Many people want to become pharmacy owners, but who is best suited for it?
Many people want to become pharmacy owners. Some will succeed at it, but many others will not. In fact, the failure rate for start-up pharmacies is 83% after 2.5 years, research shows.
The DNA of the pharmacy business has changed a lot. What worked for the older generation and your professors at pharmacy school no longer works today.
Whether or not you succeed in owning a pharmacy depends on several factors. The first relates to your outlook on being the leader of your own organization.
Any person who desires to own a pharmacy should have the following traits:
Certain characteristics are fundamental for leaders in all types of business, and they are no less true for pharmacy owners.
The famous humorist and writer Irma Bombeck once called guilt “the gift that keeps on giving.”
According to new research by NYU’s Stern Business School professor Rebecca Schaumberg and Stanford Business School’s Francis Flynn, Bombeck may have been right in ways she didn't intend.
The 2 business school professors acknowledged that good leaders are typically endowed with a number of positive qualities, such as extroversion, openness to experience, emotional stability, and conscientiousness. Yet, in those authors’ opinion, certain negative emotions—the tendency to feel guilt, in particular— could also be integral parts of an effective leader’s psychological makeup.
The same drive and tenacity that compels you to enroll in pharmacy school can also make you a successful entrepreneur. Unfortunately, that very same entreprenuerial characteristic is potentially at the detriment of consummate managerial skills.
Few pharmacy owners have both attributes. Because of that, the first person hired should have some good organizational and management skills to contribute to the team mix.
If you'd like to discuss this article, I'd enjoy hearing from you. The Pharmacy Sage can be reached anytime via e-mail at Lester@ThePharmacySage.com