1) Entrepreneurs should know their exit strategy before starting a business. 2) Time is money. 3) Avoid having to build a sales force. 4) You need some kind of barrier to entry. 5) A product's superiority must be clearly evident. 6) It's better to be in a new rapidly evolving market with no established competitors. 7) Avoid Inventor's Paranoia. 8) Understand Sutton's Law of Start-ups. 9) Avoid conflict of commitment. 10) Be lucky.
Dr. Brody also noted that it is necessary to make mistakes in order to gain wisdom. He talked about his good and bad experiences starting three different companies – Digirad, Resonex, Inc., and Biopsys Medical.
Fred Schaufeld, founder and chairman of NEW Customer Services Companies, Inc., will give the final Whiting-Turner lecture of the spring semester on April 17 at 5 p.m. in the Kim Engineering Building lecture hall.