Sudbury entrepreneur Barb Ward-Dagnon discusses creating Medicor Research Inc, things to consider before starting a business, and working with partners.
Within three years of starting Medicor, Barb Ward-Dagnon gained global recognition among several top pharmaceutical companies for excellence in clinical research. Her flair for sales, marketing and branding have allowed her to build her customer base to over sixty pharmaceutical and academic clients.
Watch the presentation at http://www.norcat.org/ent-101/season-3-lectures/
3. Successes and Failures Shape Who we
Become as Entrepreneurs
A recent report from the Kauffman foundation
for entrepreneurship, titled “The Anatomy of
an Entrepreneur” reveals the average number
of businesses launched by entrepreneurs was
approximately 2.3
3
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
4. Don’t turn a hobby into a
business without considering
how you will feel about it if you
have to do it as a full time job!
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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5. Look for Opportunities
• Do what you know
• Do what you’re passionate about
• Build on your connections
• Consider all offers
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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6. When Opportunity Knocks Open
the Door!
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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7. Take Advantage of Not Being Self
Employed Full-time
This is a time of testing the waters while still
holding on to the life raft. You have your feet
in two worlds; one of stable employment and
the other in a risky, potentially untested new
business.
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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8. Don’t Quit Your Day Job...Until the
Time is Right
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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10. Creating Your Company
• Develop your Business Model
• Set up funding and estimate the required
resources
• Make most the big decisions in advance
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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11. The Business Model
• The Business Model
• Customer segment
• Value Proposition
• Channels
• Customer relationships
• Revenue Streams
• Key resources
• Key activities
• Key partners
• Cost structure
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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12. Friends and family
will tell you
what you want to
hear!
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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13. Maximize Your Skills and Manage
Your Time
• How will you “work” the business?
• Do you have training and experience in
bookkeeping, grant writing, managing staff,
and sales etc?
• Will there be enough hours in the day to
complete what you need to accomplish?
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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14. Do You Need
a Business Partner?
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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15. Business Partnerships
are a Lot Like a
Marriage
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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16. What Do You Need From a Business
Partner?
• Someone who brings something different to
the table than you do; funding, skills, or
experience.
• A partner with access to a market, or with
great connections.
• someone who complements your skills and
personality.
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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17. Choose a Partner Carefully
• What is your potential partner's financial
situation?
• What are the potential partner's expectations on
the time involved?
• Is your potential partner's commitment to the
business as strong as yours?
• How would he or she handle a tough situation?
• What is the potential partner's standing in the
community?
• Are they willing to put everything in writing?
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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18. Get a Signed Partnership
Agreement Before You Make
Your First Sale!
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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19. • Look for opportunities and when they appear and grab a hold of
them
• Don’t quit your day job until you are ready
• Take the period of time just before you start your business to make
the big decisions
• Do your research before starting the business
• Write a solid business model and be willing to tweak it along the
way
• Do what it takes to work the business.
• Decide early on if you want to start the venture with a partner
• Choose the right partner and get everything in writing
• Always know your exit plan before you start
Entrepreneurship 101 - Barb Ward-
Dagnon/Medicor Research Inc. 09-March-
2016
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Groucho Marx said, and I quote: "Only one man in a thousand is a leader of men--the other 999 follow women."
There are over 900,000 female entrepreneurs in Canada? Women make up a larger share of the self-employed than in any other country in the world.
Other interesting stats are:
Ninety-eight percent of Canadian businesses have fewer than 100 employees, 55% have fewer than four, and 75% of all businesses in the country have fewer than 10. Small businesses drive our economy.
Small businesses account for between 60 and 80% of all jobs created in Canada.
Studies show that entrepreneurs with education in entrepreneurship, or previous entrepreneurship experience, have an 80–90% chance of success with a new business.
In 2004 I opened that door and in walked Medicor Clinical Research.
When the time is right either decide to jump off the cliff or walk away.
In 2005, one year after my ah ha moment I incorporated Medicor Clinical Research, becoming Medicor Research Inc.
Going back to the year preceding my leap into full time self employment I want to emphasize how important this period of time is to all of those considering starting a business. This is a time to make big decisions about what you envision that business to look like.
You’ll want to create your business model. Don’t try to make it perfect like I did. Once you jump off the cliff all bets are off and the clock starts ticking, you quickly realize the model you created is simply a launching point for something that will grow and evolve. Statistically 66% of all successful businesses will end up drastically changing their model. The important thing to remember is yes your plan will likely need to be modified but do this before resources run out!
Don’t write your business model while sitting behind a desk! Go out and beta test your idea. Survey, do your market research, know who your customer is, and what problem are you trying to solve for them? Does the problem really exist? Then find out if your idea can actually be monetized and scaled. When surveying don’t ask your friends and family, 99% of the time they are going to tell you what you want to hear.
While creating your business model you will quickly see the skills required to work the business? Very few of us can do it all and if we have all the required skills we need to consider the time commitment.
If you can get someone to do something without giving them a stake in your business, it's always better. People get wrapped up in the idea of needing to work with someone, but it's not always a good idea. Sometimes you need somebody to show up from 9-5, work hard and go home, he says, adding. "If you're cash poor, or it's a startup and you don't expect to make money right away, taking on a partner might be the better option. But if you can just pay somebody to show up and work, it's generally a better option than giving them a stake in the company."
What I quickly realized is that a business partnership is a lot like a marriage. It often begins with enthusiasm and high expectations but can eventually turn into bickering and hurt feelings. Make sure when choosing a business partner that you are compatible with them because you will be spending a lot of time together!
You should look for a business partner who brings something different to the table than you do. If you're creative, maybe you need a more detail-oriented partner. If you have money to invest in the business, you may want to look for a partner with access to a market, or with great connections. Or if you're shy, you might need a good "people person" to balance the equation. Don’t look for someone similar to you, it might be more comfortable, but it may not be what you need,You need someone who complements your skills and personality.