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Advice Pool - Hard Work is Bad Management - Vison is not Always the Best Answer
Hard work is bad management.
If you are running a business then you will know that one of the most disastrous things you can do for it, as a leader and manager, is to develop a huge vision.
Yes, that’s right. Fantasies burn people out. Things like taking a flee bitten dog and making it win the world grooming ch
If you are running a business then you will know that one of the most disastrous things you can do for it, as a leader and manager, is to develop a huge vision.
Yes, that’s right. Fantasies burn people out. Things like taking a flee bitten dog and making it win the world grooming ch
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
ampionship tomorrow. These dreams are ego pumping and this motivation is what has been sold to business in the past. This is why 80% of small business go broke within the first year. Too big a vision, too small a bank account.
Dreams are wonderful. They pump adrenalin through your body, they help you overcome ha
Dreams are wonderful. They pump adrenalin through your body, they help you overcome ha
; 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
rdship, they are an antidote to depression but the other side of the coin that dreams create is naivety. A recklessness that is so promoted in new age circles, “anything is possible.” If you live by dreams you give your power to the luck market. Wild imaginings and emotional swings are one in the same.
The visio
The visio
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nary will go broke, the emotionally hyper pumped person will reach for the sky, but they will always feel vulnerable. Dreams are dreams, action is reality. Real action means real steps. Dreams and visions feed the ego, make us feel so self important. But self importance only translates to bottom line profit if yo
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
u are in the entertainment industry (and then only short term). If you deliver a product or service, with real and tangible results, you better become a realist.
We can easily pump up our sense of self. We can tell the world how wonderful we are. We can create a vision statement, like “keep the big boys honest”
We can easily pump up our sense of self. We can tell the world how wonderful we are. We can create a vision statement, like “keep the big boys honest”
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
when the big boys have a billion dollar advertising budget and we have $10. These visions and dreams make the ego fly, and this is motivation. Motivation is pumping us up to reach beyond our limits. The problem is that motivation does not create sustainable performance. So motivation is temporary.
Inspiration on
Inspiration on
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
the other hand is a dream that comes from within, but lacks the hype of motivation. Inspired dreams are more sustainable because they are not do or die adventures. A person who lives an inspired dream does not put all on the line for one quantum leap of faith into the unknown. Instead they follow one of the most
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
important laws of nature. The law of Evolution.
Nature never destroys anything, she simply builds a new one on top of the old one, greater in consciousness, less in number. In other words nature doesn’t make quantum leaps, she evolves by making things smarter and faster.
Business runs on cash. The currency of
Nature never destroys anything, she simply builds a new one on top of the old one, greater in consciousness, less in number. In other words nature doesn’t make quantum leaps, she evolves by making things smarter and faster.
Business runs on cash. The currency of
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
love in a business is cash. Love sustains a relationship, cash sustains a business. If you run out of love in a relationship, you run out of relationship. If you run out of cash in a business, you run out of business. Cash is king.
So, in a large business, when we vision the future, we do market analysis, budget
So, in a large business, when we vision the future, we do market analysis, budget
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
s and feasibility studies. We measure customer response and we get quality control feedback before we start production. We calculate how much love this project will consume then calculate the expected income. Finally, we double the length of time we have been promised by the leader that the income will come back
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
in by, and on that basis we know how much love the business will need.
Small business, run by entrepreneurs on the other hand, get an idea, guess the idea, produce the idea and struggle with the money as it comes. Cash flow problems send companies broke. Most companies go broke during growth stages because they
Small business, run by entrepreneurs on the other hand, get an idea, guess the idea, produce the idea and struggle with the money as it comes. Cash flow problems send companies broke. Most companies go broke during growth stages because they
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
run out of cash. And as a relationship needs love in the bank, a business needs love in the form of cash in the bank. When the love of the business overtakes the love in the bank, business go broke. Customers buy value, they don’t by the dreams of the owner.
A well managed business grows automatically. You don’t
A well managed business grows automatically. You don’t
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
even have to be clever to have a good business that grows. You can see many people who have grown their business to very large sizes and yet they are no genius, no visionary, no master of creative invention. Richard Branson is one. But my Dad was another.
My Dad ran his own business all his life. He wasn’t a bi
My Dad ran his own business all his life. He wasn’t a bi
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
g time entrepreneur, he just wanted to accept responsibility for his family, retire with comfort and provide for his children. There were many things my Dad could have done to make more money but he decided to have family fun instead.
Hard Work is bad management and bad management is poor cash flow control. Here
Hard Work is bad management and bad management is poor cash flow control. Here
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
are a few points.
1. You need 6 months hard cash flow in the bank to run a business well.
2. Management of Debtors and Creditors is one of the most critical elements for business growth.
3. Cash is king. If you can get paid early, and not spend it, do so.
4. Business that adds value to peoples li
1. You need 6 months hard cash flow in the bank to run a business well.
2. Management of Debtors and Creditors is one of the most critical elements for business growth.
3. Cash is king. If you can get paid early, and not spend it, do so.
4. Business that adds value to peoples li
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
ves, sell themselves
5. Bad service and bad quality won’t be profitable.
6. Helping people do more in less time is the key to value added services.
7. Real is a future trend in business.
8. The ego is becoming less and less important in choices for good business
9. Length of time is not t
5. Bad service and bad quality won’t be profitable.
6. Helping people do more in less time is the key to value added services.
7. Real is a future trend in business.
8. The ego is becoming less and less important in choices for good business
9. Length of time is not t
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
he basis for measuring value. Faster is better. Smarter is better than longer.
10. Good business evolves from old business. Quantum leaps are high risk.
Some more points
Existing customers are your best customers – and what you appreciate grows. New customers become as you treat them. If you don’t do wha
10. Good business evolves from old business. Quantum leaps are high risk.
Some more points
Existing customers are your best customers – and what you appreciate grows. New customers become as you treat them. If you don’t do wha
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t you say you are going to do, people don’t come back.
One unhappy customer costs more than 10 happy customers can make up for.
Summary.
It is important for us to dream of the future. This feeds the ego. The ego deserves to be fed. But the best business is now business. The customer you have now is the best cu
Summary.
It is important for us to dream of the future. This feeds the ego. The ego deserves to be fed. But the best business is now business. The customer you have now is the best cu
.
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
stomer you will ever have. The evolution of your business is limited only by your creativity. Creativity about how I do what I do faster, better and at less cost. In other words how do I make my existing customers happier. This is also true in relationship. How do I make my existing relationship better?
The bes
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 business are fed with cash. That cash comes from existing business. If we inject more cash into a business then we do so to evolve the safe and happy existing customers to be safer and happier and therefore consolidate our competitive position. Then we will expand.
Hard Work is Bad Management.
Live with Spiri
Hard Work is Bad Management.
Live with Spiri
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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