We understand that errors are inevitable and in entreprenuership, we are taught that iterations is a continous process for product development. While that is true, there is also a side of entrepreunuership that believes that iterations is borne out of making errors. In this post, you will learn about some common mistakes PhD entrepreneurs are likely to make during their business journey.
- Not protecting their research and ideas: Not properly protecting their research and ideas can leave them vulnerable to infringement and make it difficult to secure funding or partners.
- Not conducting market research: Not thoroughly researching the market and potential demand for their product or service can lead to poor decision making and a lack of success for the business.
- Not seeking out resources and support: Not taking advantage of the resources and support available to them, such as university-affiliated programs and government funding, can make it more difficult to navigate the process of starting a business.
- Not balancing the time and effort between their studies and business: Starting a business requires a lot of time and effort, it’s important to balance the time and effort between their studies and business. It’s easy to get caught up in the excitement of starting a business and neglect their academic responsibilities.
- Not having a clear plan: Not having a clear plan for how to grow and scale the business, how to generate revenue, and how to reach the target market can lead to the failure of the business.
- Not considering ethical and legal issues: Not considering ethical and legal issues related to the use and commercialization of the research, particularly if it involves human subjects or proprietary data.
- Not having a diverse team: Not having a diverse team with different skills and experiences can limit the potential of the business and make it harder to navigate the challenges of starting a business.
To avoid these common mistakes, why not reach out to Dr Geoffrey Knott, PhD Accelerator Manager (geoffrey.knott@surrey.ac.uk), who can guide you towards exciting opportunities, events, and resources that can help you commercialise your research and make a lasting impact.
Remember, you have nothing to lose, and everything to gain!
