Entrepreneurship in community pharmacy

1. ENTREPRENEURSHIP IN COMMUNITY
PHARMACY
Presented By:- Mohd Farman
M. Pharm (Pharmacy Practice)
SGRR University , Dehradun

2. INTRODUCTION
 Entrepreneurship is the process of designing, launching,
and running a new business which is often initially a small
business.
 The people who create these businesses are
called entrepreneurs.

3. CHARACTERISTICS OF ENTERPRENEUR
 Innovative
 Creative
 Motivation
 Good Communication Skills
 Dynamic
 Self- confidence
 Leadership
 Technical Knowledge
 Desire for responsibility

4. QUALITIES OF SUCCESSFUL ENTREPRENEUR
Passion
Dedication
ActionCreativity
Persistenc
e

5. FUNCTIONS OF AN ENTREPRENEUR
 Idea Generation
 Undertaking Risk and Uncertainty
 Arranging Finance
 Staffing

6. QUALITIES OF COMMUNITY PHARMACIST AS
ENTERPRENEUR
 Get involved with your community
As an independent community pharmacy, it’s important to get outside of
your pharmacy and give back to your community. Whether you decide to
offer a free educational class or give a speech at a local school, giving
back creates opportunities for your business by getting your pharmacy’s
name out there and building credibility.
 Continue your education
Pharmacy is a continually evolving industry. Although running your
business may take up most of your time, it’s important to remain a
student. Stay informed on current trends in health care by attending
industry events, or joining your national and local pharmacy
associations. Don’t forget to keep your certifications and licenses up-to-
date, too.

7.  Network
You never know what business opportunities can come out of new
connections. Maintain professional relationships with other independent
pharmacy owners and industry experts by attending events and
conferences or taking part in your local associations.
 Focus on the patient experience
Keep current patients happy and returning to your pharmacy by
continuously working to master the customer experience. Hire friendly
employees and make customer service an emphasis to gain loyal
patients who refer your pharmacy to their friends and family.
 Invest
Invest in necessary assets. Don’t be afraid to hire more employees,
purchase new equipment or spend additional money on marketing.
Think of the future of your pharmacy when making financial investments.

8.  Keep employees satisfied
For any business to successfully thrive, employees must be happy.
Make sure you promote a positive work environment for your
employees. Take steps to increase their job satisfaction and make them
feel invested in your pharmacy.
 Pay attention to your loyal patients
Listening to your patients will help you learn about new products or
services you may want to consider offering. Paying attention to your
patient’s needs will promote loyalty and even potentially help you
discover an idea for a new business venture.
 Learn from unsatisfied patients
Unhappy patients can teach you a thing or two about what needs to be
changed in your pharmacy. Consider their critiques as a valuable source
of feedback.

9.  Take a risk
Don’t be afraid to make a mistake. Try something new at your pharmacy.
Offer a new service or add a new category to your front end. Don’t be
afraid to take a risk. You’ll never be able to move forward if you don’t try
something new.
 Look to other industries
Look outside the walls of your pharmacy. Visit other pharmacies, and
even other retailers outside of your industry. Ideas are everywhere.
Consider what works well for other businesses; it may work for you, as
well.
 Define your goals
Choose a goal for yourself and your business. Defining a certain goal for
your pharmacy, such as offering a new product line, or committing efforts
to becoming more involved in your community, will change your typical
routine and likely cultivate inspiration

10.  Consider specializing
Developing a niche business is a unique way to help your pharmacy
stand out from competition. You could focus on a certain condition, like
diabetes, and make your pharmacy a one-stop shop for diabetes care.
Or, you could focus your efforts on women’s health, compounding or
durable medical equipment
 Share your knowledge
Promote your pharmacy and yourself as a professional and consider
sharing your expertise. Write for industry publications, join the editorial
board of an industry magazine or write your own blog. Consider
submitting article ideas, or sharing information about innovative
practices at your pharmacy to industry publications (such as magazine),
so other pharmacies can learn from your successes. Publishing your
knowledge will showcase your expertise.

11.  Get your rest
Owning your own independent community pharmacy is a difficult task.
Don’t forget to take time for yourself and get rest. Taking a break will
help you refocus and reenergize. Your next big idea may happen when
you least expect it.
 Invest in your brand
Think of what makes your pharmacy unique from others. Entrepreneurs
understand the importance of building a brand; it’s what keeps
customers returning. Whether you choose to finance more marketing
efforts to promote your pharmacy or decide to specialize in a certain
condition, taking the time to invest in your brand will help you create a
thriving patient base and an excellent reputation

12. ENTREPRENEURIAL BARRIERS
1. Economic Barriers-
Lack of Capital
Labor
Raw material
2. Non- Economic Barriers-
Social
Personal
Lack of Marketing Knowledge
Lack of Technical skills and motivation

13. STEPS TOWARDS BECOMING AN ENTERPRENEUR
HAVING
A
MENTO
R
TIME
MANAGEME
NT
BUSINESS
PLAN
FINANCE
ENTERPRENEURI
AL SPIRT

14. STRENTH
 Creative
 Innovative
 Perfect leadership style
 Technical Knowledge of computer
 Coordinating and Management Quality
 Risk taking ability
 Highly Desire for Responsibility
 Future Oriented

15. THANKYOU