Keys to Shaping the Entrepreneurial Case Study

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The transition from being a lecturer at Princeton University with degrees in history and religion to running a biotech company was not a smooth one. it's easy to imagine the kinds of hurdles that Drakeman had to face. Professors do not have to be business-minded in order to be successful. Their business -- the university, especially a prestigious university like Drakeman's Princeton -- is stable and requires no rainmaking on their part. They are not responsible for the practical, everyday tasks of running a business and often unaffected by the bottom line. Unless they are a department head or dean, professors may lack personnel management and competitive skills.

One of the most important skills Drakeman needed to learn during her transition was the skill of delegating. She was lacking important knowledge needed for understanding some of the basics of her new business, such as the technical jargon of biomedical engineering.

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To bridge the gap, she delegated certain tasks to engineers, who could translate the terms for her. Drakeman also realized that she needed support in taking on the big tasks of her business, such as outfitting a new plant to technical specifications. The details are overwhelming for one person, or even a team of people to oversee, so Drakeman had to learn to let go and assign tasks to others. There is only so much one person can do, and when they run into their absolute limit, a business can no longer grow.

Drakeman built her own success by making good choices, including hiring experienced employees, inspiring her colleagues, delegating responsibility and relying on those with knowledge of the biotech industry to help her make decisions. She also spent time at her husband's biotech company before moving out on her….....

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