Be a master in your field

An entrepreneur must know whatever there is to know about their industry. As a budding pharmacy entrepreneur, you must look for knowledge that can give you the edge over others. Stay in touch with as many organisations in the ecosystem as you can, including the Royal Pharmaceutical Society, PSNC, GPhC and the NPA as a minimum. 

The pharmacy world is dynamic and it pays to be well informed. Reading trade journals is a valuable way of finding out what is happening and what might be around the corner. It pays to have others who possess the strengths you lack at your side or easily accessible. These people may include other successful owners and managers of pharmacies, local pharmaceutical committee members, etc. 

A thorough understanding of economic situations, as well as pharmacy affairs, is equally vital, so networking with other pharmacy owners and managers and attending networking events organised by pharmacy bodies or local commissioning organisations is essential. Entrepreneurs never pretend they know everything, but they know the strengths and weaknesses of their own networks.

Seek out mentors

All entrepreneurs have mentors or people they look up to. It is important to have at least one. It is great to be able to bounce your ideas and opinions off someone you can trust. A good mentor, who does not have to come from the pharmacy sector, will not shout down a good idea because they have not understood or not come across it before.