Becoming an entrepreneur can sound like an attractive opportunity for many physicians – but it isn’t without its drawbacks. One of the biggest mistakes a new entrepreneur can make is working too hard without taking time for themselves or their family.
For those looking to become Doctorpreneurs: Let’s look at how to get started on your Doctorpreneur journey!
- Getting Started As A Doctorpreneur
- Who Are Doctorpreneurs? And Why Should I Become One?
- The Lifestyle Of Being An Entrepreneur
- The Legal Concerns For Doctors Who Want To Be Doctorpreneurs
- The Opportunities Of Entrepreneurship
- The Potential Pitfalls Of Entrepreneurship
Getting Started As A Doctorpreneur
If you are interested in becoming an entrepreneur with a medical degree, there are some steps to take that will help the process go more smoothly and decrease your risk of failure.
-Research what type of business is best suited for your skillset (i.e., healthcare industry, investing, etc.)
-Find a partner that you can trust and have complementary skills. This will be important in the long run to share responsibilities and risks with someone else.
-Do your research on what it takes to start a business–this includes finding out about licensing requirements or other legal aspects necessary for starting up this type of business.
-Fund your business–whether it’s with an investment from family and friends or by cashing out of stocks in another company, you will need money to start a new venture.
As a Doctorpreneur, you will have the opportunity to start a business in the health industry, be an investor or healthcare consultant.
Regardless of which path you choose, there are challenges and rewards–both financial as well as personal fulfillment. There are pitfalls with entrepreneurship in general and this is no different for Doctorpreneurship.
Keep yourself grounded by considering the risks involved before starting a business with your name on it. Consider the time commitment, work-life balance, and making sure you have an exit strategy in case things don’t go as planned.
Who Are Doctorpreneurs? and Why Should I Become One?
Doctorpreneurs are doctors who have turned their talents into entrepreneurship. With a medical degree, a doctor is best suited to run an entrepreneurial venture, especially one that deals with the health industry.
Do you participate in improving the overall healthcare system through technology and other means? Do you have a medical degree combined with an entrepreneurial spirit?
I find CBinsights to be a game-changer for Doctorpreneurs where you can discover leading healthcare technology startups, trends in the healthcare industry and more.
If you want to excel in Doctorpreneurship, be open-minded and curious about everything. There are a lot of opportunities, especially now more than ever for you to carve a career in the healthcare industry. Moreover, industries are far less siloed today that leads to cross-disciplinary products and services.
Why should you be one?
There are a lot of reasons why you should be an entrepreneur, but there’s one question you should always ask yourself:
“Am I ready to take on the challenges of being an entrepreneur?”
To help answer this question, here are a few questions to ask yourself before quitting your day job as a doctor.
1. Are You Ready To Spend The Time And Money Required?
2. Can You Live With Risk?
3. Is It Worth The Commitment?
If you have a medical degree and an entrepreneurial spirit, this may be just the career path for you. Join other Doctorpreneurs and share your knowledge and expertise with others in the medical profession.
The Lifestyle Of Being A Doctorpreneur
Being a Doctorpreneur is a lifestyle that consists of many components. One thing that I enjoy about being a Doctorpreneur is the flexibility and time.
Being physicians, we need to accommodate the needs of patients, yet we are given autonomy and time to run our own enterprises.
What’s not so great about being a Doctorpreneur?
There are many aspects of my life that have not been conducive to my lifestyle as a physician and an entrepreneur. The most challenging aspect has been balancing my responsibilities as a doctor as well as an entrepreneur which has resulted in some sleepless nights.
It’s not always easy to juggle the two but I’ve learned quite a bit about myself and how much I value my work as an entrepreneur.
The lifestyle is a major influence in the decision on whether or not to become an entrepreneur. As a Doctorpreneur, you will be able to create your own schedule and work-life balance.
This type of entrepreneurship requires a healthy work-life balance and it’s important to have the right partner that can provide support.
Legal concerns for doctors who want to be Doctorprenuers
Many doctors are covered for malpractice by their residency program or hospital affiliation. However, if you are planning to take a hiatus from your residency or practice to start your entrepreneurial venture, it is important to obtain the necessary coverage. As a Doctorpreneur, you need to be most concerned about data security/breach.
There are two main ways to protect yourself as an Doctorepreneur from lawsuits:
The first way is to purchase cyber-liability insurance, which offers coverage for any type of data breach, including ensuring that your business meets compliance with HIPAA and GDPR regulations. The second way is to purchase a personal line of insurance. I recommend that you consult your state’s Department of Insurance for more information about what’s available in your area.
The Opportunities For Doctorpreneurs
There are many different types of entrepreneurial ventures that a doctor can take on. Some examples include becoming an entrepreneur in the health industry, healthcare consultant, or medical investor/Angel investor ( find incredible healthcare opportunities to invest in at angel list).
Regardless of which path is taken, there will be challenges and rewards–both financial as well as personal fulfillment. Contact us if you want us to help you join a syndicate of healthcare investors.
There are also lots of opportunities for entrepreneurs to share their knowledge and expertise with others in the medical profession. One experience that I’ve had as a Doctorpreneur is speaking at conferences and online seminars about information that can help physicians excel in their jobs.
As the Doctorpreneur movement gains ground, physicians’ insights are increasingly sought to ensure product-market fit by healthcare technology firms.
When health care technologies are built without physician input, there’s a risk of design flaws and other issues that makes the technologies less valuable to medical professionals.
A report by National Economic Impact states that Physicians are strong economic drivers who contribute to their local communities by the business and jobs they create.
The most important thing is learning how you can manage these opportunities and challenges in order to be successful with this type of lifestyle. Oftentimes there will be friction between what’s best medically versus what’s going well financially. It takes careful consideration before deciding on one or the other path so it’s not always easy when they overlap. You need to learn how to say no from time to time.
The Potential Pitfalls Of Entrepreneurship
There are many potential pitfalls when it comes to entrepreneurship.
The major one is uncertainty.
You need to be prepared for the fact that you will have a lot of sleepless nights and difficult decisions to make.
You will also need to be prepared for the fact that you might not succeed.
In addition, you will need to be prepared for the fact that a lot of people around you may not support your decision.
You should also have some savings put away in case things go wrong.
Medical students and doctors plan their careers meticulously, and since we are approaching a new paradigm shift in healthcare, we urge you to challenge your assumptions.
There is no “one-size fits all” rule in Doctorpreneurship.