Dr. Diane Hamilton's Blog

A Revolution in Hiring and Working with Eva Andres of Juniper Networks

Boomer Entrepreneurs Can’t Retire

 

One of the things entrepreneurs plan for is the time that they will eventually sell their company.  Currently many older business owners have found it difficult to reap the anticipated rewards of retirement. As the author of the Entrepreneur Exit Strategies for your Business pointed out, “it’s not enough to build a business worth a fortune; you have to make sure you have an exit strategy, a way to get the money back out.” If businesses were once very successful, the economy may have impacted their current worth.  Even with what may once have been considered a strong exit strategy, plans may have been affected by the economic downturn.

Boomers trying to sell their businesses are receiving offers that are not enough to finance their retirement.  In the Wall Street Journal article The Economy Stole My Retirement, it noted that one small business owner expected to sell for $2 million but recent losses from the recession has made that impossible.  She now has seen offers as low as $250,000.

Business owners who had planned to travel and relax in their golden years are now spending 10-12 hours a day or more working to salvage companies.  Some have no foreseeable chance of selling in the future.  Many have put all of their money into their businesses and would have to live only on social security if they let the businesses fail.

While it is admirable to have high expectations for an entrepreneurial venture, it is the wise business owner who does not keep all of his or her eggs in one basket.  Just as Enron employees learned the hard way, it is not a good idea to have all of your money invested in the company in which you work.  If the company goes under, people not only lose their jobs but their life savings as well.

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Sheldon Cooper is in an EQ Stupor

 

The Big Bang Theories’ Sheldon Cooper is a classic example of why it is important to have a high emotional intelligence quotient (EQ). In the TV sitcom, Sheldon demonstrates what it is like to have a high IQ without a corresponding high EQ.  Daniel Goleman wrote about why this may be problematic in his book Emotional Intelligence:  Why it can Matter More than IQ.

Sheldon is a very intelligent human being. This is something that he constantly points out to nearly everyone he meets.  However, his high IQ is not tempered with interpersonal skills. Having strong intrapersonal and interpersonal skills are an important part of having a well-developed EQ.   Sheldon may be an over-exaggeration of someone that lacks these skills, but we have all met book-smart people who just do not seem to understand how to interact with others.

Some companies’ yearly performance reviews may consider how employees demonstrate  “concern for impact”.  In other words, the company want employees to be aware of how they came across to other people.  Any employee that has to deal with other people on a daily basis must learn to see themselves as other see them. What may seem as perfectly acceptable behavior to an individual may come across as offensive to someone else.  Companies are placing more importance on developing individuals’ EQ levels and hiring people that have already developed interpersonal skills.

Sheldon is almost robotic in his lack of people skills.  He does things because he has been taught that “it is the social convention” to do so.  For people who see any part of their personality in the Sheldon character, I recommend reading Goleman’s book.  I also think that it is important to read books about how to improve EQ levels.  There are some sites on the Internet that help people improve emotional intelligence.  Check out the following links:

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Big Business Embracing Entrepreneurial Thinking

 

Wal-Mart recently inspired an unusual entrepreneurial competition. Inventors could submit product ideas, with the hope of having their product available on the stores’ shelves.  Wal-Mart is not the first company to recognize the importance of fostering creativity in unusual ways. In college-level innovation and entrepreneurship courses, one of the things students learn is that organizations place a high value on entrepreneurial thinking.

Wal-Mart initially created the entrepreneurial contest  to create buzz in social media.  The popularity of the promotion led to some creative ideas by inventors who sought attention for their creations. The Wall Street Journal reported that the winner would have the opportunity to sell on Wal-Mart.com as well as in the physical stores.

The idea of organizations recognizing the importance of entrepreneurial talents is becoming more popular.  Check out some of the following articles that demonstrate the value of entrepreneurship in the modern workplac

  1. Forbes: A Growing Startup Should Hire Only Entrepreneurs
  2. Bloomberg:  Need Innovation? Hire an Entrepreneur
  3. Economic Times:  Top IT Companies Hiring Failed Entrepreneurs
  4. Google Hires Digg Entrepreneur
  5. Andrew Hamilton: Large Companies and Entrepreneurs Can Work Well Together
  6. Companies Hiring Entrepreneurs for Innovation
  7. UC Will Hire Entrepreneur to Set up Companies
  8. Entrepreneurship and Innovation in Large Companies
  9. Leveraging Dynamics Between Large Companies and Entrepreneurs
  10. Entrepreneurs Organization

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Entrepreneurs: Funding Options from Kickstarter

 

Entrepreneurs often find that one of the hardest parts of realizing their dream is to obtain financing.  Some have tried microlending sites like Kiva.org.  Others have discovered a new lending platform called Kickstarter.  The site’s tagline is “a new way to fund and follow creativity.”

Kickstarter describes its site as the world’s largest funding platform for creative projects.  This unique site allows entrepreneurs to keep ownership and control over their work while tens of thousands of people pledge millions of dollars to help finance their creative ideas.  The idea must reach its funding goal or no money changes hands.  Entrepreneurs that receive their anticipated funds, can test concepts without risk.

Kickstarter’s Blog offers advice to those interested in creating a new project. The site allows for people to browse current ideas or to create their own.  To begin a new project dedicated to film, art, technology, design, food, publishing and more, creators can check out Kickstarter school.

Once a project is listed on the site, it displays timeline and pledge information including:  Percent Funded, Amount Pledged, Number of Days Left to Receive Funds.  The picture displayed below demonstrates some examples listed on Kickstarter’s site.  On the site’s curated page, it lists “projects curated by some of the world’s foremost creative communities.” The site also allows users to view projects by staff picks, most popular, recently launched, ending soon, small projects, most funded, as well as by category and location.

 

For additional help with the entrepreneurial process, check out the Top 30 Links for the Successful Entrepreneur.  

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Pharmaceutical Job Candidates: Stand Out With CMR

 

The pharmaceutical job market is extremely competitive.  One way for potential applicants to stand out from the crowd is to become a Certified Medical Representative (CMR).  The Certified Medical Representative Institute has recently launched a pre-hire program, designed for someone interested in entering the biopharmaceutical arena. The program is designed to provide basic knowledge that would help make someone a better candidate or provide deeper knowledge to enhance their abilities in a potential position.

When I obtained my CMR, I found that the training was excellent.  Adding the CMR designation to my business card also demonstrated that I had received training that went above and beyond the industry standard.

CMR’s latest program covers the following topics:

The Biopharmaceutical Industry

  • Overview of the Drug Development Process
  • Promotion and Advertising in Pharmaceuticals

The Sales Environment

  • The Evolution of Managed Care
  • Healthcare Insurance Plans and Healthcare Financiers

The Science of Medicine

  • Systems of the Body
  • Evaluation of Disease
  • Medical Terminology

The Science of Pharmacology

  • Basic Principles of Drug Actions
  • Classification of Pharmaceutical Products

The Biopharmaceutical Representative’s Job

  • The Role of the Biopharmaceutical Representative
  • Elements of Good Communication
  • The Business Planning Process

For more information, check out the CMR Institute.

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