Years in business: 6
What made you start your business?
I got the idea a long time ago. I worked in same industry as I am now. I got intensive training. I appreciate the experience I got from that company. I was working very hard at learning and thinking about starting the business. By 2006, I began doing research on how to prepare for new business.
What did you do to survive the recession?
Alliance Pharmaceuticals was started in May 2008. We spent almost $1 million, however, only made about $28,000 with three key employees that year. We stuck with our initial business plan, focused on our expertise area, spent time to build up necessary functionalities and prepare for any potential business opportunities. All three employees deferred their pay for a year to ensure the business operation.
What has made your business successful?
We firmly adhere with our business philosophy including professional ethics, scientific excellence, regulatory compliance to win clients trust. We also have maximum business flexibility to understand our clients needs to meet and exceed their expectations.
What is the hardest part of your job?
The regulatory compliance to ensure the data quality and integrity and hiring the right employees.
What advice would you give someone starting their career or looking to start a business?
Have a dream, make a plan, prepare and execute it. You also must be confident enough to be persistent.
Would your advice be any different if you were addressing a minority?
There is no difference. The principle would be the same.
Excerpt from Philadelphia Business Journal