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Carolyn Chan AMM101.3704

Owner. Business. Interview. Carolyn Chan AMM101.3704. NAME: UBIOMICS INC. OWNER: ANGELA WU ADDRESS: 48 WALL STREET, NY 10005 PHONE: (212) 464-8774. YEAR IN BUSINESS : FIVE YEARS KIND OF BUSINESS: CONSULTING SURROUNDING: FINANCIAL CENTER. General. Information. Business.

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Carolyn Chan AMM101.3704

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  1. Owner Business Interview Carolyn Chan AMM101.3704

  2. NAME: UBIOMICS INC. OWNER: ANGELA WU ADDRESS: 48 WALL STREET, NY 10005 PHONE: (212) 464-8774 YEAR IN BUSINESS : FIVE YEARS KIND OF BUSINESS: CONSULTING SURROUNDING: FINANCIAL CENTER General Information

  3. Business History • Ubiomics, Inc., selected by co-owner. U is for her technology, Ubiquitin pathway, and mic stands for small molecule. • Started in August 2001, at 48 Wall St. NY, NY.

  4. Business History • Four partners. Legal form of the business is corporation. Incorporated- easier to raise capital. • The owner earned a Master of Business Administration (MBA), in order to start this business. She used to supervise team of people; co-develop some of the products; and how to sell and market the products.

  5. Business History • Three months to raise enough capital. • It is the founder's families' money. • Approximately a hundred thousand for: operating expenses; electric bills; telephone bills; salaries; and administrative expenses. Advertisement and sales are not included.

  6. Business History • Selling medicine to customers; Registration process for new drugs takes too long. To overcome this, the company’s strategy, was not to start a new project until the result of the first project is still unknown.

  7. Business History • VISION - to identify which value is important; TEAM MEMBERS – excellent team members with complimentary skills; DAILY EXECUTION - work on the project everyday, like registering a drug that would take a really long time to be approved.

  8. Customer Relations • Handling complaints. Ask the customer to calm down, then ask what his or her complaint; Analyze the problem, and finally help the customer to solve the problem.

  9. Customer Relations • Be very honest with the customer and reliable; Make the business valuable to customer - work out something that customer can't do. Like making money or saving money to help grow business.

  10. Customer Relations • Develop new drugs. Treats Hepatitis; and For cardiovascular disease – helps make the blood thinner. • The quality of the product is excellent. Sample shows the results; Very affordable price.

  11. Customer Relations • No advertisement necessary; Attend conferences; Communicating with people and build network. Connections to potential buyers and manufacturers that make good products. • Very little competition. Barriers to entry is extremely high. Competitors go out of business due to lack of management skills, and team work.

  12. Insurance Profit, Prices, and • Do research on competitors. Pricing strategies. • Only purchased freight-out insurance, and NO liabilities

  13. Relations Employees -Management • Start with fifteen employees and four partners. • Employees work eight hours a day, six days a week. • Owners' work about five hours a day, and twenty-four hours thinking. • Employee's loyalty and honesty or integrity to the company; Competence -and ability- who can do the work; and Can work within the team - company without teamwork in firm can be broken up easily.

  14. Relations Employees -Management • Give employees proper share: salary, health plan, family plan, and other possible benefits. • The company looks at employee's integrity, competence, -and ability, team working, and character, and if the employee doesn't have these skills, the company would have to fire them.

  15. Relations Employees -Management • As a business owner, having dreams and goal for business is really common and develop and sell more profitable product is one of them. Reward -employees who work really hard for this company; and give back to the community and society.

  16. Future Outlook for the Business • To start a business today you need: • First, you must have PASSION (interest) - if a you don't have passion for the business that you wants to start, and just want to make money, you can't do it, or it would be hard for you, because there are many obstacles that will come your way Second, find the business that would best suits your interest and would match your skills

  17. Future Outlook for the Business Third, to start a business or company, as a female, it is important to have a balance between work and life. This is to reduce risks in your career and personal life, and before opening be well prepared financially and psychologically.

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