Top 10 Challenges of Going into Business (after being in academia) You have to dress like a business person How you communicate is much more important than what you say Communication should be in a top-down style, not bottom-up Always know the “so-what”s – 30 sec. elevator summary Learn the 80/20 rule – never have all the info or time needed Street-smarts not just book smarts Inter-personal skills & emotional intelligence more important than analytic ability Leadership must supplement management Only great leaders can build great companies Good ideas and hard work are not enough – need a business model, leadership, good team, timing (and a bit of luck)