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A Strong foundation Starting in the creative real estate business can be very fun and rewarding. Like starting any business the fun is in the challenge and in the learning. There is so much to learn. Put in the time, master the education curve and the money will come. To begin with, there are so many different innovative ways to create wealth in RE tha According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product t it can be a source of overwhelming concern. I write this chapter to encourage you to begin with a logical approach to the task ahead. Learn to leverage your time! First and foremost, study as much FREE information as you can get your hands on. There are literally thousands of resources that can get you started. May I suggest the website www.WealthAddress. ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug. Examples of combination products may in om. There you will find over 6,800 articles on creative RE. The articles there are free for you to consume. In addition you’ll find previously recorded teleseminars and other helpful resources. Also at www.WealthAddress.com you may want to follow along with a documentary The Wealth Address Millionaire Challenge which takes a complete NEWBY, Wesley O’Neill, lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together. from ground zero to his first RE purchase and beyond (We hope). It is a LIVE – DAILY documentary of a young man being mentored by 2 successful RE investors. While the mentoring process is planned step by step, Wes’ success and failures are live and in virtually unedited form. Wesley’s journey begins on June 14th, 2007 and is cataloged in chronological order here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe or anyone to follow along with from the beginning to the end no matter when you discover this educational jewel. Use free materials to narrow your search. Study some or all of the different techniques of creative RE until you find the method that best suites your personality. Be it “short sales” or “foreclosures” or “wholesaling” or… well, the lists go on a d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations. Combination pro d on but hear this; it is smarter to do your research and THEN zero in on the materials that fit your needs. Example: once you’ve decided that Foreclosures is what you absolutely want to do… and after you’ve read every FREE thing you can get your hands on about foreclosures… then, and only then, is it the right time to pick a seminar or course to spend your ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc ard earned money on. If you’ve done enough “free perusing” you will undoubtedly have a long list of EXPERTS willing to take your money in exchange for their knowledge on that particular subject. Don’t become one of those people that go to a seminar right off the bat and spend a good deal of money only to find that the particular path isn’t really for them. easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi I’ve seen this happen a hundred times. People go to a short sale seminar and buy everything the Guru has to offer. A few weeks later they go to a foreclosure seminar and they buy all the materials that Guru has to offer and on and on. The point of buying ANY material is to stop doing everything else and focus in on becoming an expert in that arena yourself. nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically oving from one subject to the next is confusing and expensive to say the least. For a beginner (or even a veteran) one seminar can be like drinking water from a fire hose. Information overload can paralyze a person. I am also aware of a certain personality type that seems to get a thrill out of “Setting Up” the business, dreaming about how a successful busi and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ ess will be, and then never getting down to business. These people choose a name for their business, Register their D.B.A. (Doing Business As – name), design a logo, buy business cards, research the different types of business entities (LLC, S-Corp, Nevada Corporations, etc.), research accounting systems, consult with attorneys about trusts, yadda, yadda, ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi adda… and never get to the “Doing Business” part. Don’t go that route. It can be expensive and energy sapping as well. While there are things you can and should do to prepare for business, don’t get overwhelmed with the semantics of business. Make a deal as soon as you’re able, turn it for a profit and put some money in your pocket to prove to yourself that ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it. Following aspects would a you have a viable business first. Keep good records (income and expense receipts by project), pay your taxes, and hone your craft. With good records you can back track everything into the software of your dreams AFTER you’ve proven you can generate some cash. Let’s try to start out in a logical, inexpensive, step by step path. First of all you are going to dd to the challenges in developing combination products: Which markets to tap where the combination products can do fairly well? Which combination prod ave to get some education. You can definitely plan on this; your education in RE will never end. The challenge is to NOT get spread too thin by trying to take in information from every which direction on every conceivable creative RE technique out there. As previously stated, use free resources to narrow your search for the technique that best suites you. Th cts are meaningful and rational? Which therapeutic categories to select? Which Combinations can address unmet needs of the patients? Do combin n, stick to that subject until you’ve mastered it. You will have mastered it when you can routinely make a paycheck from that specific technique. There is absolutely some amount of multi-tasking that should be going on. A certain amount of multi-tasking keeps us from getting bored. Changing the gears back and fourth from simply getting educated to actually tions increase the patient compliance? What would be the developing cost? How to tackle the risks encountered during combination product developmen taking action is a good thing. So here are some suggestions: GET YOUR MIND RIGHT – If you’ve never been an entrepreneur, you are going to have to understand the mind set. Being your own boss is a different way of thinking. My personal transformation from employee to entrepreneur started with reading or listening to tapes and CDs. I personally like CDs bec t? As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel use I can use the down time I spend in my car getting educated. I have heard this approach referred to as the Auto University technique. Simply leave an educational CD in your car stereo. Every time you get into the car make sure it is being played. When you can recite the next line before it is said on the CD… you’ve absorbed the information on that CD. Put ping new procedures for reviewing their safety, efficacy and quality. Professional from academic institutions, pharmaceutical industries, health care indust the next CD in and repeat until you are an expert on the subject. You will be amazed at how much you can retain. Imagine the hours you’ve wasted already, listening to thousands upon thousands of commercials and songs you don’t even like. Here are some books/resources that have helped me tremendously. Many of them are on CD. *Think and Grow Rich *The S y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products ience of Getting Rich Psycho-Cybernetics The Millionaire Next Door Self Made in America The Richest Man in Babylon Rich Dad Poor Dad The E Quadrant The E Myth *If you are unsure of your commitment to be an entrepreneur or if you are on a tight budget www.WealthAddress.com offers a few of these books for free. Simply go to . As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de he site and sign up for their free gifts. You will also receive some very necessary e-books and their free newsletter as a result. In this case Free is good… and so is the information you’ll be getting. The importance of getting your mind right is as important as building your home on a solid foundation. It is crazy not to start out with the shaping of your elopment. They need to be wiser in analyzing the market trends and the regulatory requirements. Companies that provide selfless information through particip own mind. If you are wise enough to actually read Psycho-Cybernetics you will undoubtedly know what I am talking about. Even if you do not end up in the field of creative RE you will be better off for having read any of these books. Personally, I can say that these books have altered my life profoundly. TAKE ACTION NOW! Visit www.WealthAddress.co tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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