Pharmpreneur of the week Ramy El-Kholi. "Status quo and I never really got along."
Snapshot
Education: Pharm.D., Albany College of Pharmacy and Health Sciences
Role/Title: Chief Commercial Officer at OkRx and Founder at PROXVI
What excites you about being an entrepreneur?
There is a lot to be excited about when starting any new venture. On Day 1 of the project, you’re probably the underdog – a David in a marketplace full of Goliaths. For some that’s daunting, but I’ve grown to love that motivation. Entrepreneurship also provides me opportunities to align myself with win-win ventures where I know I’ll only be successful if I’ve helped others be successful as well. Additionally, along the journey you meet incredible people and are given the ability to build teams. Building these teams allows you to help others see potential in themselves they may have otherwise overlooked, and to help them in their future career paths much like others have helped me.
What was your key driving force to become an entrepreneur?
When I graduated, entrepreneurship was never a true consideration of mine – my dream job was to be a Pharmaceutical Medical Science Liaison (MSL). My first key driving force towards entrepreneurship came from early corporate experiences in both Canada and the US. This was around the 2009 global financial crisis, and the number of layoffs happening around me was eye-opening. While I loved many elements of the corporate world, I didn’t want those surprises later in life. My second driving force was a series of mentors who could have extinguished my entrepreneurial fire but instead helped foster it. I was always the ‘Why?’ guy in company meetings. ...Why are we doing it this way? Why haven’t we tried this other alternative? Status quo and I never really got along, and it was starting to get me into trouble. These mentors helped me recognize the best ‘why’ I could ask was ‘why am I not doing it myself if I believe I’ve found a novel solution?”
As a successful entrepreneur, what continues to drive you?
The irony is I do not yet consider myself a successful entrepreneur and that’s in large part probably what continues to drive me. I don’t view entrepreneurship as some mountain-top or destination you reach, rather a continuous journey to explore, ideate, attempt, fail, rinse and repeat.
What are the biggest challenges to being an entrepreneur?
The saying “it takes 10 years to become an overnight success” really holds true. You must constantly remind yourself that doing great things is a marathon, not a sprint.
Your competitors may also have 10x your resources, meaning you must work 10x harder/ smarter when starting just to be on par, let alone better. The uncertainty and high-stakes nature of entrepreneurship may not be for everyone. You must become extremely comfortable with being uncomfortable for extended periods of time.
How do you manage work/life balance?
Admittedly, this is something I am trying to still get right. My best strategy insofar has been doing projects relevant to what I love so it never feels quite like work, therefore avoiding the need to escape through ‘balance’. If that’s not working, watching my three young children grow up and begin new sports also helps me recharge in a major way.
What advice would you give to colleagues who want to become entrepreneurs?
First and foremost, you define the pharmacy degree it doesn’t define you! Take risks and explore different avenues the profession has to offer until you find an area you’re so passionate about you’d have done the work for free! Trust that with hard work the money will eventually come. Secondly, ask ‘Why?’ constantly. If you reach a point where you’re getting no sound answers to your ‘Why?’, you may have landed on your own entrepreneurial opportunity to bring about change.