By Lena Canon
Why are physicians getting into entrepreneurship?
There are generally multiple factors that influence why physicians start a business. Wesley Greenblatt, a physician and part-time instructor at Harvard Medical School, states that culture, professional values, peer influence, and market opportunities are the main factors that affect physicians’ interest in entrepreneurship. And of all these motivators, Greenblatt emphasizes that cultural mindsets and peer influence play crucial roles in fostering an entrepreneurial spirit among physicians.
It seems that many physicians also go into business to establish their private practice. This entrepreneurial culture is essential among private practitioners who are currently using telemedicine platforms. Your entrepreneurial skills will help onboard patients and maintain a steady practice, even if you’re working from a fully remote setup.
Good business practices that can help you get started
Business ideas can be a huge motivation — but if you don’t have a solid direction, these ideas go to waste. So, start your business off on the right foot by working with the right people and implementing the best business practices.
Conduct market research
No matter how unique your business idea may seem, it won’t thrive if it doesn’t correspond to the market’s needs or wants. Although the research may reveal some negative feedback, this will still steer you towards a more plausible business venture.
To start, gather primary and secondary data regarding your potential consumers. You can get primary data by asking your patients to answer a survey regarding a product or service that you want to offer. On the other hand, secondary data can use published statistics, reports, or studies regarding the consumers’ behavior towards your potential products and services.
Look for professionals in your chosen business sector
Even if your business idea is related to healthcare, you’ll still need to work with professionals from different fields to ensure that it succeeds. These individuals will supplement you with the skills and knowledge that entrepreneurs must have to be effective.
For instance, those who want to launch a new business in the healthcare sector may need to work closely with professionals with a background in healthcare management. These experts are in high demand in different healthcare settings because of their skills in financial management, healthcare technology, as well as patient management. Additionally, you’ll need a business advisor that has a master’s degree in business or even a certified management consultant award. These qualifications ensure that you’re working with professionals who can provide quality services in management, accounting, and other essential facets of business.
Find suitable funding for your business
Before investing in your business, you need to examine how much funding it will need. You also have to assess how you can financially sustain your business over a long period of time.
The aforementioned professionals will be vital during this step because they can estimate the capital you need to invest to get your business off the ground. This allows you to gauge how you can fund your venture without putting your savings or retirement money at risk. Business loans are also a viable option, especially if you need a financial boost for your startup. Before applying for a loan, prepare a business plan, an expense sheet, as well as a financial projection taking into consideration the next few years. These are the tools that will help you gauge how much money you need to borrow.
Entrepreneurship can enhance your career as a physician. To follow in the footsteps of other successful entrepreneurial physicians, you’ll need to conduct detailed research, work closely with business professionals, and find the funding for your business. If you’re able to do that, all you need is a unique proposition that will sell and you could well be entering the next phase of an exciting career.