A practicing pediatric dentist for nearly four decades, Dr. Branam had invented and patented what he envisioned to be the first of several oral-care products for kids that he would sell on the mass market.
But the first-time entrepreneur quickly ran into roadblocks trying to get his innovation on store shelves.
He sought advice from local inventors and entrepreneurs, only to receive discouraging feedback. He was rejected by five large consumer-products companies when he suggested they partner with him. And he blew $10,000 hiring a college professor to write him a business plan that turned out to be so rudimentary he says he could have done it himself using free online templates.
Dr. Branam concluded that he needed dedicated help from someone with more entrepreneurial chops. Through his attorney, he met Mick Janness, who had founded and recently sold a business, and was looking for a new career move. After several meetings, they agreed to team up, with Mr. Janness offering to work as Dr. Branam's first employee for equity and minimal pay. Once the business raised investor capital, Mr. Janness would take a more appropriate salary.
"I tell people all the time, I provide the intellectual property and Mick provides the business side," says the 65-year-old Dr. Branam, who continues to practice dentistry.
Starting a business is tough, but it's even more challenging if you're venturing into a new industry at the same time. While teaming up with a co-founder may be one way to boost your odds of success, another option some rookie entrepreneurs overlook is hiring a seasoned business professional. It allows an entrepreneur to retain more control of his or her business and the arrangement can often be more easily dissolved should the relationship flounder.
"If you've developed a product or service, it doesn't necessarily mean you're the person in the best position to move it forward," says Julian Lange, a professor of entrepreneurship at Babson College in Wellesley, Mass. In fact, many successful businesses today are led by CEOs who aren't the founders, he says, including eBay and Google.
While cost may be a barrier for entrepreneurs with limited startup capital, Mr. Lange says one way to get around this is to seek out people who've already achieved great success in starting or leading a business and are more attracted to an exciting career opportunity than pay—at least in the beginning. He also suggests trying to raise investor capital or borrow funds from friends and family early on to cover the cost of an executive salary.
Matt Lauzon of Boston did the latter in order to hire a CEO in 2008 for Gemvara, an online custom jewelry business he started a year earlier. He raised $5.8 million in venture capital and says he was successful in doing that largely because he let investors know he intended to use part of the money to recruit a seasoned chief executive. "They were impressed and excited that I had the self-awareness to say we need the best people in every role, including the CEO role," he says.
A recent college graduate at the time, Mr. Lauzon had never started a company or even worked in an office. He initially planned to sell technology that would let consumers design their own jewelry using devices he would place in retail stores. The CEO he hired had expertise in building relationships with retailers.
Later, Mr. Lauzon and his CEO concluded that the business would benefit by shifting to an online, direct-to-consumer model. Lacking experience in this area, the CEO moved into a seat on the company's board of directors, while Mr. Lauzon figured out his next move. He thought he might be able to take over the reins at this point, but quickly changed his mind.
"I started to realize the amount of time I was spending trying to compensate for the fact that I didn't know what investments needed to be made, and I didn't have the pattern recognition to know what was coming around the corner," he says. "I was starting to slow down the business."
So once again, Mr. Lauzon hired a CEO, who runs the company today, while he serves as chairman of the board. "I can focus my energy and passion on building a great culture and great customer experience, and stay true to the vision of the company," says the 28-year-old, adding that Gemvara now has 100 employees.
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