Becoming a successful entrepreneur is no easy endeavor. It requires focus, purpose, persistence, leadership, and the ability to embrace and learn from failure. Marc Beer, co-founder and CEO of Renovia, Inc., a startup medical technology company, embodies these qualities.
In this article, we’ll share some of Beer’s top tips and tricks for aspiring entrepreneurs.
Tips and Tricks for Entrepreneurs from Marc Beer
With decades of experience in innovation and entrepreneurship, Marc Beer has valuable advice for aspiring entrepreneurs. Here are Beer’s top tips and tricks for future business leaders.
Make a Financial Plan
Before starting a new business, you’ll need substantial savings and/or venture capital (financing). Even successful businesses rarely earn a substantial profit in the first few years. Beer recommends starting your business with enough money to pay the bills for at least the first year. Remember that you will need to pay both the bills for your business and your personal expenses.
If you do have a lot of funding to start with, don’t forget to focus on building your business as well. Regardless of how much money you have now, you must create a business that will eventually generate revenue and turn a profit.
The bottom line is this: Starting a business is expensive. Make sure you have a plan!
Be Willing to Sacrifice
In addition to money, starting a new business requires you to invest a substantial amount of time. Beer says you’ll need to spend “at least 18 hours a day” on your new business.
Of course, this will require you to sacrifice time with your loved ones, as well as your “me” time. Prepare your family and yourself for this change. It’s important to be realistic about the sacrifices successful entrepreneurship requires.
Focus on Winning
Fear can be a major roadblock for aspiring entrepreneurs. Instead of focusing on everything that could go wrong, think about everything that will work. Believe in yourself and believe that you are going to win. Beer clarifies, “Winning doesn’t have to mean that you make a lot of money. Winning can also mean that you have learned a lot on your journey, and you can say that you’ve grown.”
Even if your family and friends don’t support your endeavors, you must believe in yourself. Believe in your vision and that you have what it takes to succeed. Without focus and confidence, it’s unlikely that your business will flourish.
Marc Beer says, “Successful entrepreneurs do not allow their emotions to guide their behaviors.” When making important decisions and addressing problems, ensure that your emotions are under control.
Brainstorm potential issues before they arise and make a logical plan: “If _______ occurs, then I will ________.” This way, you won’t react emotionally. Be aware of what situations trigger negative emotions. Find ways to manage these emotions so that you’re not distracted from the job at hand.
Learn from Failure
Setbacks, mistakes, and minor failures are inevitable when starting a new business. Embrace these experiences and the lessons that they teach you. As Beer says, “There is only a problem if you relive those failures without allowing them to push you toward the success you are seeking.”
When you experience failure, ask yourself what you have learned as a result. What went wrong? What will you do differently in the future? Beer says, “When you learn from failures, you can do things differently the next time, and you might get it right!” Don’t focus on the failure; focus on the lesson.
Enjoy the Process
Be patient as you build your business, and enjoy the process. Celebrate each milestone and accomplishment as it happens. Beer says, “You have to fall in love with the process. You also have to fall in love with the people around you that you want to help.”
If you practice patience and the ability to “delay the reward,” you’ll find that success comes to you much faster than expected.
Contribute to Your Community
When you begin to meet your goals, Beer recommends, take some time to help other people realize their goals as well. Not only is “paying it forward” rewarding, but it also helps you experience continued success.
Beer says, “Each human being is here to contribute to the planet, and people who do this experience very fulfilling lives.”
About Marc Beer
Marc Beer has over 25 years of development and commercialization experience in biotechnology, pharmaceuticals, devices, and diagnostics. In August 2016, Beer founded Renovia alongside partners Ramon Iglesias, MD and Yolanda Lorie.
After graduating from Miami University with a BS in Business, Beer held various sales and marketing positions in the pharmaceutical and diagnostic divisions of Abbott Laboratories. He then worked in sales and marketing at Genzyme, eventually becoming the Vice President of Global Marketing. There, Beer helped launch gene-based applications treating a variety of rare disorders around the world.
In April 2000, Beer became the founding CEO of ViaCell, a biotechnology company specializing in the collection, preservation, and development of umbilical cord blood stem cells. Under Beer’s leadership, the company grew rapidly and was eventually acquired by PerkinElmer.
Beer has also served as a member of the board of directors of Erytech Pharma. He was Founding Chairman of the board of directors and chairman of the compensation committee of Good Start Genetics, Inc., recently acquired by InVitae. He is the Founding Chairman of the board, chairman of the compensation committee, and member of the audit committee of Minerva Neurosciences Inc. He has served as a Strategic Consultant to OvaScience, which specializes in treatment options for infertility, and is a member of the board of directors of the Joe Andruzzi Cancer Foundation.
About Renovia, Inc.
Renovia is a women’s health organization that pursues cost-effective care for pelvic floor disorders, which impact an estimated 250 million women. The innovative company aims to provide better products for first-line diagnosis and treatment of these conditions.
Marc Beer intends to lead the company’s development through a combination of innovative and proprietary sensory technologies with a digital health platform. Patient-based app technology and data management provide patients with valuable information that can produce new treatment options.
In 2018, Renovia’s first product, Leva, was approved by the Food and Drug Administration (FDA). Beer obtained funding from the Longwood Fund, an investing group focused on health care issues. Series B funding was led by the The Perceptive Advisers of New York and Ascension Ventures of Missouri. With this funding, four Renovia products were developed and tested. Beer plans to produce a new generation of Leva.
For aspiring entrepreneurs, it’s important to:
- Create a financial plan.
- Make a significant time commitment.
- Believe in your vision and yourself.
- Handle issues logically instead of emotionally.
- Learn and grow from mistakes.
- Be patient and enjoy the process.
- Help others succeed as you experience success.
By following these words of wisdom from Marc Beer, co-founder and CEO of Renovia, you can turn your big idea into a successful reality too.