ENTERPRENUERSHIP AND JOB CREATION ADVOCACY FOR YOUNG PHARMACISTS IN THE DIGITAL AGE.
By Pharm. Vastovers Emordi, popularly known as Mr. Vast.
INTRODUCTION
This piece is an expanded report of the opinion of Mr. Vast: Founder/Managing Director of Vastovers Group. It captures an in-depth analysis of his advocacy for entrepreneurship and job creation among young pharmacists, presented by him as a panelist at the PSN-YPG FCT Professional Excellence Programme/Dinner held on the 20th of April 2024 at Novare Event Centre, Wuse Zone 5, Abuja.
OVERVIEW
The program, themed ‘Empowering Young Pharmacists in the Digital Age’’, and chaired by Pharmacist Zango, former HOD of NNPC Clinic, Abuja, was attended by many dignitaries including the PSN Chairman, Abuja Chapter, Pharm. Salamatu Orakwelu, and others, many of whom were my co-panelists. With the ultimate aim of having a successful outing, the panelists shared their wealth of experience while answering the questions fielded by the ambitious young pharmacists who showed undiluted zeal for self-development.
SUMMARY OF KEY THOUGHTS
Mr. Vast emphasized the importance of entrepreneurship and job creation in the pharmaceutical profession, urging young pharmacists to seize opportunities for self-development and empowerment.
He highlighted the challenges faced by pharmacists due to non-professional interference in the profession, advocating for a business-oriented approach to pharmacy practice by pharmacists.
Drawing on the Wealth Quadrant concept from “Rich Dad Poor Dad” by Robert T. Kiyosaki, Mr. Vast encouraged young pharmacists to strive for business ownership and investment, aiming for financial independence and influence.
He acknowledged the difficulties of doing business in Nigeria’s pharmaceutical space but recommended diversification and leveraging technology for global reach and success.
Mr. Vast emphasized the significance of a global mindset and digital literacy for young pharmacists, urging them to embrace technological advancements for entrepreneurial success.
Practical recommendations included starting businesses, engaging in e-commerce, investing in Treasury Bills and the Stock Exchange, and exploring real estate opportunities for wealth creation.
He encouraged continuous education, mentorship, and hard work in pursuing entrepreneurial endeavors, emphasizing the importance of passion and dedication.
Mr. Vast also addressed the role of entrepreneurship in national development, discouraging brain drain and advocating for youth engagement in building the nation.
DETAILS OF THE DISCUSSION
While addressing the question of how he was able to build an empire of many businesses at a young age, he gave a passionate perspective which he later developed in an expanded version for educational purposes and to inspire young pharmacists and, in extension, the youths in general.
Entrepreneurship and job creation formed the main focus of his advocacy. According to him, ‘’At Vastovers Group, I have tutored a lot of young pharmacists including pharmacists on internship, but today’s gathering was special to me being that it gave me the rare opportunity to speak to a larger number of young pharmacists.’’
He noted that all over the world, the Pharmacy Profession has been ‘hijacked’ by non-professionals who are tireless about taking the bull by the horns and, as a result, have earned financial powers as well as the guts to make anti-pharmacy policies thereby boxing the professional pharmacists to a corner.
“This decadence has grown to a level where the abnormal status quo now seems irreversible, and the influence of pharmacists in the value chain is considered to be almost irrelevant. For this sole reason, I am a strong advocate of entrepreneurship in the profession.’’
He argued further that: The profession of pharmacy has a reasonable business side that fundamentally endows an average pharmacist with the capabilities to own and run a pharmaceutical venture efficiently. With the inherent business nature of the profession, it is easier for them to learn more skills in other fields and be able to manage diverse businesses as well. The paramount to this call is to have a global mindset in life and the preferred venture. Computers and software now carry an endless amount of information which makes this era enjoy an added advantage. In addition, having a website, phone, and mobile applications brings the bulk of information to the doorstep making them easily accessible to the larger global population.
It takes great entrepreneurship skills to be successful in business, a pharmacist with a business sense will be more relevant in the hospital, administrative, academic, R&D, manufacturing, community, etc. pharmacy practice.
Referencing the diagram of the Wealth Quadrant in the book titled Rich Dad Poor Dad, by Robert T. Kiyosaki, the wealth quadrant is divided into the right and left hemispheres. The left hemisphere is comprised of the employees and self-employed while the right hemisphere constitutes the business owners and investors. Young pharmacists need to aim at the right hemisphere of the wealth quadrant even though they may need to start from the left side as employees or self-employed.
