The PhD and decision-making in the style of a startup CEO
Transforming your mind into that of a CEO is something that transcends business and is ultimately crucial to successfully navigating the path of doctoral research with an entrepreneurial focus, especially if you are an experienced professional.
However, it is not an easy path. To match the approach of a CEO in your doctoral journey, you must commit yourself to maintaining a high level of responsibility, strategy, and, above all, an open mind for innovation. You must also utilize tools that provide a better structure for your learning and encourage you to stay motivated, even in moments when obstacles are greater than expected.
Throughout this article, we will explore ways in which you can acquire the mindset of a CEO and how you can transform your experience by approaching your doctorate as an executive director. You will also learn about three fundamental phases to achieve this, starting with planning at the beginning, moving on to execution, which is the entire process of studying, and finally marketing in the market, that is, after graduation.
So dive into this reading and discover the techniques used by CEOs of famous startups and how you can transform your research into an intellectual enterprise capable of generating sustainable and relevant knowledge, thereby making a real impact on your academic and professional life.
You can be the CEO of your own mind, the best knowledge company
Have you ever thought about the power of associating concepts? It's amazing how similar a doctorate is to launching a startup. In this case, imagine that you are the candidate for that doctorate, where you would be acting as the founder, CEO, and, of course, the principal investigator of your own company, which will lead you to make intellectual and professional advances.
However, as with any company, it is sustained by sales, which is why there must be a product; in this case, your thesis. To get there, you need a plan to follow, in addition to your business plan, which would be the research proposal for your project. In turn, you will need a market, which in this case would be none other than your academic community.
Age is not an impediment, but an advantage.
Remember that work experience is extremely valuable, especially if you are a professional over 35 years old, because it is precisely at this moment that this analogy gains power and meaning. That is to say, you would no longer be starting from the beginning, but rather you would already be trained and would have skills such as wisdom in managing any issue and resilience, which will allow you to see the world more pragmatically, both being invaluable characteristics in this world.
In fact, according to a statement from the Council of Graduate Schools, a little more than 40% of doctoral students are over 30 years old, who have demonstrated great experience, which is a very competitive advantage. The flexibility that doctoral programs have in a distance format is a guarantee to be able to access this level of knowledge. In addition, these skills will be the ones that will allow you to build your startup, so that to make it possible, you would not have to put your decision-making in the doctorate or your personal and professional life on pause.
Phase 1: Before the beginning - Investments and business plan
As it should be, every good CEO should know that the success of a startup comes from a solid idea, in-depth market research, and a compelling business strategy. This is no different in academia, as it will help you develop leadership skills in your PhD.
Questions, unknowns, and expectations, along with your market research
As a good CEO, it is important that before committing, you examine the market and thus consider what the next step toward external research will be. Therefore, take into account the following notes as answers to various questions and concerns that may cross your mind.
- Why should it be at this precise moment? Don't forget that it's important to identify the “reason,” whether you need a change in your career, perhaps a specialization in your current field, or some entrepreneurial thinking for the doctorate you're going to pursue. Or even if it's a goal you've always wanted to achieve.
- What is the conflict within your project? If your research covers an existing branch of knowledge, of course, aiming to solve a problem, this can make it a unique value proposition. You just have to think about what situation you would like to solve.
- Is it achievable? It is very common to question whether you will be able to balance your work and family while studying. This is where online programs become a fundamental tool, a statement supported by a survey conducted by Inside Higher Ed, which found that flexibility is crucial and affects how doctoral students can think like CEOs.
The plan to follow is your business plan and your research proposal.
When we talk about a proposal, we are, of course, referring to much more than an academic formality, as it is the founding document of your startup. Don't be afraid to think big, be ambitious, but have an anchor that brings you back to reality. A respectable CEO does not hesitate or leave their goals adrift to “see what happens,” much less when it comes to potential investors.
Therefore, the proposal you put forward must have clear objectives, a solid methodology, and, after all this, a tentative timeline. These elements will allow you to have an entrepreneurial mindset in your doctorate and will chart a course of action within the path of uncertainty.
Take the step of choosing an investor, do what is best for the program, and choose a good supervisor.
Continuing with the comparisons, you can think of the university and your thesis advisor as the main investors your company needs. Remember that an investor is not just capital; in the academic world, this would be resources and scholarships, and even more importantly, intellectual capital.
Before choosing, try to thoroughly research your potential supervisors, as if they were key partners for the progress of the company, because that's how it works in every startup. Think about which of their experiences might connect with your interests and, of course, investigate whether they have a good track record of “successful launches,” which we can relate to graduate students. This is a good way to develop decision-making strategies for doctoral students.
Phase 2: In the midst of your studies, manage your growth so you can overcome multiple obstacles.
