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 the business, including conducting a thorough assessment of the local competition looking at factors like items numbers and service delivery.

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 and develop others can accomplish extraordinary things. 

Think differently

Remember your customer is king: Every pharmacy should set clear key performance indicators (KPIs) for customer service. Include things that mean more to your customers than you think, like waiting times and owings. 

It’s always good to have an understanding of what your customers think of your service. You could ask a third party to conduct a survey on your behalf, or run an anonymous online version, where customers are more likely to tell the truth. The best way to improve is by training staff and looking for innovations in workflow to reduce the impact on customers waiting longer than they might want to, or having to come back another time. 

Learn constantly

An entrepreneur never ceases to learn from their own mistakes or – even better – from the mistakes of others. Formal study is an effective way of examining lessons of business success and failure and should not be discounted. A four-year degree course makes you into a pharmacist, but a business diploma can add valuable business learning.

Think laterally

New ideas and initiatives don’t appear out of thin air, so it helps to develop ‘blue sky’ or lateral thinking skills. Our minds tend to think segmentally because we mostly use only one side of our brains, while it is the other lobe that gives us the ability to think creatively. Try using a ‘mind map’ to help you think when embarking on any project. This can be done with a pen and paper, although digital versions of mind mapping tools are available. It’s amazing how a simple technique can help you offload your thoughts and learnings onto a blank sheet of paper.

Know your business

An entrepreneur must know whatever there is to know about their industry. You must look for knowledge that can give you the edge over others. Stay in touch with as many pharmacy organisations in the ecosystem as you can. 

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 is essential – and liaising with your integrated care board can’t hurt either. 

And because none of us has all the answers, the advice of a trusted mentor is invaluable. All entrepreneurs have mentors or people they look up to. It is great to be able to bounce your ideas and opinions off someone you can trust. A good mentor – not necessarily someone within the pharmacy sector – will not shout down a good idea because they have not understood or not come across it before.