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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
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
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?
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
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.”
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.”
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
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
The Networking Universe Network Matrix
Leve
l of
Conn
ectio
n
Degree of Comfort
Home Run Contacts
Mentors Champions!
“C-level” Social Networking
(LinkedIn)
Mentors Friends
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
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
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
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
Bridging the Gap, Taking the Leap Making the jump from a purely academic training to the practical world of business can be very challenging
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?
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?
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
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
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
Bridging the Gap, Taking the Leap Do you have the network, how are you going to get the network?
Leve
l of
Conn
ectio
n
Degree of Comfort
Home Run Contacts
Mentors Champions!
“C-level” Social Networking
(LinkedIn)
Mentors Friends
How to build your network, helpful tips
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
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
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.”
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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.
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Source: Dynamite Networking for Dynamite Jobs Dr. Ronald L. Krannich,
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.
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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.
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Source: Dynamite Networking for Dynamite Jobs Dr. Ronald L. Krannich
Do’s Don’ts
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
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
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
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
Selected References