embracing entrepreneurship

the mindset, attitude and practices that could differentiate you

shark tank?how do you define entrepreneurship?

is this your view of an entrepreneur?• a person who …• risks it all• creates great apps• cares only about $$$• fails often• is incredibly lucky• stars on Shark Tank

Or as described by Peter F. Drucker*• A person who …• always searches for change, • responds to it,• and exploits it as an OPPORTUNITY

*Innovation and Entrepreneurship 28 (1985)

personality traits – entrepreneurs*• passionate• resilient• strong sense of self• flexible• visionary/proactive – sees the world through a

“glass half full” lensJohn Rampton, 5 Personality Traits of Entrepreneurs, Forbes/Tech (April 14, 2014)

the legal environment …as we know it

to the practice of law• 2008 economic crisis• Firm consolidation and

reduction in the number of mid-size law firms

• Savvy clientele • Focused on cost• Asking for alternative fee

arrangements based on results

• Unwilling to pay for development of new lawyers

• The rise of the “commoditized” practice

• Increased use of technology• Cost of operating and

maintaining• Concerns about speed over

quality• Competitive advantage for the

“haves”

• The rise of online legal alternatives• Rocketlaw• Legalzoom

• Explosion of social media• Reputation is everything

• According to the Washington Examiner, 659 new federal rules and regulations impacting small businesses were enacted in 2015

• The CDC reports 3.6 divorces per 1000 US persons annually

• US Courts reported 73,810 new bankruptcy cases filed in July 2015

• RealtyUSA predicts 2016 home sales will top 6,000,000

• > 99% of US businesses have < 500 employees

• 40% of annual new job growth comes from start-up churn

• 93,727 discrimination claims were filed with the EEOC in 2013

• PrivacyRights.org reported a 100% increase in 2010 of crimes against patient data

and yet, there continue to be

personality traits – lawyers*• critical thinker• skeptical – looking at world through “glass half

empty” lens• reactive • good communicator• persistent

*Dr. Larry Richards, The Lawyer Personality: Why Lawyers are Skeptical, www.lawyersbrainblog.com (February 2, 2013)

can a Lawyer be an Entrepreneur?ABSOLUTELY, by balancing the best of both worlds

SO …

The lawyer as entrepreneur success occurs when opportunity meets preparation

the balance• Let passion drive your

practice• Embrace obstacles

• remember business people take risk

• Be respectful of people• this can make or break you!

• HAVE A PLAN (1yr, 3yr, 5yr)• revisit/update your plan

periodically• be flexible

• Remain humble

• Be a great lawyer• build your niche• learn, learn, learn• be confident in your expertise

• Value your clients• understand their

business/challenges• treat them and their input like

• Become a great spokesperson• communication is key

The John F. Scarpa Center for Law and Entrepreneurship

• Clinic on Law and Entrepreneurship• Sponsorship of 1L and 2L Modules• Collaboration with ICE• Entrepreneurial Externships• Entrepreneurship Symposium• Exciting Things to Come

and now for something completely differentTHE PUZZLE CHALLENGE

the purpose

• working as a team, you will• build • collaborate, and • have fun, and• some of you will see if you can lead, and all will learn about followership

step 1

select your team leader

1 minute

step 2

instructions to team leaders

2 minutes

step 3

first exercise

3 minutes

how did it go?• using one word adjectives, describe your experience• how would you describe the leadership style of your team lead?

6 minutes

step 4

new instructions to team leaders

2 minutes

step 5

second exercise

5 minutes

the solution

how did the second exercise go?• using one word adjectives, describe your experience• how would you describe the leadership style of your team lead?

6 minutes

the wrap … and time permitting, a story

did you have FUN?

Sure hope the answer is … YES, ABSOLUTELY, NO QUESTION ABOUT IT

lessons from the Puzzle Challenge• Listen more than you talk• Always treat each other with respect• It’s hard to lead when you don’t know where you are going• Fun makes every challenge in life easier

ending with a story

Selected Reading• Peter F. Drucker, Innovation and Entrepreneurship 28 (1985)• J. Mark Phillips, Entrepreneurial Esquires in the New Economy: Why All Attorneys Should

Learn about Entrepreneurship in Law School, 8 J.Bus. Entrepreneurship & L. 59 (2015) • Michael Gerber, Robert Armstrong and Sanford M. Fisch, The E-Myth Attorney: Why Most

Legal Practices Don’t Work and What to Do About It (2010)

• Michael O’Horo, Are You an Entrepreneurial Attorney, www.attorneyatwork.com (August 23, 2011)

• Dana H. Schultz, Can Lawyers be Good Entrepreneurs, www.quora.com (July 13, 2015)• Dr. Carol E. Quillen, Being Entrepreneurial, www.huffingtonpost.com (December 9, 2013)• Landing the Big Fish: Small Firms Representing Big Companies, http://

www.americanbar.org/publications/gp_solo/2012/may_june/landing_big_fish_small_firms_representing_big_companies.html

• Adriana Gardella, The Secrets of Lawyers – Turned Entrepreneurs, Forbes/Entrepreneurs (April 10, 2015)

Resources• American Bar Association – Solo and Small Firm Resource Center

• http://www.americanbar.org/portals/solo_home/solo_home.html

• US Chamber of Commerce – Council on Small Business• www.uschamber.com

• National Federation of Independent Business• www.nfib.com

• MyShingle.com – solo and small law firm’s biggest fan

The John F. Scarpa Center for Law and EntrepreneurshipSara Lee Keller, JD ‘81, LLM ’84Interim Director

Melanie McMenaminAssistant Professor of Law andDirector of the Clinic for Law and Entrepreneurship

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