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Society of Physician Entrepreneurs

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What is physician entrepreneurship?

There are many definitions of entrepreneurship. Some emphasize the process. some innovation. others characteristics of entrepreneurs and what they do. Here's my definition of physician entrepreneurship incorporating 4 basic elements: Physician entrepreneurship describes how medical professionals, mostly medical doctors, 1) pursue opportunity with the goal of 2) creating user/customer/patient defined value, 3) by deploying biomedical and health product.process, service or structure innovation 4) using uncontrolled resources.


As you can see, each of the four elements are core to the entrepreneurial process and the intended outcome. The main goal is to create customer defined value. The process in muddy, uncontrolled and filled with ambiguity and uncertainty and challenges the entrepreneur to frequently monitor the results of his/her efforts and make frequent mid-course corrections. Fundamentally, however, the process is about identifying an opportunity and creating a technology, product, service or business that someone is willing to pay for or exchange something of value.


If you are a physician thinking about taking the entrepreneurial leap, think about the definition as a first step in the life science innovation roadmap and use it a a north star to guide your efforts.


Good luck with you new venture.


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