Imagine you have experienced multiple failures in your business and yet you are still in this entrepreneurship journey because you have a strong mission and a strong vision.
In Episode 026, Jack has invited Ira Pastor, the CEO of Bioquark Inc. and he would be sharing with you how he started his entrepreneurship journey from a young age, and chose to leave the comfort of a multi-billion dollar industry and started Bioquark just because he loves "risks". He will also share two personal stories about how to overcome the fear of multiple failures in his career because of his right mindset supported by his mission and vision.
Why did Ira join the Biopharma industry?
"I saw [my parents] taken from me by cancer and lung disease and heart disease and things of this nature and growing up in an industry that is supposed to take care of sickness. I was very dismayed by the fact that the pharmaceutical industry was incapable of curing them at the end of the day and helping them and keeping them away from the grasp of death. I'm not only sort of the desire to do something different, but at the same time something real in my face. And I believe that the balance a bit between the amount of risk or willing to accept and move forward with."
Consider the external environment in your industry
'Even if you are successful in developing that new miracle cure for cancer or heart disease, you still have a whole area of so called regulatory risk. That regulatory agency may just send you back for a couple years to do XYZ and hence you need another hundred million dollars to do so forth and so on. And I've been in that position before. And you can't say no."
Accepting that failure can come anytime
I went through M&A events in the past and even I've experienced the eleventh hour negotiations, everything's ready to sign, but then for some reason you're agreeing to a $20m buyout, but all of a sudden somebody thinks in the very last hour that your company is only worth $16m. Why does that happen? I laugh at it in the sense that I guess it's all part of the power game that a larger organization likes to play. And you know you can't walk away from the table at the eleventh hour and you have to smile."
Passion can be found by connecting your dots in the past
"My passion when I was five was comic books and superheroes wanting to see the future develop science fiction. Though I think of those things as childish, I still sit with my children and I watched the future unfold in fiction and I read comic books with them and I take them to the movies. Why? Because whether it's today or whether it was 40 years ago when I was a toddler, I loved how the future and not just the current future but in the distant future could be created with a little science, technology and innovative foot. So maybe today you're worried about paying the bills and you have this problem here and you're taking care of her mother and you don't. Maybe you're clouded by your thinking. But underneath that, cloud is still your history. It is still that everything you grew, desiring what made you happy when you were younger. And I think if you dig into that, I think you can become aware and reawaken some of that potential and you might find, hey, that you loved cooking when you were younger or you loved, you know, construction and here you are sitting in that finance office in wherever making a lot of money, but it's not what you really, really wanted. And so I say, go to the past, look to the past and remember who you were, who you are still inside, and try to dig up those nuggets of possibility."
Want to know more about Ira Pastor and Bioquark Inc.?
You can download the Show Notes here:
Did you like what you heard?
If you liked this podcast, please leave a review on iTunes! Click here to discover the iTunes page.
Did you know that Cracking the Entrepreneur Code Podcast Show is on Apple's Podcast app?
- Launch Apple's Podcasts app.
- Tap the Search tab.
- Enter "Cracking the Entrepreneur Code".
- Tap the blue Search key at the bottom right.
- Tap the album art for the podcast.
- Tap Write a Review at the bottom.
If you found value in this episode, assist your friend and share this episode on Social Media.