ENTREPRENEURSHIP SCENARIO AFTER THE PHARMACY EDUCATION_Essay by Brijesh Kanjnani

An entrepreneur is a one who creates and grows a new enterprise and demonstrates characteristics of risk taking and innovation. Entrepreneurs are usually viewed as individuals who take substantial risks to go out and start new companies, but most pharmacists go to work for entities that are already established, such as a community pharmacy or hospital. Such positions are generally considered safe, as they promise a steady paycheck and continued employment. For that reason, entrepreneurship is not commonly listed among a pharmacist’s skill sets.

Depending on the character and stage of development of the enterprise, the roles may range from articulating the commercial goals of the enterprise, identifying and soliciting the necessary resources to coordinating their use and assuming responsibility for the success of the enterprise.

In today’s career landscape, the stability once offered by employers is no longer there. While there are many factors influencing the potential for unemployment, the advance of technology and the use of low-paid employees like pharmacy technicians are the biggest threats to the current pharmacy field. Until recently, the emphasis in the curriculum for the training of pharmacists was the enhancement of the professional competence of pharmacists. Even though society entrusted the personal control of pharmacy enterprises to pharmacists only, very little effort was made to develop their entrepreneurial behavior which is needed to provide innovative pharmaceutical services to the society with corresponding improvement in the financial performance of pharmacies.

The idea of becoming an entrepreneur is more and more attractive to students because it is seen as a valuable way of participating in the labor market without losing one’s independence .The most common values amongst graduates facing the new labor market are linked to those of the self-employed: independence, challenge and self-realization .I believe that pharmacists should view themselves as entrepreneurs throughout their career development.

 To do so, I suggest incorporating the following 3 recommendations:

1. Be paranoid. All great leaders fear that they are one day away from losing their edge or business. Technologies that can impact your standing are being developed and people who can do your job cheaper or better are being trained, so what you offer your employer or customer might not be needed in the future. This scenario should generate fear that drives you to keep changing and learning new things. Staying paranoid will keep your knowledge, skills, and abilities sharp and competitive, as well as prepare you for whatever the future has in store.

2. Remember that all decisions have risk. Some people say they do not want to become entrepreneurs because making the decision to join a start-up is risky, but they fail to realize that there is also risk in maintaining their current lifestyle and position. All of us are one decision away from not being needed or from getting replaced with someone better or cheaper. Thus, there is risk in staying in a current position, just as there is risk in taking a new one.
3. Find mentors. Each of us should have a network of individuals with whom we can discuss new opportunities. Engaging with those who have different backgrounds and experiences, in addition to those who are doing what you want to do, is important for achieving success.

The entrepreneurial propensity of undergraduates of Pharmacy are found to significantly affect interests in starting one’s own business, while contextual factors, such as family background, are found to have little independent effect. Although a reasonable amount of students of Pharmacy would like to run their own businesses, their intentions are hindered by inadequate preparation.