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Social Articles - So You Want To Be Your Own Boss?
Dear Fred and Lyna,
For the past 20 years, I have worked as an account executive for a major soft drink company and frankly I am sick of it. I have been looking into owning
For the past 20 years, I have worked as an account executive for a major soft drink company and frankly I am sick of it. I have been looking into owning
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
my own business and have run across several franchise opportunities. Do you think a franchise is the way to go or should I start out on my own?
Fred: More and more people, from
Fred: More and more people, from
; 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
college age to baby boomers, are attracted to owning their own business and being their own boss. Fortunately, there are many resources available to help you make the right decis
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ions about starting a business.
Lyna: The first question I would ask myself is not should I buy a franchise or start from scratch, but do I have the ability to be a successful e
Lyna: The first question I would ask myself is not should I buy a franchise or start from scratch, but do I have the ability to be a successful e
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ntrepreneur.
Fred: Good point, Fred. I have a friend who spent a lot of time and money training to be a color consultant and she's good at helping people find the best look they
Fred: Good point, Fred. I have a friend who spent a lot of time and money training to be a color consultant and she's good at helping people find the best look they
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
can achieve using the colors that are best suited to them. Yet, a year after she set up her studio, she gave up. Her reason was she couldn't get enough clients. What I saw was t
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
hat she had no drive to market herself or to get help to do so. Instead she hung her shingle up and expected everyone to come knocking on her door.
Lyna: What is she doing now?
Lyna: What is she doing now?
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
Fred: Actually, she is working the dressing room of a dress boutique and helps women choose clothes that look best on them. Although she is working for someone else, she is now
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
happy to do so.
Lyna: If your friend had done her homework before hand, she probably would have realized that she doesn't have the characteristics of an entrepreneur. When you o
Lyna: If your friend had done her homework before hand, she probably would have realized that she doesn't have the characteristics of an entrepreneur. When you o
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
wn a business you have to do what it takes to make it successful, no matter what it takes financially, physically, mentally and emotionally.
Fred: Monster.com has a self assess
Fred: Monster.com has a self assess
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ment quiz to see if you have what it takes to own your own business. What an excellent eye opener! It touches on things like your communication skills, your attitude toward finan
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
cing your venture, if you're willing to work long hours, and how you handle chaos.
.
Lyna: That is definitely a must-do for anyone thinking of starting their first business end
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
eavor. So, let's say you've taken the entrepreneur quiz and find you do have what it takes. The next thing you might think about is what type of business would you want to invest
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
in?
Fred: Wow — that could be tough! My first thought would be to look at things you are passionate about. For example, your love for dogs is at the top of your list. How about
Fred: Wow — that could be tough! My first thought would be to look at things you are passionate about. For example, your love for dogs is at the top of your list. How about
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
a service that offers dog sitting, dog walking and dog grooming? Could you enjoy doing this full time? Or better yet, would you do this for free if you didn't need to worry abou
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
t money? If the answer is yes, this might be a good option for you.
Lyna: You can also look at your talent and skills, even ask friends and family what they could see you doing
Lyna: You can also look at your talent and skills, even ask friends and family what they could see you doing
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
. My friend Bill never thought of starting a catering business until his wife pointed out how often he cooked gourmet meals for social get-togethers. And now he's very successful
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ly doing something he loves.
Fred: The other factor in choosing a business is whether or not you would need employees. Remember — you'd be responsible not only for their salary,
Fred: The other factor in choosing a business is whether or not you would need employees. Remember — you'd be responsible not only for their salary,
.
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
but also for health benefits and holiday pay.
Lyna: We've given a lot of information to think about. Here's your homework: Take the Monster.com Entrepreneur Quiz and if you wan
Lyna: We've given a lot of information to think about. Here's your homework: Take the Monster.com Entrepreneur Quiz and if you wan
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
t to delve deeper into finding your passion, check out www.thepassiontest.com.
Fred: We'll continue with the question of "To franchise or Not to Franchise," in our next article
Fred: We'll continue with the question of "To franchise or Not to Franchise," in our next article
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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