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Not all places of business are one in the same, nor is our ability to succeed in said environments.  

Working for the establishment (the Bigs, Conglomerates, Strategics, etc) versus being in the start-up arena is a constant back and forth consideration for many of us in the medical device industry.  This becomes especially true if we find ourselves looking elsewhere for work at which point the phrase “the grass is greener on the other side” may come to mind.

Herein lies an important question as it relates to you and the medical device industry – what company size are you best suited for and does this environment present greener pastures?  

THE BIGS
Working for big business can have its perks at times.  Stability, direction, benefits, work that is defined – you name it.  The medical device industry naturally follows this familiar path while also provide other such commonly held benefits like:
·       Training and upward mobility
·       Cross functional experience
·       A multiple of products or services offered
·       Shared services and or well thought out processes to help aid you in your work
·       At times better real-time compensation and health benefits
This list represents typical benefits which may come with working at a big company, but certainly aren’t guaranteed by any means.  As we all know, just because it’s a big company doesn’t denote excellence by any means, which is perhaps the very reason the start-up world exists.

START-UPS
The start-up world can be an exciting place.  I’ve experienced this personally for over a decade in my own business as well as supporting dozens of medical device clients who have new and burgeoning places of business.  In the start-up environment its common to hear people describe their experiences as:
·       Quick decision making
·       Greater adaptability
·       Less bureaucracy and red tape
·       Entrepreneurial and creative
·       Multiple hats and work experiences rather than being sequestered to one task

The world of medical device start-ups can be an alluring place for work.  Is it possible the start-up world is where ‘the grass is greener’?  The answer to this question comes down to one thing – how you’re conditioned to operate as a professional.

​Check out the full article including 6 key considerations for working in the medical device start-up world.

Not all places of business are one in the same, nor is our ability to succeed in said environments.  This, of course, is an obvious statement but for reasons verging on inconspicuous. 

​In business, working for the establishment (the Bigs, Conglomerates, Strategics, etc) versus being in the start-up arena is a constant back and forth consideration for many of us in the medical device industry.  This becomes especially true if we find ourselves looking elsewhere for work at which point the phrase “the grass is greener on the other side” has a devilish way of distorting our worldview.

Fun Fact: the phrase ‘”the grass is greener on the other side” traces back to the Greek poet Ovid, circa first century B.C.; Ovid is credited with saying, “The harvest is always richer in another man’s field.” From there the American folk singers Raymond B. Egan and Richard A. Whiting wrote a song called “The Grass Is Always Greener in the Other Fellow’s Yard” in 1924.  And there you have it.

Why is this important?

Simply put – we are not original in our thoughts about our present circumstances and opportunities close to us.  ‘The grass is always greener’ is really a tale of fantasy, one which often supposes things are naturally better elsewhere just because it doesn’t define our present reality.  Herein lies an important question as it relates to you and the medical device industry – what company size are you best suited for and does this environment present greener pastures?  Is your current job the right 'grass'?

THE BIGS
Working for big business certainly has its perks, there’s no doubt about it.  Stability, direction, benefits, work that is defined – you name it.  The medical device industry naturally follows this familiar path while also provide other such commonly held benefits like:

• Training and upward mobility
• Cross functional experience
• A multiple of products or services offered
• Shared services and or well thought out processes to help aid you in your work
• At times better real-time compensation and health benefits

This list represents typical benefits which may come with working at a big company, but certainly aren’t guaranteed by any means.  As we all know, just because it’s a big company doesn’t denote excellence by any means, which is perhaps the very reason the start-up world exists.

START-UPS
The start-up world can be an exciting place.  I’ve experienced this personally for over a decade in my own business as well as supporting dozens of medical device clients who have new and burgeoning places of business.  In the start-up environment its common to hear people describe their experiences as:

• Quick decision making
• Greater adaptability
• Less bureaucracy and red tape
• Entrepreneurial and creative
• Multiple hats and work experiences rather than being sequestered to one task

The world of medical device start-ups can be an alluring place for work.  Is it possible the start-up world is where ‘the grass is greener’?  The answer to this question comes down to one thing – how you’re conditioned to operate as a professional.

If you are currently looking for a new career it’s vital you truly understand what makes up the medical device start-up world and whether or not you can be successful in that environment BEFORE you jump in to start work.  Take a moment to check in with yourself on how you land with these characteristics which commonly can be found in the start-up world:

1.Stability
Start-ups can be exciting places to work because many times the companies and their respective technology are seeking to disrupt the market by bringing new approaches to tired practices.  This excitement comes with a twist – funding.  The life of a medical device start-up lends itself to a constant and almost never ending process of fund raising to help the company achieve its next milestones.  Some start-ups excel in their ability to raise funds, many struggle mightily.  Reportedly more than 75% of device start-ups fail, 50% of which fail in the first five years.  As a start-up grows and evolves it’s not uncommon for them to also go through waves where they are flush with cash in one season, to find themselves on the brink of going under the next season.  Understanding if you are comfortable in an environment which can be viewed as ‘feast or famine’ is crucial to your ability to be successful in the start-up world.
 
