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E-Articles - Entrepreneurial Myths: The Truth Behind Them
If you are about to start off in business you will have no doubt heard these comments:
“So many businesses fail. Why are you doing this?”
“I hear that you need a large amount of money to get a business off the ground these days.”
“Why are you throwing away the s
“So many businesses fail. Why are you doing this?”
“I hear that you need a large amount of money to get a business off the ground these days.”
“Why are you throwing away the s
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ecurity of your job?”
These, and more of the same, are typical of the barriers that so called friends and advisors, put in your way if you are thinking of starting a business. These barriers are built on the back of myths about the pitfalls and challenges which su
These, and more of the same, are typical of the barriers that so called friends and advisors, put in your way if you are thinking of starting a business. These barriers are built on the back of myths about the pitfalls and challenges which su
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
round running your own business.
In this article, we’ll take a look at some of these myths and reveal them to be exactly that … just myths! Don’t get me wrong, being an entrepreneur can be tough and there are hurdles to cross, but let’s bring some common sense int
In this article, we’ll take a look at some of these myths and reveal them to be exactly that … just myths! Don’t get me wrong, being an entrepreneur can be tough and there are hurdles to cross, but let’s bring some common sense int
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
the debate!
You Don’t Have a Personal Life
Yes you will! It can be hard juggling the responsibilities of running your own business and spending time with the family, but at the end of the day, you are going to have far more flexibility with your personal
You Don’t Have a Personal Life
Yes you will! It can be hard juggling the responsibilities of running your own business and spending time with the family, but at the end of the day, you are going to have far more flexibility with your personal
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ife, than any employee will ever have. The real issue is, do you have the time management and planning skills to get things done, thereby allowing you time to spend with your family.
You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur
Ok, i
You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur
Ok, i
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t may help you in the short term but this is not a sound, long term strategy. To be a successful entrepreneur you need to build relationships with both customers and suppliers who will stick by you during the rough times. Being ruthless over pricing may get you one
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
or two good deals but you are unlikely to build a lasting and profitable relationship. Your aim should be to strike a balance between what you want and what your customer or supplier wants.
You Won’t Have To Work As Hard
Your current job may be stressful a
You Won’t Have To Work As Hard
Your current job may be stressful a
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
d subject you to long hours. The idea of running your own business is appealing because you can slow down and take life at your own pace. To a degree this is true but there’s no getting away from the fact that it will be hard work. Most small businesses don’t achie
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e profitability until year 3 and so it’s a long slog. Remember, if was easy, everyone would be doing it!
What does make the difference though, is that you are finally doing something you love and so the hours and the struggles don’t seem like hard work at all. So
What does make the difference though, is that you are finally doing something you love and so the hours and the struggles don’t seem like hard work at all. So
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
perhaps this myth may be true after all!
You Have To Have an Original Idea
No you don’t. Most businesses are built around a central idea. The difference is usually how it’s delivered. The core products of all fast food places are the same, as are clothes s
You Have To Have an Original Idea
No you don’t. Most businesses are built around a central idea. The difference is usually how it’s delivered. The core products of all fast food places are the same, as are clothes s
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ops, newsagents etc. You can make a decent living effectively copying someone else’s idea but done in a slightly different way. Don’t be put off by the doomsayers who will gleefully point out that “it’s been done before”. Your response should be, ‘Great! That shows
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
the idea works!”
You Will Be Your Own Boss
No way! There’s only one boss in your new business … the customer. They are essential to your success. When you were working for that large, faceless Corporation, the loss of the odd client wasn’t that big a deal
You Will Be Your Own Boss
No way! There’s only one boss in your new business … the customer. They are essential to your success. When you were working for that large, faceless Corporation, the loss of the odd client wasn’t that big a deal
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
plenty more where they came from.
In your new world you have to do whatever it takes to keep your customers and keep them happy. The customer is the one who calls the tunes. You have to listen and take note, before someone else does. However, at the end of the da
In your new world you have to do whatever it takes to keep your customers and keep them happy. The customer is the one who calls the tunes. You have to listen and take note, before someone else does. However, at the end of the da
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
y, when all their demands are met, then perhaps you can have some time to yourself and enjoy the pleasures of being your own boss after all!
You Need A lot Of Money To Get a Business Off The Ground
Some businesses do need a fair bit of cash to get moving b
You Need A lot Of Money To Get a Business Off The Ground
Some businesses do need a fair bit of cash to get moving b
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
t there are many areas you can go into without the need to invest in a large amount of stock, machinery or equipment. The low-capital businesses involve the use of three very cheap commodities – your brain power, your knowledge and your time.
A business where you
A business where you
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ell your expertise, not actual goods, to other people can be cheaply set up and carry high profit margins. All you may need is a PC, a desk and a telephone line. What’s stopping you?
You Only Have To Do What You Want To Do
Unfortunately this myth is wrong.
You Only Have To Do What You Want To Do
Unfortunately this myth is wrong.
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
We all have areas or skills in which we excel and it’s this expertise which usually forms the basis of your business. Your dedication to paperwork, bank statements and the VAT man may not be that high, but branching out on your own doesn’t mean you have the choice
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
to avoid these terrible tasks.
Whilst you were able to do this when you were sitting in the big corporate office, you can no longer hide. These tasks have to be done otherwise the deck of cards can start to collapse.
If you do have serious misgivings on certain a
Whilst you were able to do this when you were sitting in the big corporate office, you can no longer hide. These tasks have to be done otherwise the deck of cards can start to collapse.
If you do have serious misgivings on certain a
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
eas, marketing for example, then consider taking a course to improve your skills. If it’s something you seriously can’t do, then go and find someone to do it for you – don’t hope it will go away because it won’t.
You will have seen that some of the myths not being
You will have seen that some of the myths not being
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
true is good news and others not so good news! Be sensible in considering the myths which are thrown at you. See it for what they are - comments from people who don’t know what they are talking about! In the next issue I’ll have some more myth-busting ideas for you
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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