From Pill Bottles to Business Plans

How Pharmacists Can Safely Navigate the Transition to Entrepreneurship

The Dilemma of Dual Identities

You’ve spent years in pharmacy school, passed grueling exams, and built a stable career. But, you want something more; you to run your own business.

Starting one is difficult enough, but you’ve got more to deal with. You’re caught in a whirlpool of emotions, family and societal expectations, and financial uncertainties.

The “Pharma-preneur Paradox”

Let’s call this the “Pharma-preneur Paradox.” It creates mixed emotions. These are some of the internal and external conflicts you face:

• You’re Misunderstood: Your family, friends, and colleagues often don’t understand why you’d want to leave a secure job in a stable career.
• Imposter Syndrome: You’re plagued by self-doubt, questioning whether you have what it takes to succeed in a new venture.
• Fear of Financial Instability: The thought of giving up a steady income can be terrifying.
• Internal Conflicts: You struggle with letting go of the identity of being a pharmacist and the effort invested in achieving that title.

Band-Aid Approaches

Many entrepreneurs try the approach of living in both worlds. I did this for seven years when I was a Certified Financial Planner, but knew I wanted to be a trainer, coach, and speaker. Trying to do both is not a good strategy in the long-term. No one receives your full attention or best effort.

• Part-time Ventures: Dipping a toe into the “entrepreneur pool” can be a benefit for a short-time. You'll gain valuable insight to help you determine if this is the path you want to walk. But if you hold onto your full-time job for years while also trying to build a business, you’ll most likely burn out.
• Seeking Validation: Being an entrepreneur can challenge your self-esteem, your self-worth, and make you question your sanity. Holding onto your full-time job will provide the occasional?—?but temporary?—?reassurance from peers or mentors that you're not insane.
• Financial Hoarding: Accumulating a “safety net” of finances sounds like a good idea, but it doesn’t address the root emotional and psychological issues that hold back many would-be entrepreneurs.
• Ignoring the Issue: Staying in a long-term secure job and burying your entrepreneurial ambitions isn’t the answer. This can lead to long-term dissatisfaction, unhappiness, and resentment.

Your Roadmap to Resolving the Pharma-preneur Paradox

Well, that’s a happy picture, isn’t it?

This post isn’t meant to discourage or argue against becoming an entrepreneur. It IS meant to give you a realistic expectation. I left the security of my financial planning position in 2018. Although it was financially, scary, I knew if I didn’t, I’d live with the heavier burden of regret in my old age. I knew I had to listen to that voice that was telling you what my real purpose is.

That was five years ago. I have had days and occasional weeks where the stress of running this practice was high, much greater than anything I experienced in the financial world.?

Yet, I have never regretted the decision. The people I’ve met, the relationships I’ve built, and the impact I’ve had exceed anything I accomplished working with clients’ money.

Don’t Walk The Entrepreneurial Road By Yourself

The biggest mistake I made when I started was not asking for enough help from successful people that came before me. They knew the landmines to avoid, and how to effectively jumpstart my business.

I am a speech and presentation skills trainer. A valuable entrepreneurial insight I’ve discovered comes from my storytelling experience. It is important that we get our story into the marketplace. This enables us to create business opportunities.

However, the most important story is the one we tell ourselves. If we’re not careful, we can talk ourselves out of a fulfilling entrepreneurial life.

If you’re a pharmacist considering the entrepreneurial life, let’s chat. My team and I can help you:

• Gain Clarity: Understand the emotional and practical aspects of making the transition.
• Achieve Confidence: Pick up strategies to overcome imposter syndrome.
• Secure Control: Develop a step-by-step plan to transition without jeopardizing your financial stability.
• Feel Comfort: Know that you’re not alone in this journey.

Ready to resolve your Pharma-preneur Paradox??

Schedule a call to discuss how you can make a smooth transition from pharmacist to entrepreneur.

By taking this step, you’re not just buying into a service; you’re investing in a transformation that could redefine your professional life. Let’s chat: https://calendly.com/speakingcpr/20-minute-call.