‘’Learn from serving others, gain, and grow from there if you lack the initial capital’’. Vastovers Emordi
The left hemisphere may be necessary to afford starters with the startup capital and the required experience while they learn the ropes. But, you must be intentional about working hard to cross to the right wing of the quadrant to become an employer of manpower and or investor. There is no time that is too late to start good work, however, a young pharmacist who has not created the road map yet toward becoming a business owner or an investor in a few years is running out of time already. I recommend being in the wing of a business owner or an investor as it will make your voice heard more than an employee or the self-employed. Therefore, as a business owner or an investor, you are more empowered to impact more lives, attain financial freedom, and influence policies for the profession, amongst other gains.
Sadly, the truth is that no business owner in the world will deny that doing business in Nigeria is tough. In Nigeria, basing your business in the pharmaceutical space alone becomes limiting. To be successful as a business pharmacist, I would always advise in favor of investment diversification in multi-dimensional portfolios, fields, and more business-friendly countries of the world.
In support of the need to have divergent streams of income, take further note of the quote below:
‘’As important as is it to have multiple sources of income is diversifying your sources. Oftentimes, it is better not to have all your eggs in one basket’’. Vastovers Emordi
But here is the good news. The internet, computers, software, and applications are the new wave to reach the global community for business ease and breakthrough.
The availability of social media platforms is life-made-easy for modern entrepreneurs which differentiates them from their older counterparts many of whom run meager and outdated practices.
The young pharmacists who are ‘digital natives’ must embrace the ample opportunities accorded to them by technology and big data to become successful in entrepreneurship.
Permit me to boldly posit that a pharmacist who does not have a global mindset in this digital era is wasting a precious opportunity. Being entrepreneurial in any given pharmacy practice area is much expected of young pharmacists because they have all it takes to take over their space in the world of possibilities.
PRACTICAL RECOMMENDATION FROM A PERSONAL STANDPOINT
Reminiscing on his life and career, Mr. Vast said if he could turn back the hands of time and start all over as a younger pharmacist, he would recommend an early start of the following:
1. HAVE A BIG PLAN/CARVE OUT A BUSINESS NICHE
Young pharmacists should choose a lucrative business path for themselves and plan to be fruitful, multiply, subdue, and dominate the market space.
‘’To make money, choose a familiar path, plan well, and jump out of your comfort zone, then you will land in riches sooner than later’’. Vastovers Emordi
You must be ‘obsessed’ about the chosen area given that ‘interest’ is no longer enough.
Set both long- and short-term plans for your business. More so, have a scalable plan. A business that progresses slowly like a crawling snail may expose you to the risk of not meeting up to the increasing commitments of your business. Therefore, practice to scale your business to ensure that it thrives against rising overhead with more profit. All things being equal, it is backwardness for current personal income or business revenue to be the same as it was in the previous year.
2. FORM A GOOD IDEA/HAVE A PRODUCT OR SERVICE OF VALUE
Develop a patented intellectual property; author a book, educational material, product ownership, consultancy service, etc., and monetize them.
‘’To make money, don’t chase after money, rather start creating value, then money will chase after you’’. Vastovers Emordi
3. SELF-DEVELOPMENT
Pharmacists must seek knowledge in their chosen fields and educate themselves to update themselves regularly. Read books, listen to audio messages, watch videos, and attend physical and online courses on the chosen field.
4. START SELLING SOMETHING THAT PEOPLE NEED
The world’s population is estimated to be a whopping 7.9 billion. This number is huge and money hides in people. No young pharmacist should hide anymore from the global population. Use social media platforms to reach out to people the world over and sell the product or service to them.
5. BE SERVICE-ORIENTED
Serve both the rich and the poor with joy to sell your product or deliver a service. An excellent service delivered attracts a lasting reward.
6. START A COMPANY OR COMPANIES
It will be wise to start by registering a company and going on to own more than one to meet the needs of people. Having one stream of income will hardly make you rich, but controlling many streams of income will help diversify your investment options.
7. PUBLICIZE YOUR TRADE TO THE WORLD
Get a website, social media handles, Enterprise Resource Planning, mobile application, email, etc. for your business as virtual offices or platforms and make them active daily. By so doing, you can grow your social presence. Always ensure that the time spent on social media is on purpose and more for making money than fun.