2.Working Outside the Box
When we work for big companies often times our job and daily output is focused on a certain set of tasks, we’re siloed into a niche function.  It’s the opposite in the start-up world as often times the mentality of those who are successful in this space is they’re willing to do whatever it takes to get the job done and company moving forward.  This includes taking out your own trash!  If you’ve ever said “that’s not part of my job description” in response to work that was requested of you I would recommend taking a hard look at whether a start-up or small company is the right move for your career.  Job descriptions are incredibly loose in the start-up world, if they even exist in the first place.
 
3.Time Requirements
Working 8-5 in a large company can be a nice perk.  If you’ve done that for any length of time you may have forgotten how nice it is to mentally shut off at 5PM.  With medical device start-ups working 8-5 is non-existent.  It’s common to work long hours and or be tethered to your phone around the clock.  The statement of ‘work life balance’ is blurred beyond recognition in the start-up world.  Those that are successful here know and understand that it takes time and effort to create something.  How dedicated are you to making that happen and what are you willing to giving up in the process?
 
4.Ambiguous Nature
Working in a large company doesn’t necessarily mean that everything is clearly defined and outlined yet it is typical that SOPs (standard operating processes) are at the very least available for workers who choose to use them.  Different departments exist handling tasks specific to their function in the larger machine.  In the start-up world you may find yourself creating these on your own.  Take a moment to think how you would feel about being confronted with a daily situation where you are supposed to be working hard, hell – harder than ever before, and there isn’t a lot of direction or support to help you in that effort.  If the thought of that excites you than the start-up world may be a breath of fresh air.
 
5.Leadership
This is one of the most overlooked aspects of a start-up in my opinion.  Leadership.  If you haven’t worked in the start-up world before you may not be aware that people in leadership still do much of the hands on work.  In big business this is hardly the case.  Neither camp of leaders are necessarily better than one of the other, it’s just a very different environment.  In start-ups every person on the team has to give 150% to the cause which means those who don a leadership title still have to get dirty in the day to day work.  The reason you want to consider this as a part of your ‘can I make it in the start-up world’ is because leadership ultimately can have a great or very grave impact on the start-up business.  Seems a bit obvious but when someone is doing both daily work and in charge of strategic decision making their influence and involvement has a much greater impact.  In big business if a company experiences a failure with one of their leaders it typically can be salvaged whereas in the start-up world one or two costly mistakes by leadership will send the company into a grave six feet under.
 
6.Collaboration
Start-ups offer an intimate working experience. It’s a necessity.  Working in a start-up everyone knows everything about everyone.  It’s close quarters with high amounts of communication, partnering and feedback.  Collaboration of course exists in big business but not at the intimate level of the start-up.  When we work for a big company we are often a part of a team but doing work independently, even at times on our own little island.  If you’ve come to enjoy your island and aren’t interested in having neighbors all over your lawn on a daily basis than perhaps staying in big business is the right decision for you.

FINAL WORD
​A career in the medical device start-up arena can indeed be a rewarding and exciting adventure – for the right person.  Once you’ve spent some time analyzing what’s most important to you in your career and the type of company which is most suitable to help you achieve success you will better understand how the medical device start-up world fits in with your next steps.

​Working for big business certainly has its perks, there’s no doubt about it.  Stability, direction, benefits, work that is defined – you name it.  For some, this is the ideal work environment.  We plot along through our 8-5 and enjoy the consistent pace that comes with it.
​
For a growing number of professionals while the world of big business has its strengths, it also serves to hold us back in our careers which is why we turn to the start-up world.  How do I know this?  I’ve lived it myself.  After more than 10 years of working for a $6B company I left and went into the start-up world.

My story, while it may not be unique, is a growing story many others now share. 

Why do people like the idea of start-ups?

First and foremost, it can be an exciting place to work.  Decisions are often made speedily, there’s typically much less bureaucracy, work is more flexible and of course it tends to be much more creative.  We also have the ability to learn much more about our jobs and the impact it has on the overall company and or business.  Therefore, it is possible to say being in the start up world allows us to become better business people in the process as we get to see the big picture, not just our individual roles and workloads like what happens in big business.

Then it’s settled, everyone should work in a start-up!  I mean, who wouldn’t want to work in that kind of an environment?

