BUSINESS MANAGEMENT

Business Management

Business Management

Introduction

Usually entrepreneurs are people with an adequate educational background, capable of seeing opportunities in industries that suit a new venture. The entrepreneurial activity involves re-combinations of resources and the ability of coordinate scarce resources. Entrepreneurs could also be categorized as serial or parallel: "serial" entrepreneurs are people who start one venture after another, while "parallel" entrepreneurs own different companies at the same time. A serial entrepreneur belongs to the group of habitual entrepreneurs. I am a serial entrepreneur, and I fall under this category because so far I have founded three companies related to bio-tech, and all business ventures are turned successful.

Assessing the potential of growth in the field of biotechnology, I have started DetectFirst Technologies, Inc with a group of professionals (Shashoua, 2007). Though, initially the company had faced a lot of problem, but finally after a short period of crisis, we have managed to get our company out of crisis. After running the operations of the company for more than two years on the position of CEO, I decided to established another company with a concept of providing enhanced and innovative products to the customer, thus I switched to Amgen, which turned a huge success and following my habit of establishing companies, I have worked Genentech Inc, and currently serving Genentech Inc as a CEO. My entire business ventures turned successful.

Why you started the business?

Biotechnology is comparatively a new field and this industry has immense potential of growth, thus I decided to establish a company in this industry (Kay, 2008). Initially, when I have established the company, I had faced number of challenges, like giant competitors with oligopoly market situation. However, before stepping into this business I have explored the answers of some questions about the fields that enhance my understanding regarding the field like what is biotech? How does this technology work? What can it used for? What limitations does it have? What kinds of legal or ethical issues are associated with using or not using such technology? What evolutionary consequences does modern human civilization have for the species? And what is the Future of Biotechnology? Obtaining answers of these questions help me in establishing successful business, thus I consider it important to discuss these questions as part of my experience.

What is Biotechnology?

Biotechnology, by conventional definitions, is the intentional alteration of other living things (i.e., plants and animals) for the purpose of benefiting humankind. This has been done throughout the history of our species. In fact, the word clone is Greek for “twig,” because small sprouting twigs were removed from mature trees and planted in order to grow new trees (Messina, 2000). Examples of early biotechnology include breeding animals that have desirable characteristics in order to increase the chances of producing offspring with those characteristics). It was noted even as far back as ancient times that if a fast male horse was bred with a fast female horse, most of the offspring would be fast. Another example of early biotechnology would be the ...