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embracing entrepreneurship
the mindset, attitude and practices that could differentiate you
shark tank?how do you define entrepreneurship?
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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)
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
• 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
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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 John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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
gold
• Become a great spokesperson• communication is key
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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 John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
step 1
select your team leader
1 minute
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
step 2
instructions to team leaders
2 minutes
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
step 3
first exercise
3 minutes
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
how did it go?• using one word adjectives, describe your experience• how would you describe the leadership style of your team lead?
6 minutes
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
step 4
new instructions to team leaders
2 minutes
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
step 5
second exercise
5 minutes
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
the solution
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
did you have FUN?
Sure hope the answer is … YES, ABSOLUTELY, NO QUESTION ABOUT IT
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
ending with a story
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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)
The John F Scarpa Center for Law and Entrepreneurship 2016 All rights reserved
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 Entrepreneurship 2016 All rights reserved
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