Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Ira S. Pastor, CEO at Bioquark Inc:
What does your company do?
Bioquark Inc. is a regenerative healthcare company focusing on developing proprietary biopharmaceuticals and consumer healthcare products, targeting the regeneration and repair of complex human organs and tissues. The company is focused on merging knowledge from various scientific disciplines, including regenerative biology, evolutionary medicine, and comparative genomics, to develop a set of bio-products capable of directly remodeling diseased, damaged, or aged tissues, to induce efficient and controllable regeneration, repair, and rejuvenation. The company is taking a unique approach to mimic the dynamics found during natural reversal of disease, degeneration and aging found throughout the biologic kingdom, as opposed to only affecting the symptoms of such conditions, as most marketed pharmaceutical products do today.
What is your role? What do you enjoy most about your role?
I am the CEO of the company. The primary aspect I enjoy about this role is the knowledge that any success we have, even if minor at first, will be transformational within the global healthcare arena. With annual healthcare expenditures for conditions that either have an underlying cellular degeneration or damage component, now surpassing $7 trillion globally, Bioquark’s platform makes the company quite paradigm shifting with the ability to positively impact every life on the planet.
What are the biggest challenges in your business right now?
When you are trying to disrupt an industry like healthcare, which generates US$7 trillion in total annual expenditures around the globe, there are quite a few people who like to maintain the status quo. In biotech this may come from competing R&D interests, investment funds that have placed bets on other competing product approaches, or directly from industrial/commercial players, like big pharma, who like maintaining their “treatment / sick care” approach to creating new products, as opposed to a 21st century focused “cure approach”.
If you could go back in time, what business advice would you give to a younger version of yourself?
Going back in time, I would tell a younger version of myself that the best approach to avoid the daily deluge of such negative sentiment / interaction (which can be quite dispiriting when you are trying to save lives), is to keep your head down, do not engage in daily battles that can distract from your core goals, and push forward with your projects. In my experience, these detractors ultimately will become your business partners / investors / employees as you succeed.