Being a physician is noble and often a lifelong dream that only a minute percentage are able to fulfill. Despite being successful physicians, many aspire to do more than just practice medicine. There are ways to augment your income as a physician such as making smart investments in Bitcoin or upcoming technological advances.
However, becoming a physician entrepreneur is also a viable option. Being in the healthcare industry perfectly positions physicians to be able to establish viable businesses and scale them up with relative ease. If you are interested in becoming a physician entrepreneur, this article is a great place to start.
Is Transitioning From a Pure Physician to a Physician Entrepreneur Worth It?
There are a lot of ways a doctor can transition into an entrepreneur, especially within the healthcare industry. The sector has an endless amount of demand for quality services built-in with over $4 trillion being spent on healthcare annually.
As the population continues to age, this number is only set to increase in the coming decades. As such, the lucrative opportunities available ranging from digital health startups to boutique home healthcare treatments have made the lure of physician entrepreneurship hard to ignore. Here we discuss six ways in which physicians can become successful entrepreneurs.
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1. Make The Most of Professional Connections
In business, it is important to have the right connections in order to help your company or brand grow. As a physician, there is a natural tendency to connect with people since medicine is all about the business of people. One way to start the journey of becoming a physician entrepreneur is to use the natural charisma that comes with being a doctor to help foster strong connections.
Physicians are one of the few types of professionals that have the chance to meet with other high-quality individuals from other fields. Not only can physicians use this connectivity to grow their professional network, but they can also learn more about the inner workings of other industries. By actively engaging with professionals from various fields, physicians can gain valuable insights into different industries, business models, and entrepreneurial endeavors. This exposure can inspire and provide them with a broader perspective on potential opportunities outside of traditional medical practice. If you’re interested in exploring how to become a young entrepreneur, leveraging your network and seeking mentorship from experienced individuals in diverse fields can provide valuable guidance and help you navigate the challenges and intricacies of starting your own venture.
2. Learn to Sell and Keep Selling
Let’s face it, the world we currently live in is all about instant gratification. Physicians, in general, tend to be patient people, which is contrary to being an entrepreneur. Income gratification and building a strong business don’t have to take forever, especially when you can start right away. Find a product that has a niche market or a solution that is missing from the market. Change the mindset of waiting for gratification and flip into selling mode right away.
Once you start selling an idea, product, or service it is critical to maintain that momentum. As a physician, it is critical to learn how to keep selling after hitting that first milestone. This can be something as simple as selling medications to selling consolations for cosmetic procedures. Healthy sales are what makes the difference between a doctor with a side hustle and a true physician entrepreneur.
3. Approach The Opportunity From The Right Angle
Most people assume that entrepreneurship in healthcare is limited to expanding into private practice. While this is an efficient way to generate income, it is not really an independent business. Approaching the opportunity of becoming an entrepreneur as a physician from the right angle will make all the difference in the long run.
Working as a physician entrepreneur who handles healthcare marketing for other medical professionals is one example. Another example of being a multifaceted physician entrepreneur is working in education technology while still maintaining a role as an on-call physical. For those who are interested in direct sales, Bankers Healthcare Group Loans are a great way to expand into the medical equipment or orthopedic surgical equipment supplies industry without draining your savings. The options are plentiful and endless when it comes to physician entrepreneurship.
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4. Focus On The Value of Teamwork
Being a physician is all about personal expertise, hard work, and honing one’s craft. When moving into the world of entrepreneurship, teamwork is key. Knowing where the blind spots exist and filling those roles with experts is the only way to foster growth regardless of the business niche.
At the same time, it is important for physician entrepreneurs to invest in their personal strengths. Namely their training and medical expertise, to create the leverage that will allow for massive expansion. Working with the right people who fill in the gaps will ensure that any startup will have both the hard and soft skills needed to succeed.
5. Don’t Fall Into The MBA Trap
There are some things that require a formal education, such as working in the medical field. However, there are other industries that work just as effectively without it. There are a lot of medical professionals interested in physician entrepreneurship, which of course means that universities have started offering an MD-MBA path.
Starting a business is not as hard as learning to practice medicine, in fact, you can learn more by doing than you can in a classroom. If a physician has time and money to spare, of course, they can pursue an MBA. However, that time, energy, and money would be better off spent invested in their entrepreneurial interest.
6. Partner With An Existing Physician Entrepreneur
Starting out from scratch is never easy, and for those working in the medical field, it may seem impossible. Startups require not only a heavy financial investment but also an investment of time. For those who are practicing medicine full-time, working on a startup may simply not be in the cards. One way to become a physician entrepreneur without 100% time dedication is by partnering with another medical professional who is already established.
Healthcare startups and other medical field-related companies often look to recruit doctors to add to their board of directors or as silent partners. This is an ideal way to learn the ropes of physician entrepreneurship without having to dedicate a heavy share of resources.
Going Beyond The White Coat as a Physician Entrepreneur
Starting a healthcare-related business doesn’t require patient care experience or even valid medical credentials. However, doctors who are interested in starting a business will have the upper hand because of these existing skills.
Physicians are able to bring their firsthand knowledge and experience to the table when transitioning into the role of physician-entrepreneur. For those who are interested in expanding their horizons and their income streams, there is never a better time than now to make the leap.