When the time comes to take the plunge and your startup is already underway, your job as a good CEO will be focused on executing, managing resources as best as possible, and, crucially, ensuring proper adaptation.
Difficulties and setbacks pave your way
Absolutely, no plan in the business world has a chance of surviving the necessary contact with reality. In the case of your doctoral research, it is very likely that several things will go wrong in the process, whether it be experiments that do not yield results, sources that become a Herculean task to find, or your initial hypotheses, those that guided your path but may ultimately prove incorrect.
One fact that may give you pause for thought is that dropout rates in doctoral programs can apparently reach up to 50%. Of course, this is not due to a lack of intelligence, but rather a question of not knowing how to deal with setbacks appropriately.
This could be a turning point, and it is at this moment that your CEO's mindset and entrepreneurial mindsets in the academic world must be strongest. When a product does not turn out as expected, when attempts do not seem to work, a good CEO never abandons their company, but rather “pivots,” that is, adjusts their strategy based on the data. That way, if their research is stalled, it will not represent a failure. It is simply more data to work with, so try to share your progress with your supervisor to give new meaning to the results, adjust your initial question, or see if you can modify the methodology applied. Resilience is a great asset for any CEO.
Tips for managing your time like a CEO
For anyone studying remotely, time becomes one of the most valuable and scarce resources. Keep the following tips in mind to try to manage it better.
Don't forget how important project management is: You can use tools such as Trello, Asana, or, more traditionally, a well-structured calendar to break your thesis down into more manageable tasks rather than one big task with deadlines and so on. An additional tip is to try to work on each chapter on a quarterly basis.
There are many
Digital Tools and Apps that make your PhD Journey smoother and smarter;
don't hesitate to use them.
Always maintain a channel of communication with your stakeholders: Be proactive and communicate regularly with your assigned supervisor, who is essentially your board of directors. Remember to send your reports regularly to monitor progress, be honest about the challenges you face, and ask for advice if necessary. Don't wait for problems to arise; have a plan to deal with them.
Build your support network: It is impossible for a CEO to work alone. You will always need the help and support of your friends, family, and colleagues in your cohort. This also applies to online programs. These components are vital, as is participation in forums and videoconferences to build that community.
Phase 3: Once you graduate, from product launch to expansion
Then it will be time to defend your thesis, the one you worked so hard to complete, but this is not the end; in fact, it is far from it. It is the launch of your product on the market. This is when you must focus your energies not on creating, but rather on capitalizing on that investment.
What should the next step be? Monetizing your “brand.”
Since you worked hard to build your personal brand, and thanks to all your efforts, you are now a highly valued “Doctor,” a great title that conveys a high level of experience, perseverance, and large-scale analytical skills. Keep the following in mind:
Your launch: Exposing this point is vital and ultimately a requirement. Seek to publish your thesis wherever you can, present it at conferences, turn it into an article, and you can even consider turning it into a book. The important thing here is to make your work known.
Think big, seek to expand your market: It's time to sit down and think about the ways in which your doctorate can continue to propel you and your career forward, or perhaps what new doors it can open for you along the way. There are many options, such as a position, senior leadership, special consultancies, perhaps a position in academia, or policy-making.
If you look for statistical support, you will realize that all these values are real and tangible. In fact, according to the U.S. Bureau of Labor Statistics (BLS), a large proportion of doctoral graduates have a fairly low unemployment rate when compared to other educational levels, approximately below 2%.
There are many ways to
maximize your PhD experience,
including extracurricular activities and opportunities that will help you excel.
Always keep your network of contacts alive, with students and advisors
The relationship you develop over the years with your advisors or committee does not end after graduation; they will become your colleagues and life guides, your great mentors. Like your former classmates, that network of university students is a truly invaluable community, which will bring you potential professional and collaborative opportunities.
Therefore, continue to participate openly in whatever you can within your professional and academic community, and why not offer help to those who, like you, are embarking on this rich and beautiful journey. Continue to strengthen your relational capital, positions as a leader within the academic world, and, through memories or project collaboration, embrace the path to success.
Before concluding, remember the most important thing: you are the biggest investment.
If you began to view your PhD through the eyes of a CEO, it would be more manageable and empowering. You would stop being a mere passive recipient and become a true active agent of innovation and leadership in your PhD, capable of making strategic decisions to advance your academic, professional, and personal worlds. It's a long-term project, which will always have its risks, ups and downs, and, best of all, enormous rewards that transcend your working life.
If you are a professional with previous experience, see this as a great opportunity to launch your own startup, probably one of the most significant in your life, as you are exploring but also investing in your potential. Remember that online doctoral programs are a huge advantage thanks to the flexibility they offer, especially when it comes to being the CEO of your education without having to leave the boardroom. It is important to remember that the question is not whether you really have what it takes, as your career has already proven that, but rather, are you ready to lead your own company to success?