Richard Melker, M.D., Ph.D., a serial entrepreneur who has launched various successful — and a few unsuccessful — products and companies, shared his insights with young entrepreneurs at Starter Space in Downtown Gainesville.
1) Have a bit of cynicism. It’s important to have a “devil’s advocate” in every organization. Answer the question: Can we really do this, or are we fooling ourselves? Having common sense is the most important attribute of an entrepreneur — be truthful with yourself.
2) You will not be satisfied with the status quo. As an inventor and entrepreneur, you will come up with ideas to solutions because you’re frustrated by something that you want to make better. Entrepreneurs create businesses in fields where they have experience; this may span several disciplines.
3) Never answer, “What are your five- and ten-year plans?” As entrepreneurs, plans are constantly changing. There is never a final answer to this question.
4) Be prepared to fail. Don’t be afraid to fail. Get up and try again. Failure is a more valuable lesson than success. Take the risk, but also be honest with yourself. Not everyone is cut out to be an entrepreneur.
5) It is challenging to expand a company. Once there is more than one person in a company, everything becomes more complicated. The more employees, the harder it gets. A big mistake is to throw more people at a problem before you understand the problem. The reality is that it takes various skill sets and talent to develop technology today. Make sure to communicate with your employees — they bring valuable assets to your team. If they no longer bring value to your company, then you may have to fire them. Terminating an employee is gut-wrenching.
6) Learn to manage. Management of time is as essential as management of personnel. Managing your time is the key to productivity.
7) Spend money with care. It’s stressful to spend other people’s money. If it doesn’t stress you, you shouldn’t be an entrepreneur (unless you’re independently wealthy). Be frugal. Everything will take two to three times as long and require two to three times the funding.
8) Know your skills…and your limitations. Skills are an important aspect of being an entrepreneur, but know your limits and don’t be afraid to ask for help. Again, honesty is a key asset for you and your team members.
9) Know when to let go. It’s important to know when to “let go”; don’t waste money on something that has no future.
10) Control is a (helpful) figment of your imagination. This is especially true in a business where there are governmental regulatory controls. The more oversight, the less control. Accept that there are things that you can — and things that you cannot — change.
Richard J. Melker, M.D., Ph.D, co-founded Xhale in 2005 and has served as Chief Technology Officer since inception. Dr. Melker is board certified in Pediatrics with fellowships in Pediatric Cardiology and Critical Care Medicine. From 1979 to 1982 he served as director of emergency services at Shands Hospital at the University of Florida College of Medicine. He also served as the medical liaison between the University of Florida College of Medicine and the NASA Space Shuttle program from 1980 to 1993. Dr.Melker co-founded the ShandsCair aeromedical transport program in 1981 and served as medical director from 1981 to 1982 and 1985 to 1988. From 1996 to June 2013, he was a professor of anesthesiology and pediatric. He co-founded the Biomedical Engineering Program in 1998 and was a joint professor from 1998 until June 2013. Since July 2013, he has held the position of professor emeritus of anesthesiology and was the first director of the Florida Anesthesiology Computer and Engineering Team (FACET) at the University of Florida, which develops and licenses medical devices and technologies. Dr. Melker consulted for and worked with numerous medical device companies prior to the formation of Xhale. Dr. Melker received his Ph.D. (Neurobiology) and M.D. degrees from Albert Einstein College of Medicine in 1973 and 1974, respectively.