Entrenpreneurship Essay

Entrenpreneurship Essay - Ryan Houska 2140510 Science...

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Ryan Houska 2140510 Science Lessons: What the Business of Biotech Taught Me about Management Amgen has grown astronomically, both financially and physically, over the past thirty years thanks to its guiding principles and management techniques, strong leadership, and a little luck. In his book, Science Lessons: What the Business of Biotech Taught Me about Management, Gordon Binder tells the story of a transformation of a small startup struggling to gain financing into a biotech giant that earned $15 billion in revenues in 2008 (Amgen.com). Amgen’s eight values are the guiding principles for the company and are differentiators from the industry norms. The company believes in a science-based, breakthrough-product strategy. For example, the newly hired VP of sales and marketing, Dennis Fenton, used his problem solving abilities to apply the scientific method to the sales and marketing department. He found in his experiment that the sales team preferred to focus on one product rather than two (Binder, 59). Putting a bench researcher in charge of sales and marketing would seem ridiculous to most companies. However, Binder took accountability for the decision, promising Fenton old job if he “failed.” Amgen successfully created a company where people are not afraid of failure, but rather they embrace it and learn from it. Amgen also uses unique hiring practices that have helped it recruit some of the best and brightest the country has to offer. Its 360 degree interview is a very intense system developed to make sure the candidates. Unlike many companies, Amgen also allows subordinates face time with the candidates because the company’s best recruiters are its employees, with 1/3 of hires coming by word of mouth. The employees also enjoy the opportunity for promotion because the company focuses on cultivating talent from within. Amgen does this on the basis that performance reviews are much better indicator of future performance than information gathered in the interview process.
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