Off Topic: Entrepreneurship Skill

[Jssgarden]

So where are you all learning Entrepreneurship skill? I assume it is important to know how to manage/invest money at the right place to maximum profit, regardless of what profession you choose. Some people are just natural at it. What about the rest of you? Where do you invest your money beside pharmacy? I assume that it's not the same thing with obtaining the MBA by the advertisement of most pharm schools nowadays.

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[Unchained]

I learn from old white guys because they have the money and control the purse strings. If you want to get rich it helps to hang out with other rich people.
Learn to be a producer and not a consumer.

 

[confettiflyer]

Entrepreneurship and investing are not the same. So what are you asking for? Investing is more about seeking yield, while entrepreneurship is more about the actual organizing of capital, labor, and other means of production to maximize that capital return. Sometimes the entrepreneuer and investor are the same entity/person, often it isn't.

So to answer both questions:

1) You learn investing skills from patience and knowing how BAD human beings are at picking winners. So, for maximum returns, you park your money in a low ER total market fund and forget about it for 30 years.

2) You learn entrepreneurship skills from trial and error, and not outsourcing tasks early in the process. Starting and managing a business is 80% drudgery (paperwork, accounting, tax strategy, legal, liability mitigation, and regulatory compliance, etc...) and 20% "American Express TV commercial fun" as I call it. You pretty much throw pasta at the wall, see what sticks, see what doesn't, and retool/do it again. Keep your circle small in the beginning and grow slowly.

 

[Jssgarden]

I'm just curious to see how people invest their money. Wonder if it's a natural skill or is it something you learn

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[ABCPharmD]

I'm just curious to see how people invest their money. Wonder if it's a natural skill or is it something you learn

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There's this long thread on the topic. https://forums.studentdoctor.net/th...real-estate-retirement-just-not-gold.1001858/

 

[Jssgarden]

There's this long thread on the topic. https://forums.studentdoctor.net/th...real-estate-retirement-just-not-gold.1001858/

Interesting thread.I'll read about it more. My parents invested in some stocks but I think we just lost money on them. Then they invested in buying and renting out houses.

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[lord999]

http://www.mymoneyblog.com/dilberts-one-page-guide-to-everything-financial.html

Is the basic advice that should be followed unless you have a specific reason to go against it except perhaps for 8 on the exact percentages of the diversification advice. That other thread I consider to be what you do after the basics and with some of the more unique situations pharmacists have with money.

Echoing the above, individual stock buying should be considered to be risky in the true sense, that many do go negative and most do worse than if they did the low cost index fund strategy. The rule that contravenes that is if trader has access to legally actionable insider information that may or may not market public. Contrary to popular belief, it is quite legal under certain circumstances to trade with an insider knowledge (corporate officers), but you really have to be on the inside to benefit from that strategy.

 

[ldiot]

Honestly the best thing for most people is just buy an S&P 500 index fund and call it a day. You could add bonds or get fancy and throw in some international funds too if you really want. You won't get rich overnight and you might lose money but if you just leave it alone it will double and then triple. In the short term the most valueable skill is personal finance and budgeting. People work hard all their life and retire to rely on a social security check because they never saved a penny; economic illiterates.

 

[nextyearrx]

is there an app to know how much calorie required per day working at a retail pharmacy?

 

[Robbin]

Great knowledge and experience are the two key factors to learn anything.

 

[Sabril]

I think entrepreneurship is more of a mindset than skills. Sure some fall flat because they don't have what it takes but you must really want something beyond just a normal job security. I don't know if there is a "typical" kind of entrepreneurs but the ones I know, I wouldn't describe them as "typical" pharmacy people.

i think pharmacist-entrepreneurs are a rare breed. Not because they mentally can't but the two fields require different ways of thinking. My boss is a good entrepreneur but a horrible pharmacist. Way too careless and uncaring. Whenever he covers for me, there are bound to be some problems. Then there's another pharmacist-owner of another pharmacy that I would consider a good pharmacist skill-wise, but guy sells lots and lots of yummy scripts.

But that's probably what it takes, you can't think too much and must accept big risks, have thick skin and don't mind the small stuffs. Pharmacists, on the other hand, need to check, double check, triple check, then look it up, then look it up some more, and spend half of your day minding people's 20 cent copays and whether it is time to change your tech's diapers.

If you can balance these two mentalities or switch one off completely depending on what you do, you are golden. I just don't know if many people can do that