3.6: The Entrepreneur

Today, we're going to talk about how to be an Entrepreneur while being a physician.

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Publish Date
Mar 1, 2022
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Defining Entrepreneurship


"one who organizes, manages and assumes the risk of a business or enterprise" - Merriam-Webster

Forbes - George Deeb - Defines it

  • A risk taker
  • A visionary
  • A leader
  • A pitbull
  • A superhero
 
 

Entrepreneurship Is


 
  • It Hard
  • It requires Grit
  • (Patience, Perseverance, passion)
  • It is a Mind Set
  • From problem seeker to problem solver
  • Skill set to set of skills
  • From security to uncertainty
 

It requires > Grit


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ONE thing to be Successful Entrepreneur - Grit
Grit is relentless pursuit of your passion with patience
 

The Entrepreneurial Age


 
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Entrepreneurship in any Industry is Challenging


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Healthcare brings its own set of challenges
  1. Reward not attached to Outcome but reimbursement
  1. Lack of training of Entrepreneurship
  1. Lack of multiple skills needed
  1. Lack of Networking
  1. Lack of culture of sharing
  1. Medical Training is increasingly specialized and take longer
 
 
Healthcare differs from any other industry where price and demand is dictated by value, quality and performance. Healthcare is driven by reimbursement often set by government regulation
E.g. Telehealth has been around for years the pandemic exploded it because of legislative leniency. In short people started getting paid for there services because of change in policy.
 
 
 

Medical Training


Increasingly Specialized
Time to enter workforce is increasingly getting longer
 

Do not waste time on an MBA


 

Better to consider short on-demand online courses


MicroMasters® Program in Healthcare Administration

MicroMasters® Program in MBA Core Curriculum

 
 
 

Stages in Digital Health Entrepreneurship


  • Stage 1: Industry and market analysis
  • Stage 2: Opportunity identification and assessment
  • Stage 3: Crafting a solution and demonstrating technical, commercial and clinical validation and verification
  • Stage 4: Deployment
  • Stage 5: Dissemination and implantation, promoting the diffusion of innovation across the various customer segments such that it becomes the standard of care
  • Stage 6: Marketing and post-market surveillance
  • Stage 7: Continuous quality improvement and product development
 

Advice To A Medical Student Entrepreneur


  1. Internship with a startup
  1. Network, network, network (esp LinkedIn)
  1. Free MOOCs
  1. Identify yourself as open for Innovation
  1. Talk to leaders and learn there history in entrepreneurhsip
  1. "Factor in your entrepreneurial career objectives when it comes time to choose a specialty"
  1. Be tactful - Not Loud - Make sure
 
 

How To Pick A Residency If You Are Interested In Entrepreneurship


  1. Innovation ecosystem
  1. Physician champions and entrepreneurs?
  1. Access to entrepreneur mentors?
  1. Time
  1. Intellectual Property
  1. Seed Funding
  1. Non-clinical jobs
 
 

US Cities with most Entrepreneurs


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The 10 Paradoxes of Entrepreneurship


This is a must read!
This is a must read!
 
 

The role will evolve consistent and constantly

 
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Find your path with passion, patience and perseverance!

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