What is the role of your business?
The role of an entrepreneur in society is to create wealth. Wealth is something much different than a job. A job is something you do to earn a paycheck. Wealth is the ability to earn a paycheck without going to work if you don’t want to. Most people incorrectly pursue a better paying job when what they really want is wealth. Innovation is the specific instrument of entrepreneurship, the act that endows resources with a new capacity to create wealth.
No risk of failure = no chance of success
Every product that’s ever been invented from the personal computer, to the cell phone, to the automobile was developed by an entrepreneur. People who don’t take risks generally make about two big mistakes a year. People who do take risks generally make about two big mistakes a year. The difference is, if you’re not trying, you’re not producing anything of value.
A good business man knows the difference between what is right and what will sell
Your role in the economy is to provide valuable goods and services in an ethical manner. Your role as a pharmacy entrepreneur is to create a business system that produces wealth. The marketplace for pharmacy services is growing exponentially; you just have to figure out what to do to take advantage of the opportunity. My mission is to teach you how to use your pharmacy degree to create wealth for your family.
One of the most frequent questions I get is, “How can a little guy compete with the big players in the industry? The answer is that small is the new big.
The world is changing so rapidly that being large is becoming a disadvantage. A tightly focused small business can easily provide better service than a large generalist.
The trick is to develop a service that is higher cost. I know what you are thinking and yes I meant higher cost. Let me explain why.
Price is not everything …Value is key
Historically, large providers do a good job at keeping costs low and volume high, but they ignore segments of the market that can be exploited by an individual with the entrepreneurial spirit to develop a nice business niche. Small niche providers compete by adding a high value service rather than a commodity product. A service is much more difficult to duplicate and much more dependent for quality on you, the provider, than the systems and processes developed by a big competitor. In other words, YOU can develop a competency and YOU can develop an ability that the large box – the big provider, can’t because it is unique to your skill set.
Once you identify what this service is that you want to do, make sure that it creates value for your target market. By knowing your market better and providing a better solution for the market’s needs you will be able to charge more for the service. And once you get a reputation for providing good service you will be on your way to wealth.
If you would like to know more about this subject download my Free White Paper, The Third Act for Pharmacy.