Hold up compadres, pump the brakes a moment.  The start-up world is no picnic.  Yes, the start-up world is exciting and full of daily innovation and discovery but it can also be rife with challenge, uncertainty and stress.  Not everyone is built or meant to be in the world of start-ups.  We may think we are however the reality is some of us are just better off being in big business.  Before you jump ship from your large company into the world of a start-up (and or small business) take a moment to check in with yourself on how you land with these five characteristics which are vital to ones success in the start-up environment:

1.Working Outside the Box
When we work for big companies often times our job and daily output is focused on a certain set of tasks.  It’s the opposite in the start-up world as often times the mentality of those who are successful in this space is that they’re willing to do whatever it takes to get the job done and company moving forward.  This includes taking out your own trash!  If you’ve ever said “that’s not part of my job description” in response to work that was requested of you I would recommend taking a hard look at whether a start-up or small company is the right move for your career.  You don’t have an option to be picky in a start-up, the only option is to do it.  Even if that means taking out your own trash.
 
2.Time Requirements
Working 8-5 in a large company can be a great perk.  If you’ve done that for any length of time you may have forgotten how nice it is to mentally shut off at 5PM.  In start-ups working 8-5 is non-existent.  It’s common to work long hours and or be tethered to your smart phone around the clock.  The statement ‘work life balance’ is blurred beyond recognition in the start-up world.  Those that are successful here know and understand that it takes time and effort to create something.  How dedicated are you to making that happen and what are you willing to give up in the process?
 
3.Ambiguous Nature
Working in a large company doesn’t necessarily mean that everything is clearly defined and outlined yet it is typical that SOPs (standard operating processes) are at the very least available for workers who choose to use them.  In the start-up world you may find yourself creating these on your own.  Take a moment to think how you would feel about being confronted with a daily situation where you are supposed to be working hard, hell – harder than ever before, and there isn’t a lot of direction or support to help you in that effort.  If the thought of that excites you than the start-up world may be a breath of fresh air, if not then maybe your 3 foot wide cubicle and plush ergonomic chair your large company bought is the safer bet.
 
4.Leadership
This is one of the most overlooked aspects of a start-up in my opinion.  Leadership.  If you haven’t worked in the start-up world before you may not be aware that people in leadership still do much of the hands on work.  In big business this is hardly the case.  Neither camp of leaders are necessarily better than one of the other, it’s just a very different environment.  In start-ups every person on the team has to give 150% to the cause which means those who don a leadership title still have to get dirty in the day to day work.  The reason you want to consider this as a part of your ‘can I make it in the start-up world’ is because leadership ultimately can have a great or very grave impact on the start-up business.  Seems a bit obvious but when someone is doing both daily work and in charge of strategic decision making their influence and involvement has a much greater impact.  In big business if a company experiences a failure with one of their leaders it typically can be salvaged whereas in the start-up world one or two costly mistakes by leadership will send the company into a grave six feet under.
 
5.Collaboration
Start-ups offer an intimate working experience. Working in a start-up everyone knows everything about everyone.  It’s close quarters with high amounts of communication, partnering and feedback.  Collaboration of course exists in big business but not at the intimate level of the start-up.  When we work for a big company we are often a part of a team but doing work independently, even times on our own little island.  If you’ve come to enjoy your island and aren’t interested in having neighbors up in your grill on the daily than perhaps staying in big business is the right decision for you.
 
A professional life in a start-up can indeed be a rewarding and exciting adventure.  Once we’ve spent some time analyzing what’s most important to us in our career and what we’re willing to do to get it than we’ll have a better idea of how the start-up environment and career fits in with our plans.

The number one reason people opt out of entrepreneurship, which includes starting a business, being a solopreneur or even independent consultant, is fear.  The wild west of entrepreneurship can come with a lot of unknowns as ambiguity and uncertainly is often synonymous with starting a business.  It can be especially distressing for first time would-be-entrepreneurs to make the leap into small business as a result.  The transitionary period from corporate life to entrepreneur, even the thought of this transitionary period, is marked with great concern and fear which keeps people from making the jump.  For some it may be security at the current job, others it may be a lack of know-how in starting a business or simply a lack of self confidence in ones’ ability to make it on their own.  Regardless of the reason, fear is a factor all potential and current entrepreneurs must overcome.

I’ve found the best way to overcome fear is to confront it head on.  Fear grips us all, regardless of occupation, experience, background or capabilities.  The difference between the people who let fear own them versus those who use it as a tool to achieve comes down to two things: acknowledgement and action.  Rather than worry, it’s important we address our fears and understand them.  When we take the time to acknowledge our feelings and emotions it allows us to better process why we’re feeling this way, at which point we can begin to build a strategy for using those fears as a motivating force towards success.  Taking action against our fears comes in the form of slowing down, identifying your feelings, understanding the situation and then planning accordingly.  If time is on your side rest easy knowing that you can plan to be an entrepreneur first before you ever jump in the ring.  Create an attack plan, identify potential challenges and solutions on how to deal with them.  While you won’t be able to plan for everything taking a proactive approach to dealing with fear and using it as a tool perhaps may be enough for you to finally make the leap into the world of entrepreneurship.

