know who you are talking to
Remember that networking is not about schmoozing
Lose your sense of self-entitlement
25. Bridging the gap, taking the leap
How to build your network, helpful tips
Do’s Don’ts
Use your contacts: "So-and-so
suggested I call you.”
Ask for referrals to others who
might give you advice. This
helps to develop your network.
Learn to cold call. "I'm from X
university and I understand
you graduated from there.”
1
2
3
Don't wait for someone to call you.
Avoid sounding like a telemarketer.
Don't let rejections stop you.
Don't ask for a job—it frightens
people.
Avoid talking about yourself too
much. It’s not all about you, it’s
about the relationship.
1
2
3
4
5
Source: Dynamite Networking for Dynamite Jobs
Dr. Ronald L. Krannich,
26. Bridging the gap, taking the leap
How to build your network, helpful tips
Ask for three things:
1. Information
2. Advice
3. Referrals
Use a low-key approach and
70% to 80% of those you
contact are likely to help.
Develop electronic networking
skills.
Perfect telephone skills. Don’t
take more than 10 to 15
minutes. Then follow up with a
thank-you letter.
4
5
6
7
Never abuse the process. If you
sincerely ask for information,
advice and referrals, the
conversation is usually rewarding.
Try your best to talk in person, but
email and phone is better than
nothing.
Don't stop networking when you
get a job. The job you have today
may disappear overnight.
6
7
8
Source: Dynamite Networking for Dynamite Jobs
Dr. Ronald L. Krannich
Do’s Don’ts
27. Taking the Pulse of the Audience
Agenda
Factors Influencing/Inhibiting Success
The Networking Universe
Bridging the Gap, Taking the Leap
Skill Set: Hard vs. Soft Skills
28. Skill Set: Hard vs. Soft Skills
Emotional intelligence is often what is going to differentiate you
EQ is Key
Your education is necessary but often not sufficient
Relying on your education provides a false sense of
self-entitlement
Entrepreneurial ventures and businesses require more
EQ skills that you might think
29. Skill Set: Hard vs. Soft Skills
Utilize your inner, something innate skills set (IQ and EQ): Venture Capital
Hard Skills (Education and Experience)
• Strategic Consulting
• Operational Background
• Often have to identify key issues and define clear solutions as well as
advise on overall strategic direction of the portfolio companies
• In life sciences, often a graduate degree (PhD) alongside business
development or startup experience is a must
• Financial Acumen
• Work hand-in-hand with the CFO of portfolio companies
• Work with investment bankers during exits (M&A, IPO)
• Financial modeling to evaluate the outcome of financing/licensing deals
• MBA from top school is advantageous
An obsessive attention to detail along with strong analytical skills
30. Skill Set: Hard vs. Soft Skills
Utilize your inner, something innate skills set (IQ and EQ): Venture Capital
Soft Skills (EQ)
• Relationship Management Skills
• Getting things done with the portfolio companies
• Building a colossal network
• Build strong management teams for portfolio companies
• Identify valuable co-investor, corporate partners, acquirers
• Perform due diligence
• Bring in deal flow
• Good Judgment and Maturity
• Strong intuition, curious mind and vision
• Often have to communicate/push back with much older and
experienced individuals