Be a master in your field

An entrepreneur must know whatever there is to know about the industry of their choosing. As a budding pharmacy entrepreneur, you must strive for knowledge that can give you the edge over others. In the pharmacy market, it is extremely important to stay in touch with organisations such as the RPS, the GPhC, the PSNC and others.

The pharmacy world is dynamic and, in order for you to be able to make the correct decisions, it pays to be well informed. Likewise, reading all of the pharmacy trade journals is a valuable way of finding out what is happening and what the Department of Health and others are planning. Entrepreneurs never pretend they know everything, but they know their strengths and weaknesses.

It certainly pays to have others who possess the strengths that you lack at your side or easily accessible. These people may include other successful owners and managers of pharmacies, LPC members, etc. A thorough understanding of economic situations, as well as pharmacy affairs, is equally vital. Networking with other pharmacy owners and managers is also essential, as is attending networking events organised by pharmacy bodies or local commissioning organisations.

Seek out mentors

All entrepreneurs have mentors or people they look up to, and it is very important to have one. It is great to be able to bounce your ideas and opinions off someone you can trust.

Unlike others, a good mentor will not shout down a good idea because they have not understood or they have not come across it before. Remember that your mentor does not have to come from the pharmacy sector.