Becoming a physician-entrepreneur is a challenging and rewarding process. For those who are unsure about the benefits of being both a doctor and an entrepreneur, here are some key points to consider.
Good People Skills Are Essential To The Success Of Any Entrepreneur, And No Less So For Physicians
The success of any entrepreneur, including physicians, depends on their interpersonal skills. According to Dr John Manzella, in addition to being a good listener, communicator, and leader, you should be able to coach patients through difficult times, mentor other doctors and help them learn from your experience, play well with others on your team by freely sharing ideas and information, and keep everyone focused on the task at hand, which is helping patients get better.
Physician-Entrepreneurs Must Balance Business And Personal Demands
There are many challenges to maintaining a healthy work-life balance as an entrepreneur, including:
• Setting aside time for family and friends.
• Having a plan for work-life balance.
• Make sure you have a support network of friends and family who understand what you’re trying to do.
If you are starting as an entrepreneur with no experience running a business, then it’s especially important that you surround yourself with people who have this experience–otherwise known as your team.
Doctors Should View Their Clinics As Assets When Starting A Business
Physicians should view their medical practice as an asset rather than a liability when they decide to become entrepreneurs. The practice can be used to fund your new business, provide credibility, attract new patients, and recruit new employees.
Dr John Manzella Utilize the practice as a source of funding: The vast majority of physician-entrepreneurs are first-time proprietors who wish to begin with only two employees. They may not have access to capital from banks or other traditional sources of financing such as friends and family who would invest in the company, but they will still need money for day-to-day operations until the business generates sufficient cash flow to support itself without the need for additional funding from outside investors. One way to circumvent this issue is to convert existing assets, such as real estate holdings, into cash flows that can help pay expenditures until sales activity within the same businesses generates sufficient revenue.