Starting a Biotech Enterprise requires intense planning and a proper roadmap. The element of 'chance' should be avoided, and rationale should be present for every action. As Louis Pasteur said, "chance only favors the prepared mind", an entrepreneur must be prepared for the outcome of his actions.

There are six critical steps to starting a biotech enterprise. First, Need assessment involves identifying the market problem and need for the product. Second, Identification of founders and key personnel is essential for building a strong team. Third, Getting a legal expert helps navigate legal requirements. Fourth, the company should be incorporated as a Limited Company since biotechnology ventures require high capital investment and have an above average gestation period.

The fifth step is to Design a marketing and business strategy. A well-designed strategy clearly describes the market problem, how the new product will solve the need, how much money it will generate, how funds will be utilised, and the expected return on investment. It is not possible to raise money without this clarity.

The sixth step is to Focus on technology development after seed capital is raised. It is important to highlight key product development milestones. The product is the pivot in a biotech enterprise, and innovation must be consistent to keep market sentiments positive and establish growth.

There are seven sources of starting a new venture: Personal Investment, Venture Capital, Angel Investors, Business Incubators, Government Grant Subsidy, and Bank Loans. Biotechnology entrepreneurship is an enterprise built by the amalgamation of science and business.