Breana Patel is skilled at adapting, innovating, and managing through change. Where others might see barricades, she sees opportunity. This mindset is the hallmark of any entrepreneur.
With a robust financial services management background - including positions at top institutions such as Morgan Stanley, Deutsche Bank, and HSBC – she leaned on her ability to think outside the box when the financial crash of 2008 occurred. While many in this sector experienced loss, she managed to thrive. Breana pivoted to independent consulting specializing in the risk and regulatory space. With the advent of the Dodd Frank Act in 2009, clients asked if she could bring on larger teams to help spearhead those new government initiatives. The light bulb went off—there was an unmet need that she could fulfill. “I thought it totally made sense to have my own business with specialized experts who can go to client sites and guide them through their regulatory compliance efforts.”
In 2014 she launched Bonova Advisory, a management consulting firm for regulatory compliance and risk management for Tier 1 banks and financial services. However, being a CEO and entrepreneur came with new challenges that she hadn’t previously anticipated. “I now had to wear multiple hats – sales, marketing, IT, payroll, HR. I was essentially building the plane while flying it. It was a little overwhelming and stressful – putting in all those hours, learning things on the go, and at same time trying to generate revenue, hire the best employees, and service clients.”
Addressing the Achilles heel
Although Breana had been successfully running her business for five years, she realized there might be knowledge gaps in her understanding of the entrepreneurship process that could be hindering her ability to scale.
“We’re a boutique management consulting company. Our main competition is with large consulting houses like EY and Deloitte. Clients hire us because we’re very specialized in what we do, but we are constantly facing competition from the giants specifically in regulatory compliance type of work, where working with a big brand name helps bank provide credibility to the regulators.”
Breana had previously taken Developing a Leading-Edge Operations Strategy in 2012 and really enjoyed the experience and action-based learning format for which MIT is known. “When I wanted to gain more skills in terms of entrepreneurship, MIT was the first thing that came to my mind.” She discovered The Entrepreneurship Development Program (EDP) and realized this would provide the detailed framework and methodological approach she needed to strengthen her company’s value proposition and continue to outpace the competition.
Drinking from the fire hose
Breana recounts that from day one participants are hard at work. The different industries of the participants in the room are grouped together into various round tables. Everyone writes an idea they’d like to see implemented related to their industry on a piece of paper, participants vote on the idea they like most, and one winning idea is selected per table. The person with the proposed winning idea then pitches it to the entire class to attract people to their team. The ideas that can attract six people become the final teams formed and the ideas that are worked on through the duration of the program.
“It’s a great lesson right from the start. There were so many wonderful ideas presented that were shelved simply because they weren’t able to attract people. It really demonstrates that ideas are a dime a dozen. You need to think about the execution. That was one of the first lessons learned that I really appreciated seeing in action.”
With her robust finance and banking background, Breana naturally chose to be a part of the pitch focused on … manufacturing … for farm tractors? [Insert record skip]. “I know, it sounds so odd. That was just a pitch I really liked! I thought maybe I should go into something not related to finance to learn something new. It was a very eye-opening experience. I come from finance and banking and now I’m working with people from completely different disciplines.”
Breana also feels the core of entrepreneurship is not very different industry to industry, which made her foray into manufacturing feel less intimidating. “Of course, there are going to be some slight adjustments, but the way you research your customer, the method behind that, being obsessed with customers, changing their buying habits so that they prefer your product over others - these are core features that stay the same regardless of industry.”
"You’re a part of an ecosystem that is a life-long community of people with the same goal to create something new and valuable. It’s an investment of ten days, but it stays with you forever."
With teams formed, the hard work begins. Faculty program director (and serial entrepreneur) Bill Aulet introduces participants to his 24-step framework of Disciplined Entrepreneurship. During a very intense ten days, the cohort learns about each step and actively puts it into practice as they bring their idea from concept to final pitch.
“Not only did we learn about the steps and implement them into the execution of our idea, we also had the ability to reach out to various stakeholders and subject matter experts outside of MIT to conduct our research. This is the most impactful feature that I want to mention about the program. They bring in all the entrepreneurs in residence and you’re able to continuously pitch them your ideas, they give you their thoughts, and you’re then able to refine and come up with something better. You’re able to meet all these people who are leading innovative companies and teaching at MIT. And still to this day I can reach out and ask them questions —it’s amazing.”
