Taking Care of Business: Entrepreneurs Share Their Success Stories

Abstract

Sue Finney remembers the launch of her biomedical technical services company as if it was yesterday. “We were originally located in the remodeled third stall of our garage with the office inside the house,” she says of the launch in July 2001. “It was fun, crazy, scary, exciting, nerve-racking—you get the idea. At that time, there were three of us—me, myself and I—we were standing around shaking in my shoes.” Today, Advanced Clinical Technology (ACT) Services operates in its own building in Saint Paul, MN, and employs seven full-time workers and, as needed, three part-time workers. The company provides a full array of biomedical services for hospitals, clinics, and surgery centers, with some 75 different clients in all. So how did Finney and others like her start their own companies and make it in a competitive and governmentregulated environment? Having experience in the field, recognizing a true need in the market, listening to clients, understanding the regulatory landscape, knowing the competition, crafting a detailed business plan, and just being determined proved to be key for these entrepreneurs. “Make sure you’re committed,” says Otho Boone, president and chief executive officer of the NeoForce Group Inc., in Ivyland, PA. “If it’s your passion and you’re committed, then you will find a way.” But, Boone warns, it won’t be easy. The regulatory environment is as tough as it’s ever been, according to business owners, and the lackluster economy in general poses its own set of challenges— whether it’s lining up the credit to bankroll your dream or convincing new clients to come on board. “We started in 2006,” Boone says of his medical distribution company, which specializes in the newborn area of the U.S. hospital market. “The joke around here is we couldn’t have picked a worse time to do a startup.” Boone says he used his company’s relative small size—“We’re competing against GE every day”—to his advantage, emphasizing customer service and touting NeoForce as a “one-stop shop.” With just 11 employees, Boone says his company is nimble and each employee Taking Care of Business: Entrepreneurs Share Their Success Stories