Institute for Entrepreneurship Entrepreneurial Education Partner
To kick off the week, this morning, CEO students toured The Medicine Shoppe Mt. Vernon Illinois with owner and CEO board chair, Eric Black.
The Medicine Shoppe Pharmacy has called Mount Vernon home for 40 years, and is built on trust and relationships. It is one of six pharmacies which sells prescriptions and pharmaceutical medications. Along with that, The Medicine Shoppe sells retail medical equipment and fills its own oxygen tanks.
Eric Black spoke to our class on the SWOT of his business, which is the Strengths, Weaknesses, Opportunities and Threats. Some of the strengths include The Medicine Shoppe’s ability to value people and build relationships that other big chain pharmacies cannot. Although there is always the flip side, with the lack of backing a box store offers and all business coming from a limited area. However, this gives the business the opportunity to make decisions for the betterment of the community. By being one of six pharmacies, there is sure to be competition, however this only challenges them to be better and keep building trust.
One takeaway I had from this visit was that, by focusing on the niche or what others don't have, making your business more valuable, and by building a foundation on relationships you bring something to the table that others don't have.
✍🏻 This post content written by CEO student Kaylee Down.
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