A friend recently attended a meeting that discussed the similarities between entrepreneurs and scientists and how training in science was a very valuable foundation for those seeking to run a company.
There is a commonality of skill sets needed to accomplish goals set by scientists working towards a new discovery or a business person looking to make their first million. This is always something parents and their children should remember when it comes time to talk about possible careers and when signing up for third level studies.
Many presume that if you study science at third level then you have to remain in science once you graduate or find some way to use your scientific knowledge lest it be wasted. But science graduates have acquired much more than information about the laws of thermodynamics or how to whip up a complex organic molecule in the lab once they leave university. They become problem solvers, not by chance or osmosis but by training. They are schooled in it, it is second nature in pursuit of science.
They look at an apparently intractable problem and immediately begin stripping it down into its component pieces. This reduces the complexity of the problem making it easier to solve it bit by bit. This is a logical process, one based on applying what is known as a way to deal with what is not known. And even if a problem is not subsequently fully solved, the scientist knows what not to do should similar problems arise in the future.
This problem-solving ability is also the hallmark of a good business leader too. Running a business is complex given the competing demands of staff and customers and the impact of competitors. Yet decisions are needed on whether to move into new markets, or try to introduce new products. The reductive practice used by scientists to break down a problem is readily applicable in business.
Creativity is another attribute that is essential in the sciences. We usually attach the term to artists and dancers but you need creativity in spades if you want to succeed in science. It involves developing new ideas (new problem solving technisques) that help find ways of advancing knowledge of a subject. But the same is true for business people. They need new ways of imagining the provision of a service or a creative new product idea that will open up markets. The two disciplines seem far apart but they are close when it comes to being a person that can generate ideas.
Working as part of a team is also a feature that is essential in science as much as business. The days of the lone scientist making discoveries on their own are long gone. Today science can only advance on the basis of collaboration, whether it is interdepartmental within one institution or must be achieved across multiple institutions. The science graduate will be well versed in working as a member of a team or a network of people, who are focused on a goal that links them. They may work on different aspects of that goal but there is a shared ambition to achieve it.
This has to happen in business too once a company gets past the initial stages of a small number of people working out of a garage. Once a company starts to grow it had better learn how to get the most from all of its constituent parts if it wants to survive. This in turn is dependent on good leadership and effective communications. Staff need to feel involved, but this is how someone with a science degree expects to work.
Good scientists also have to learn how to figure out who will be an effective collaborator, who to work with on the shared goal. Having to work in teams or part of a group works better when people can get along and are committed to making things succeed. Dynamic businesses need to achieve this kind of commitment if they want to open up a business market.
Scientist also have passion, an essential ingredient that is a must in business. Their commitment helps them go get through the lean times when funding dries up or when experiments fail or when a hypothesis expected to solve a problem or accomplish an aim just doesn’t work. All you can do is go back and start again and stay focused on the goal. Good business people need this too, the ability to turn setbacks into positives, to keep the company moving forward despite taking a knock. A business person without a passion for what they are doing will not enthuse a workforce or convince them to stick around for the better times coming.
