Do things differently
Stay ahead of the competition
Entrepreneurs are determined to stay ahead of the competition. Many businesses are born because the entrepreneur knows that they can do a better job than others. In fact, entrepreneurs thrive on competition and it gets the best out of them. Entrepreneurs seek to gain competitive advantage over others by looking for opportunities and acting on them quickly €“ and they tend to stay ahead. They are more flexible and able to respond quickly to the changing environment.
Network
Entrepreneurs are great networkers. Person-to-person interaction is very important if you are going to build a business. Entrepreneurs build a broad database of contacts they can call on from time to time.
Innovation
In today's ever-changing environment, you have to be innovative to stay ahead of the game. Being bold by nature, entrepreneurs are willing to take the risk of innovation. Innovation can include driving new income streams by offering new products and services. It can also mean driving efficiency and helping to cut costs.
Innovation can also come from simply adopting new working practices, and it can come through the use of technology. To an entrepreneur, it is not abnormal to open a new door when another one shuts.
Activity
Conduct a SWOT analysis on a hypothetical business or the pharmacy you are currently working for. List all the Strengths, Weaknesses, Opportunities and Threats facing the business.
Then conduct a PEST analysis for the same business. Look at all the Political, Economic, Sociological and Technological threats and opportunities.
The next step is to put these ideas into action. Finish by recording your learning outcomes.