Why doesn't this work?

[3hunna]

Hey guys,

I need some advice on where to start. I am 17 years old, an aspiring entrepreneur with no experience. I don't know if I should go to university next year or not. If I was to go, I wouldn't even know what course to do. I'm having trouble finding my strengths. Everything is the same for me. There's no subjects in which I much better at than the others. There's no subjects that I like/enjoy more than the other. Computer science or medicine is probably not for me since both careers has become unstable. It used to be a good career - stable 6 figures. However, nowadays so many want these jobs that there aren't enough job places and people are willing to work for minimum pay which leads to hiring people from overseas such Asia who are willing to work for 5USD/hr. So I don't know if I should dedicated years of work on something that I might not even get a job in.

Anyway, I was wondering why this wouldn't work. I open a pharmacy since being sick is inevitable. My business is going to last a very long time since there isn't going to be a pill that will make you never sick again anytime soon. I take out any competitors by lowering my price. Even though I won't be making as much profit per sales. I will have more sales since my products are so cheap, making a greater total profit than my competitors. I then open hundreds of these pharmacies everywhere and then I'm making 8 figures a year.

 

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[Mattie]

Hmm...well what have you done a lot in life that has been repetitive. That's a good place to start. Like my son, has always been mechanical, building things, tearing them apart, creating things and knows he's into robotics and electronics. He's been into that since he was a baby. So, usually we stop ourselves from seeing our hidden talents and how we can apply them to creating a business.

What do you know about pharmacy, pills, chemistry, biology, etc. Thing is you can study where all the herd is going like you stated what they're doing or don't do, but for some reason once you get all that education done, the trend changes. lol And you can't get a job in that area. But, again what do I know. Just here a lot of people that used that method end up with student loans and no jobs.

And my theory is if you don't know what you're interested in, we can only give you ideas. It's basically going out there and putting yourself in different areas and seeing if you like it. Like have you ever hung out with a pharmacy and watched everything that goes into it, go get a part time job and hang out there, and see if it's something you want to be involved with.

All kinds of places that need volunteers, go try different ones for a few months and get an idea. Even when I did an internship I learned how to they ran a non-profit organization, how to write grants, resources, etc. And even sat in board meetings.

 

[nausbot]

"My business is going to last a very long time since there isn't going to be a pill that will make you never sick again anytime soon"

Go to school for pharmacy/medicine and create this pill.

 

[tafy]

Computer science or medicine is probably not for me since both careers has become unstable

Your joking right?

You can become a millionaire in the tech field, half of the apps people will use in 5 years havent been created yet.

 

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[biophase]

Anyway, I was wondering why this wouldn't work. I open a pharmacy since being sick is inevitable. My business is going to last a very long time since there isn't going to be a pill that will make you never sick again anytime soon. I take out any competitors by lowering my price. Even though I won't be making as much profit per sales. I will have more sales since my products are so cheap, making a greater total profit than my competitors. I then open hundreds of these pharmacies everywhere and then I'm making 8 figures a year.

What if... someone else comes along and opens up a pharmacy and sells at a lower price than yours?

 

[Lakeview]

I will have more sales since my products are so cheap, making a greater total profit than my competitors. I then open hundreds of these pharmacies everywhere and then I'm making 8 figures a year.

Are you aware that most people go to pharmacies where their insurance provider provides them the best price?

Find a solution to the health insurance problem and everyone wins! Please, do it in my lifetime though.

 

[Michael ingram]

Compound pharmacy is the way to go. Not only do they have potential to make way more than a regular pharmacy. The way I see it, it's like owning your own little mad scientist. There was this doctor who was making this product and he died. So this guy on a forum was like, "oh crap where we going to get this product now". He spent all his time trying to find someone to make the product. Finally, he found a compound pharmacist who was willing and confident she could make the product for him and the forum community. She charged 60-70(i forget). But she was making the products on the side for extra profit.

If you own a compound pharmacy. It would be like owning your own little mad scientist that could help develope/perfect more complex products on the side. Plus, all the revenue you get for conducting normal compound pharmacy business. That's my take on it anyway.

 

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[Michael ingram]

Also, you're not going to be able to lower your prices lower than walmart. Not as an independent pharmacy. The way you beat walmarts lower prices is with being more hands on with the community. Make your customers want to pay the extra 2$ to come and see you. Though with compound pharmacy that's only small % of revenue. Look at numbers of compound pharmacy , their normal prescription sales are just a small % of revenue. Their big tickets are B2B hospitals and such.

 

[Bananas]

I pay more to go to:

1. An independent pharmacy which employs people who have brains. I cannot stand Walmart, Sams, Walgreens, CVS. Their service is shit all around. No matter which chain store I go into, and inevitably if I go to one enough, I will run across total idiots. Last time I was in a Walgreens the three pharmacy techs, girls around my age, where all playing with each other on the intercom for the whole store. The pharmacist just stood around doing more work than anyone while they acted like teenagers. I'm over 30.

2. Not only independent, but like @Michael ingram is saying, a compounding pharmacy.

Independent compounding pharmacies are getting harder to find. I've got to drive two cities away to get to the one I use.

That said, you're 17, probably your mind will change. You're ten steps ahead of most other 17 year olds by following this train of thought and tracking down some experienced adults to bounce your ideas off of.

 

[AlterJoule]

You know what would be cool? An old fashioned pharmacy with ice cream and candy and soda machines and meds of course.....

 

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