There are some secondary principles that are important too, and they can all be learned. Many of the modules in this series cover the kind of things that fall into this category, like the ability to evaluate risk, to grow a strong team, to lead by example. It helps to be able to think outside the box and to have a flexible mindset that allows you to stand ready to take opportunities others can’t (or won’t). Finding and using business mentors and developing your skills to achieve mastery in your chosen field will also help. 

Evaluating risk

There is a common misconception about entrepreneurs. They may be risk takers in a quest for success, but they are not gamblers. You must evaluate the risk of any venture, idea or proposition, and increase your likelihood of success by only investing when that risk is weighted in your favour. Downsides must be manageable; upsides must be high. 

Say, for example, you were thinking about managing a new pharmacy. To quantify the challenge, it’s important to research this business, including conducting a thorough assessment of the competition and any likely movements of GP surgeries and other key health resources. As a start, the age and condition of the local surgery can give you an idea of the likelihood of it being relocated.

Analytical tools such as SWOT and PEST analyses can be helpful. A SWOT looks at the strengths, weaknesses, opportunities and threats to a proposition, while a PEST looks at the political, economic, sociological and technological factors that could impact it.

Lead by example

Any entrepreneur needs to exhibit leadership qualities. Not only will entrepreneurs be their own internal leaders, self-starters who will jump into tasks with enthusiasm, but they are also skilled at leading others. 

They understand the importance of teamwork and the need to appreciate others, support them and reward them accordingly. Do not think of rewards as monetary only: you can never say a simple “thank you” enough in business when it’s earned. 

True leaders also learn and practise the art of delegation. Entrepreneurs cannot be captain of a ship while shovelling coal in the engine room. Leaders who take time to inspire, develop and motivate others can accomplish extraordinary things.

Pause to reflect

• Does your pharmacy have a set of customer service KPIs? If not, what KPIs would you consider measuring? Write them down here so you can consider later how you might collect the data. 
• If you have KPIs, think about the trends in your data. Are things improving month on month, or are you facing drops in any areas? Make any notes about remedial action to be considered.