WIDE ANGLE
Researchers and Entrepreneurs alike!
When a graduate student is finally done with research work and is leaving a lab, he/she is inevitably asked the question, “how your experience has been?” It’s a great question to ask a person who has spent 6-7 precious years of his/her life in understanding a problem. Some would argue that it is a rather small duration in an entire research career; nonetheless, for a student who is embarking on the journey of research and scientific independence, it is quite a significant one! I was also asked the same question. I often responded by saying that to me research career is like entrepreneurship, where each lab is a small enterprise. Predictably, I have got varied responses to this answer; some were surprised, some would have a faint smile with the I-know-what-you-mean expression, and some would look at me with absolute disagreement. Therefore, here I would like to pen down my thoughts on the similarities between entrepreneurship and research. In subsequent blogs, I shall bring out justified differences between the two as well – just to satisfy my occupational hazard of looking at alternative scenarios!
Here is a list of what I believe are the similarities between a research career and entrepreneurship:
1) Immense belief in the idea: One thing common between researchers and entrepreneurs is that all of them have great faith and belief in their idea. Both work persistently, relentlessly, enthusiastically, and passionately towards making it a success. As a part of the idea-generating process, studying literature (market analysis), performing pilot experiments, and getting feedback from peers to check the validity of an idea are common to both research and entrepreneurship.
2) An awesome team is a must: This may be more applicable to principal investigators building a research team, rather than graduate students. An innovative, creative and dedicated team that believes in the vision of the project, understands its importance, takes responsibility for their roles, and stands with the project in all its ups and downs is a must for the success of a scientist and an entrepreneur. If you are a young researcher setting up a lab or an entrepreneur beginning your venture, these are the qualities that you should be absolutely looking for while building your team.
3) Funding drives you: This again is more applicable to the principal investigators and to some extent to postdocs and PhDs. For your project or initiative to move ahead, funding is key. Both researchers and entrepreneurs are in a constant lookout for funding agencies. Obviously, you need money to buy reagents (company’s hardware), pay for running costs, pay for people, and take ample risks with new technologies/research methodologies.
4) Investors/peers might have a greater say in your project: As your company/project grows, you bring multiple people on-board. In entrepreneurship, it is the investors; and for scientists, it could be either the funding agencies or the peer reviewers. It is a common occurrence that researchers end up moulding their projects to satisfy either or both – which is also seen in budding companies as well.
5) Acceptance is the key: The idea that both groups believe in is under constant scrutiny/ experimentation, and it is possible that it can fail at any point. In such times, the wise thing to do is to accept the failure and move onto the next idea or the next best course – this, I believe, is a guideline that is essential for both entrepreneurs and researchers to succeed.
6) Uncertainty prevails: Another thing that both groups need to deal with is the uncertainty of success or failure associated with a project. While you may be sure of your idea, the uncertainty that it will pan out like you envisaged prevails.
7) It’s a 24X7 commitment: For both entrepreneurs, and researchers, work is always on their minds, whether they are eating, playing, sleeping, or socializing. There is no break, and sometimes no day and night. It’s amusing to see how much drive passion can alone give to a person.
8) You face extreme reactions from your family and peers: This is on a lighter note but it is true. If you are doing entrepreneurship or PhD, it is likely that you have faced either of these reactions: (a) they are worried about what you are doing and how you are going to make money, and (b) they have great respect for you since you have the courage to risk a great deal to fulfil your passion.
That ends my list. Let me know what you think about it and if you can think of more similarities between the two professions. I am sure a lot of you must be wondering why is there even a need to draw these parallels? Well, that will be the topic of my next blog, so stay tuned! In the meantime, enthusiastic people are welcome to suggest why they feel it is important to compare the two; I would be more than happy to incorporate them in my next blog.