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What If I Fail?
Before I founded Eastern Pharmaceuticals, I had spent
seven years working as a clinical biochemist, and two years researching the
pharmaceuticals industry. I had also reviewed and rejected several other business
ideas because they did not look like a good bet. Thus, I was very selective about my choice of a business, and that gave me great confidence. When I actually founded
Eastern Pharmaceuticals, I was pursuing an MBA degree.
One of my term papers on Entrepreneurship was based on the concept of Eastern
Pharmaceuticals as a distributing company. My final project on Global
Entrepreneurship Management (a capstone class on a comprehensive business plan)
was based on Eastern Pharmaceuticals as a maker of generic medicines.
What if I was wrong and I did fail? I had my job
to fall back to. For me it was important to balance the question of failure with its opposite: What if I was right about my business idea and I decided not to try? After a great deal of research and planning to select a business opportunity, I decided that the worst possible outcome of bootstrapping my own company was preferable to staying at my job. At that moment the risk of proceeding reached zero. I decided to go!
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