The program culminates in a final competition where the entire cohort votes on the best pitch. The winning team gets the opportunity to pitch their idea to actual VCs. Although Breana’s team did not win, she still found it an incredible experience. “I bootstrapped my business; I didn’t go the VC route. So, this was really helpful to understand that particular process better for the future.”
A bonded community
Being an entrepreneur can sometimes be lonely. Not everyone understands the mindset, the sacrifices, and the grind needed to build something from the ground up. Attending EDP, Breana had the unique experience to be surrounded by like-minded individuals. “I thought it was incredible to brainstorm with other entrepreneurs. As a business owner, you’re often isolated from the rest of your employees. You obviously can’t really discuss all the concerns you have with them. EDP was a forum to talk about challenges with fellow peers in this space who are also facing similar hurdles. That was really attractive to me.”
Years later, Breana’s 2019 cohort is still in touch through WhatsApp and LinkedIn. They are engaged in each other’s projects, always willing to help each other out with feedback on ideas, make valuable introductions, or share employment opportunities.
Applying the lessons learned
Breana’s goal going into EDP was to scale her company. She recalls Aulet’s lesson on Blue Ocean/Red Ocean Strategy as an especially helpful tool. “We discussed finding the beachhead market where you’re at the frontier and you’re not constantly worried about the Goliaths around you. What are you doing to move your business forward, beat the competition, and be in a space where you’re really unique and serving clients no one is really looking at?”
A year after finishing the program, the start of the pandemic hit in spring of 2020. Much like the financial crisis of 2008, this global event had serious repercussions across all industries. Yet again though, Breana managed to successfully pivot. “While the pandemic affected others negatively, it actually had a positive impact for us. Because we focused on a niche, relevant service we had the unique problem of having to scale up really fast.”
Prior to EDP, this may have been an overwhelming task. However, Breana was able to apply a lot of the principles learned during the program to confidently grow without losing the company’s unique value proposition or dilute their core mission. “That was one of the biggest benefits of the program.”
What’s next?
“Entrepreneurs – you know we’re never satisfied. We want to keep doing more and more and more!”
Breana plans to eventually launch a product-based business. “Something I learned from EDP is that if you want a unicorn company, you have to have a product, and I’ve only ever done the service side.”
When she self-selected into a manufacturing focused, product-based business team during EDP she realized she received a healthy foundation of how that side operates. She wants to continue to explore those frameworks more in-depth.
Breana is not alone in forging a new path. “A lot of people from EDP actually quit their jobs and started their own businesses! Some folks who already had businesses were able to scale up using methodologies like me and were eventually acquired. It’s just amazing to see how people within the cohort have seen success in accomplishing their own personal objectives. It’s very inspiring.”
Advice for future cohorts
Breana believes everyone should take EDP. “It’s not just for entrepreneurs – it’s also for intrapreneurs. If you’re an intrapreneur within your company, this will teach you everything – concept development, finding the right customers, marketing, and most importantly knowing what ideas to shut down.”
Her only regret was not taking EDP sooner, as it would have made the learning curve a lot easier back in 2014 when she first started out. Even as an experienced entrepreneur, the program helped enforce a more disciplined mindset going forward. “When you set out to create your own business, you often don’t follow the 24-steps Aulet taught us. As a result of not following the proper framework, some things may fall through the cracks. You can still apply it retroactively and fill those gaps.”
Yes, Breana confirms the rumors are true: EDP is an intense experience. You’re compressing what could easily be a year-long curriculum into ten whirlwind days, so you will need a high dose of mental stamina. Expect some late nights too (often fueled by pizza and a healthy esprit de corps). However, it’s all worth it in the end.
“It’s the most rewarding experience. Where else would you get the chance to work with similar business owners and talk about all the unique challenges you face. You’re a part of an ecosystem that is a life-long community of people with the same goal to create something new and valuable. It’s an investment of ten days, but it stays with your forever.”
Learn more about the Entrepreneurship Development Program.
Contributed by Elaine Santoyo Goldman