​Key Take Away: Address your entrepreneurial fears head on, understand them and own it!

Action Item: Use your newly addressed fears as a guiding force to plan your entrepreneurial transition into being your own business owner. Build alliances, or peer groups, with other business owners to help with the transition while learning from their experiences along the way.
​
Interested in learning more about entrepreneurship and hearing stories from people who have made the leap into business ownership?  Check out this event in Irvine, CA on 10/24/18: https://www.devicealliance.org/event/entrepreneur-event/

​Working for big business certainly has its perks, there’s no doubt about it.  Stability, direction, benefits, work that is defined – you name it.  It can be a magical place so long as we do enough to stay off the radar of those watching while mentally checking out for 8 hours a day to do this thing we call ‘work’.

​If working for the bigs’ is so great than why are so many people changing their professional course of direction and seeking the world of the start-up?

The start-up world can be an exciting place.  I’ve experienced this personally over the last two years while also support many clients who are in the same place.  Decisions are often made speedily, there’s typically less bureaucracy, work is more flexible and of course it tends to be much more creative.
Then it’s settled, everyone should work in a start-up!  I mean, who wouldn’t want to work in that kind of an environment?

Pump the brakes my impatient chums.  Before you diving into the world of a start-up (including small business) take a moment to check in with yourself on how you land with these five characteristics of the start-up world:

1. Working Outside the Box
When we work for big companies often times our job and daily output is focused on a certain set of tasks.  It’s the opposite in the start-up world as often times the mentality of those who are successful in this space is that they’re willing to do whatever it takes to get the job done and company moving forward.  This includes taking out your own trash!  If you’ve ever said “that’s not part of my job description” in response to work that was requested of you I would recommend taking a hard look at whether a start-up or small company is the right move for your career.
 
2. Time Requirements
Working 8-5 in a large company can be a very nice perk.  If you’ve done that for any length of time you may have forgotten how nice it is to mentally shut off at 5PM.  In start-ups working 8-5 is non-existent.  It’s common to work long hours and or be tethered to your smart phone around the clock.  The statement of ‘work life balance’ is blurred beyond recognition in the start-up world.  Those that are successful here know and understand that it takes time and effort to create something.  How dedicated are you to making that happen and what are you giving up in the process?
 
3. Ambiguous Nature
Working in a large company doesn’t necessarily mean that everything is clearly defined and outlined yet it is typical that SOPs (standard operating processes) are at the very least available for workers who choose to use them.  In the start-up world you may find yourself creating these on your own.  Take a moment to think how you would feel about being confronted with a daily situation where you are supposed to be working hard, hell – harder than ever before, and there isn’t a lot of direction or support to help you in that effort.  If the thought of that excites you than the start-up world may be a breath of fresh air, if not then maybe your 3 foot wide cubicle and plush ergonomic chair your large company bought is the safer bet.
 
4. Leadership
This is one of the most overlooked aspects of a start-up in my opinion.  Leadership.  If you haven’t worked in the start-up world before you may not be aware that people in leadership still do much of the hands on work.  In big business this is hardly the case.  Neither camp of leaders are necessarily better than one of the other, it’s just a very different environment.  In start-ups every person on the team has to give 150% to the cause which means those who don a leadership title still have to get dirty in the day to day work.  The reason you want to consider this as a part of your ‘can I make it in the start-up world’ is because leadership ultimately can have a great or very grave impact on the start-up business.  Seems a bit obvious but when someone is doing both daily work and in charge of strategic decision making their influence and involvement has a much greater impact.  In big business if a company experiences a failure with one of their leaders it typically can be salvaged whereas in the start-up world one or two cost mistakes by leadership will send the company into a grave six feet under.
 
5. Collaboration
Start-ups offer an intimate working experience. It’s a necessity.  Working in a start-up everyone knows everything about everyone.  It’s close quarters with high amounts of communication, partnering and feedback.  Collaboration of course exists in big business but not at the intimate level of the start-up.  When we work for a big company we are often a part of a team but doing work independently, even times on our own little island.  If you’ve come to enjoy your island and aren’t interested in having neighbors up in your grill on the daily than perhaps staying in big business is the right decision for you.
 
A professional life in a start-up can indeed be a rewarding and exciting adventure.  Once we’ve spent some time analyzing what’s most important to us in our career and what we’re willing to do to get it than we’ll have a better idea of how the start-up environment and career fits in with our plans.