Common Biotechnology Entrepreneur Mistakes and How to Avoid Them

Abstract All entrepreneurs start out with boundless optimism as they perceive in their minds a visionary product or service that could revolutionize some facet of work, life, industry, or medicine. They embark on this journey full of energy, excitement, and motivation which drives them to step out into this high-risk endeavor. However, unless they are a “seasoned entrepreneur,” they are not aware of the “Unknown-Unknowns.” These are the things they don’t know … that they don’t know. Unknown-Unknowns are difficult, if not impossible, to fix because you don’t know these critical entrepreneurial problems are looming ahead. In this chapter, I will share with you the seven most common mistakes I have found that biotech entrepreneurs make when starting and growing their companies. With each of these, I share ways in which to avoid them. There are certainly more than seven mistakes biotech entrepreneurs can make, but these tend to be the most common and the most impactful on the growth and development of the organization.