Open an account with Amazon, Alibaba, and other global e-commerce sites as a vendor to showcase your product(s) there. This is another good way to earn in foreign currency.
8. WORK HARD, WORK SMART AND NETWORK
These three qualities are key to success and wealth.
‘’Hard work has no substitute. It is the shortest route to success while the shortcut is the longest route’’. Vastovers Emordi
‘’While Hard work prepares the foundation for wealth, Smart work and Networks attract the finish’’. Vastovers Emordi
9. INNOVATE ALWAYS
Change is constant and time is a powerful tool that brings about change. Always renew the soul of your business, adjust your strategies to produce the desired result, and adopt modern technologies so that you do not get left out.
‘’If you do not change with time, time will change you’’. Vastovers Emordi
10. INVEST IN THE STOCK MARKET/FOREX/REAL ESTATE
Young pharmacists can play in both local (Nigerian) or international Treasury Bills and the Stock Exchange Market (US, Japan, UK, etc.) from Nigeria or any part of the world.
The Real Estate sector offers a vast opportunity for pharmacists in all cadres. It is a mid-risk option, and over the years, has proven to have measurable capital appreciation and good return on investment (ROI).
11. HAVE A GOOD SAVINGS AND EARNING CULTURE
Invest your savings. Save to invest your money and do not leave it in the bank, or else inflation will depreciate it for you.
‘’Save to earn, do not wait to earn before you save because no amount is enough earnings’’. Vastovers Emordi
12. MANAGE YOUR INCOME
Management is the key to surviving in lack.
‘’Do not finish all that you have on your wants, but on your basic needs. To escape being broke today, live your size, not your fantasies.’’ Vastovers Emordi
13. HAVE THE RIGHT FRIENDS AND MENTORS
You should have and grow a cycle of friends in the chosen field, connect with mentors/role models, and work hard in the direction of your dream to achieve it.
‘’If you make friends with rich people, very soon, you will become rich because you will get and practice rich ideas. On the contrary, you will become poorer with the practice of poor ideas when poor people are all around you’’. Vastovers Emordi
14. BE MORE OCCUPIED TO REDUCE THE ‘JAPA’ INSTINCT
‘’Whatever the state of the nation, some people are cashing out, even in times of war’’. Vastovers Emordi
An ambitious young pharmacist who is fully occupied with so much entrepreneurial engagement hardly wastes his attention, energy, and resources trying to relocate (Japa) in search of greener pastures abroad. He sees a lot of opportunities in the ‘so-called’ land of troubles and he will be too distracted to think in the direction of fleeing abroad never to return. Even if such an option comes to mind, it would be to go and learn some skills or work to gather the seed capital required for an investment purpose back in his home country.
The ‘Japa’ syndrome is a ‘brain drain’ that does not do the country much good. The commitment of the youths towards national building is recommended. Any country, just like our individual family homes, is better built by its citizens from inside-out, not outside-in, neither will a foreigner do it better.’
15. LEAD BY ENTREPRENEURSHIP
‘The young pharmacists who have an interest in politics should also understand that entrepreneurship is a form of leadership similar to leading in the political arena. Hence, starting and managing a business could serve as a good learning ground for influential leadership.
17. DO NOT GIVE UP
Remember it is easy to form an idea, and for this reason, you need to be persistent because challenges will surely come your way in such a manner that will be threatening to break you and your motivation. You need to be stubborn about your vision and be flexible enough while executing the plans of your vision because some of them may turn out not to fit into the reality of things as you make progress.
CONCLUSION
While thanking the organizers for considering him as a panelist, Mr. Vast stated, ‘’It is a great privilege to be a part of the program, and thank you for the award of honor for my exemplary dedication and commitment to the growth and development of Young Pharmacists’’.
Speaking specifically on his award, he said, ‘’I dedicate the award to the YPG and global business pharmacists’’.
EXTRAS
As a business trainer and coach, at Vastovers Group, we offer training to deserving youths in our organization. Our Organization is duly licensed by the Pharmacist Council of Nigeria to train young pharmacists on internship. Interested candidates can apply via [email protected], and only qualified ones will be contacted.
Mr. Vast possesses super excellence in real estate investment, and if you are looking to have a lucrative investment in the real estate sector (Land, Homes, or Offices), chat with him on +2348037404706.
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