Advice from Entrepreneur Sabeer Bhatia

http://knowledge.wharton.upenn.edu/india/article.cfm?articleid=4385

Sabeer Bhatia is a pioneer in the field of web-based email, having co-founded Hotmail Corp. -- which today boasts more than 220 million registered users -- in 1996. After Microsoft acquired the company in 1998, Bhatia moved on to new projects, including Arzoo.com, an online travel services company for Indian consumers, InstaColl, which offers web-based office tools, and SabseBolo, an audio-conferencing platform for developing markets. Along the way, Bhatia has learned some critical lessons about starting businesses and keeping them going, even during difficult economic times.

Entrepreneur Norm Brodsky

http://www.inc.com/magazine/20090701/management-advice-from-entrepreneur-norm-brodsky.html

Veteran entrepreneur Norm Brodsky answers readers questions about retirement, selling a business, and more.

Norm Brodsky is a veteran entrepreneur who also writes The Morning Norm at Inc.com. His six businesses include a three-time Inc. 500 company. In December 1995 he began sharing his street-smart advice in a regular Inc. column co-authored with Inc. editor-at-large Bo Burlingham. In 2007 he wrote a real-time, blow-by-blow account of his attempt to sell his businesses. You can send Norm questions to address in future columns at brodsky13@aol.com.

Entrepreneurial Advice & Tips

Our entrepreneurial friends and alumni share their "pearls from the trenches," so you can know now what they wish they knew then.

http://entrepreneurship.mit.edu/advice_tips.php

Browse the Collection of Entrepreneurial Wisdom

Join the MIT Institute Career Assistance Network to get advice from fellow alumni.

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  Have experience and advice to share? Send to the E-Center for posting approval:
  How have you learned to get things done the hard way?
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  Inspirational Quote or Person: Who has inspired you and why?
• What words do you live by?

Plan for the Unexpected: by the - Closet Entrepreneur

http://theclosetentrepreneur.com/
Plan for the Unexpected…

Everybody is friends when a business is started. Who would start a business with their enemy? But crazy things can happen while running a business, and many friendships are unexpectedly broken.
Even if you remain great friends throughout the venture, other things can happen. One of your business partners might pass away. Or somebody might want to sell their share in the business.
Part of your startup planning should cover these situations. You can’t plan for everything, but you can catch a lot of possibilities. This is where you can get advice from experienced business people: ask what types of problems they’ve had to deal with. Make sure you’re ready for anything they’ve been through.

Put It in Writing…

The best planning in the world isn’t going to matter if it has no legal force. This is where a formal agreement is important.

I know you’re best buddies with your business partners, but that’s no reason to neglect entering into a proper agreement with them. In fact, if you are friends, it should be easy to sit down and sign the paperwork.

Agreements by Business Type…

Depending upon the type of business you setup, your formal agreement will have different names–but it still covers the major issues.

Partnership – This is the most informal business comprised of more than one person. You don’t have to jump through any legal hoops. You just operate the business and share the profits in some way. Since the entity is informal, you really need to make sure to have a Partnership Agreement. Specify how profits and losses will be shared, how a partner can leave & enter, etc. Have all the partners sign it.

Limited Liability Company – LLCs are great business entities. They provide limited liability, but they are flexible. You still want to have all the LLC members sign an Operating Agreement that covers the key issues of operation, dissolution, share valuation, and other topics.
Corporation – If you’ve formed a formal corporation, you still need to have Bylaws. This is the corporation’s formal agreement that explains how the company will be run.

Feeling Entrepreneurial?

http://www.seekingsuccess.com/articles/art112.php

Here is some of what you can expect 'on your own.'
· Potential for higher earnings
· Make your own hours
· Make decisions about the direction of your company and your career
· More responsibility
· Potential for favorable tax benefits
· No unemployment insurance or worker's compensation, as an independent
· Income may be erratic or difficult to collect
· Cost of doing business may be more than you anticipate
· If you're working at home it may be a challenge to define your work hours and manage interruptions and distractions

2008 Holiday Wish!

It's been quite a crazy year - huh? The economy went berserk and job loss across the nation seems to be ramped! The independent pharmacy industry has seen additional challenges too.

Walgreens launches their new discount prescription program, specialty pharmacy took its lumps, and ePrescribing costs seem to be solely on the pharmacy provider and no costs to the physicians. What’s up with that? I have heard $0.25 per prescription.

For 2009 – I’d like to extend an opportunity for some assistance. We’d like to help with many projects you may have regarding upgrades or enhancements to your pharmacy operations, technologies, software, and or processes.I have a database that could help you find additional marketing opportunities too.

Give me a call in January and I’ll send you a lead or two. (Nursing Homes/ Assisted Living Centers – in your region)2009 will be a challenging year for everyone – but it’s going to be a good year.I wish everyone a joyful, peaceful, and safe Holiday Season.

Very Truly Yours,

Todd S. Eury
Pharmacy Technology Resource, LLC.
teury@pharmacytechnology.net
(866) 582-8721

The "Hybrid Pharmacy Theory"

Over the years I have been a part of this incredible industry - I have realized that one of the fastest growing pharmacy models is the HYBRID Operations. The Independent Pharmacies that are growing fast and experiencing great success even during rough economic times are the operations that have a combined customer based. The retail / community pharmacies with closed door operations are more flexible and agile with regards to their overall growth and opportunity to absorb different patient setting needs.

It took nearly 10 months to find an application that had both of the best worlds to support these "hybrid pharmacy operations". RxKey by KeyCentrix enables the pharmacy operations which has multiple patient setting needs to plan specific work flow for each pharmacy operational design and specify each accessing software user to specific roles within your customized network. If your operations has multiple locations and one location becomes busier than others - RxKey can help "load-balance" your staff and work queues. This creates incredible efficiencies for the Independent Pharmacy with both institutional operations and retail or mail order operations.

Implementation of a new system is always challenging.

The KeyCentrix team helps shorten the time your pharmacy becomes operational with the new software by being involved with your data conversion and training your staff on how to integrate the software into your operations.