BIOTECH - BUSINESS

Innovations are ideas that add value and occur at the intersection of invention and insight. Innovative entrepreneurs choose different models for innovations based on the nature of the enterprise. These innovations depend on various business models and strategies adopted by the organization. Thus innovations can be considered as the outcome of cultural and operational trait of an organization. The four types of archetypes can be listed below: Market place of ideas: In this model of innovation, employees are charged with creating new ideas. This type of innovation allows and encourages experimentation. Staffs are recruited for their creativity and passion. In biotech world, model of market place innovation can be applied in formulation of biotech products. Visionary leader: In this archetype, the senior leaders of the organization who understand the future better than the customer motivate employees to pursue that vision. The senior executives keep on gener...

Innovation is the process by which the ideas in the theoretical term (creativity) are translated into the practical solutions to enhance the human welfare. It is the ability to initiate and put into practice creative solutions to problems and challenges in order to enrich human lives. Any ideas or creative thinking can be called innovation when they are replicable in economic costs and must satisfy specific needs. According to Paul Schumann, “Innovation is the way of transforming the resources of an enterprise through the creativity of people into new resources and wealth”. However in broader term, we can say that innovation is anything that is new world with economic output for human welfare. One of the most influential economists, Joseph Alois Schumpeter, considers innovations, entrepreneurial activities and market power as most important factors driving economic changes. He argues innovation as the action of active entrepreneur. Schumpeter classifies innovation...

Depending upon the service or product an entrepreneurial venture requires certain amount of capital to start with. In this situation, entrepreneur may face a major hurdle to acquire the financing for the business because he/she may not have enough capital with him/her to start the business. There are various sources for entrepreneurial financing. They are: Self financing:  Self financing is the fastest and best way to find fund for the starting business. The major advantage of self financing is that the entrepreneur has the control of the business. Shareholders opinion does not have to be taken into account during the decision making. But self financing may not provide sufficient capital to reach the economies of scale. Angel investors:  Angle investors are the affluent individuals who provide capital for entrepreneurial start up in exchange for convertible debt or ownership equity. The angles investors have the experience in entrepreneurial ventures ...

An investor is a person who allocates a capital with an expectation of financial return. Some risk is involved in every type of investment but there is more risk for an investor who fails to make investment decision. Therefore, an investor should consider several issues before making the investment decision. Some of the several issues that an investor should consider are as follows: Target market/ Customers/ Revenue Drivers : Good financial return is the ultimate aim of investment. For this purpose every investor should know who are the revenue generators or the customers. The customer’s behavior is not always static. So, investors should know the trend of the customers in the desired investment. Investors should look whether the business address growing market opportunity, customers segment and the competitive position in the target market. Product/ service: Investors expect whether the product or service offered by the venture address the value proposition...

Entrepreneurial management is the practice of using entrepreneurial knowledge for increasing the effectiveness of enterprise to achieve desired goals. The entrepreneurial management is influenced by various factors. They are listed as follows: Sociological factors: team, advisors, family, cultural practice, network etc. Economic factors: capital investment, investors, availability of resources, purchasing power of customers etc. Environmental factors:  External environmental factors: competitors, customers, suppliers, market dynamics (Market trend, market size and market growth and competition), government policies, opportunity Internal environmental factors: organizational structure, culture, team, type of products or service offered, labor unions. Technological advancement : technological advancement in production, marketing etc Personal factor : locus of control, risk taking ability, creativity, leadership capability, commitment, ambigu...

Qualities of a good Entrepreneur!!! Entrepreneur is a person who exploits opportunity and takes initiatives to pursue it. In Peter Drucker’s term, entrepreneur is someone who uses the innovation as a tool to convert sources to resources. Entrepreneur is also the economic catalyst with the higher need for achievement by taking the moderate risk. For an individual to succeed as an entrepreneur, he/she should have the following attributes; Good interpersonal skill: An entrepreneur needs to deal with different types of people. So, one should have good communication skill to run the enterprise smoothly and to achieve the desired goals. Confidence: Confidence can be considered as a form of energy required to achieve desired goals. An entrepreneur should be confidence in oneself and in their own ideas. Dealing confidently with employees, customers, partners, investors, lawyers is important ti get the things done. Passion: Successful business is based on the passion...