Do Doctors Make Good Entrepreneurs?
When it comes to entrepreneurship, there are a lot of misunderstandings – especially among doctors.
For one thing, many people think that the only way a doctor can be an “entrepreneur” is to run your own practice. That’s not wrong – do an exercise is Run a business – but there are many, many more options available to doctors these days.
There seems to be this idea of doctors being pigeonholed … well, being a doctor. In reality, from ancillary businesses to full-blown individual businesses, the modern doctor is simply not limited to medicine.
They are able to use their degrees, skills, knowledge and experience to branch out into so many different companies. Many of them are presented at a summit that we hold every year Leverage and growth summit for doctors.
In this post, we’re going to look at how entrepreneurship and the doctorate are not mutually exclusive. In fact, we are examining the question, “Do doctors make good entrepreneurs?”
Doctors and entrepreneurs are actually very similar
Many doctors consider entrepreneurship to be a completely different profession. After all, we went to medical school – not business school, right?
However, it turns out that doctors and entrepreneurs have a lot in common. For one, both require strong critical thinking and problem-solving skills.
As doctors, we have to remain calm and clear even under pressure. This is something that is very handy for entrepreneurs.
But perhaps the most important trait they both share is the simple art of discipline. We doctors know a thing or two about how to contract and get things done. We know how to work towards a goal until we achieve it.
As Steve Jobs said, “I believe that about half of what distinguishes successful entrepreneurs from unsuccessful ones is sheer persistence.”
We have given up a decade or more of our lives, focused on one goal, and persevered until we achieved it. I am convinced that all doctors know what it is to fight and grind until we do it.
We are creative
As you probably know, the medical profession with symptoms of burnout is widespread. More and more doctors are getting tired, and the pandemic certainly didn’t help.
Taking up a hobby is a great way to relieve some of that stress, but being an entrepreneur can also serve two more important purposes: a creative outlet and an income generator.
Most people think of a “creative outlet” as something like painting or molding. These are great, but I’ve found that solving problems in the world is an amazing opportunity for most doctors.
That’s what starting a business is all about – solving a problem and thereby creating value for the world.
For example, as a recent graduate, when I was struggling to buy my own house because I knew very little about loans and real estate agents, I solved it by starting a business. Roadside property.
When Dr. Manasa Mantravadi didn’t want children to eat on plastic every day, she created the world’s first colorful stainless steel tableware – Ahimsa.
Doctors are amazing at creatively solving problems. I know so much medicine has now been reduced to algorithms, but when you see a doctor in the heat of action it’s amazing the creativity they resort to to save the day.
Believe it or not, doing a side business or a full time business can cause some itching that you may not even know you have and use part of your brain that you have ignored.
We can network
Doctors are not strangers Networking. From medical school to attending countless conferences, meeting with department heads and making friends with our colleagues. We have used many of these connections to find jobs and bring about global change.
This is a good thing, and it is a skill that translates perfectly into running a business. As the old saying goes, “It’s not like that What You know it is WHO You know. “Once you’ve decided to start your own business, it goes both ways.
You can connect with people in the medical community who have also started their own ventures, and you can connect with business owners who would like to meet people in the medical community.
We feel fulfilled when we do good
Many of us became doctors for the same reason: to help people. That’s the part of the job we all love, and that’s a great thing. Ultimately, it is very gratifying to know that you did your job well.
These days, that sense of accomplishment can be sucked away in the face of the added red tape, regulations, and general stress of the ever-changing labor markets.
Having a business that you maintain and grow, much like a plant, is a great way to regain that sense of accomplishment. Every milestone you reach, every small success, every new goal – all of this increases your motivation and lets you look forward to the next one.
Then there is the satisfaction of seeing companies offer ever more value, which in turn can generate more income.
We love financial freedom
The idea of financial freedom has a special place in my heart. It had been a personal goal for years, and now that I’ve achieved it, I can safely say that everyone can benefit from the freedom not to rely on income from a “day job” and trade time for money .
If you involve your inner entrepreneur, you can accomplish this goal much sooner than most people (if they ever do). You may not know, but as a doctor you already have an entrepreneurial mindset. As we’ve seen, you know how to set goals and then achieve them.
If you haven’t considered it already, the good news is that there is no time like the present to begin. Trust me, you are not the first doctor to think of this and there are so many examples of those who have succeeded in this area.
If you’re interested in joining a community of medical professionals talking about entrepreneurship and sideline activities, then check out our upcoming FREE summit, the Leverage and growth summit for doctors. You will hear the stories of successful entrepreneurs / doctors and actionable steps you can take to do the same. We look forward to seeing you there!