Parth Patel
Business 1.0
April 1st 2013
Business 1.0
April 1st 2013
Blog #5
What opportunities are there in your industry for small businesses and entrepreneurs?
Every large company in any industry once began as a small
business with an entrepreneur leading the way. The same goes for the
pharmaceutical industry. Pfizer, for example, one of the leading pharmaceutical
companies in the industry, became the company
it is today with the leadership and entrepreneurship of two cousins, Charles
Pfizer and Charles Erhart. The two young German entrepreneurs started out with
$2,500 of borrowed money, and opened the fine-chemicals business Charles Pfizer
& Company in Brooklyn, New York. After decades of improvement and
expansion, Pfizer Incorporated is now at the top of its industry according to
many major financial analysts such as Standard & Poor’s and the analysts at
Thomas One.
This answers the question as to what opportunities there are in
the pharmaceutical industry for small businesses and entrepreneurs – every
opportunity. The dictionary definition of an entrepreneur is “a person who
organizes and operates a business or businesses, taking on greater than normal
financial risks in order to do so.” Every company in the industry is always
taking entrepreneurial measures in that they’re always practicing research and
development and coming out with new products and advances. This, of
course, is a great financial risk, demonstrating the entrepreneurial aspect of
these processes. As we’ve found in our research on the pharmaceutical industry,
there are also many impending expiring patents, especially for large companies
such as Pfizer. This gives both large and small business the opportunity to
make their move in the industry in creating and putting forth new products and
innovations in an entrepreneurial sense.
So while when we think of entrepreneurs, we most commonly
imagine a young businessman going door to door trying to sell his new product
or idea, entrepreneurship is seen in so many more forms than that, and occurs
at every stage in every company and industry. Everyone’s an entrepreneur.
References:
Parth- I found your post to be extremely insightful and inspiring. The fact that the men of Pfizer could accomplish all that they have and to see the opportunities for growth is enlightening. I would add a little more about specific examples of entrepreneurs who have made it big in pharma so far in order to give your post more depth but overall, great job!
ReplyDeleteParth- I found your post to be extremely insightful and inspiring. The fact that the men of Pfizer could accomplish all that they have and to see the opportunities for growth is enlightening. I would add a little more about specific examples of entrepreneurs who have made it big in pharma so far in order to give your post more depth but overall, great job!
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