Doctors Or Entrepreneurs?
Entredoctors or doctorpreneurs, sounds a little funny and unusual doesn’t it? Well, what else would you call a doctor who is also an entrepreneur? Only Doctors or Entrepreneurs, who has an answer for this?
Many of you would already be wondering that how medicine and commerce are even related or why would a doctor become and entrepreneur or why is the sky blue or why is blood red? Well, just like the latter questions, the former ones also have a logical explanation.
How did it start?
Accounting, finance, strategy, marketing, and management have been critical in the practice of medicine since ages, but it was acknowledged only a few years ago. As opposed to the earlier times, these areas of business operations have now become very significant the credit going to the economic reforms like globalisation and privatization. Increasing cost, population and poverty intimidated both the physicians and the people to find an alternative to tackle these issues. And just as expected the physicians were the first to come up with an idea. Isn’t that how businesses start as well?
Why did doctors need it?
It has now become imperative that every doctor has a mind (and the skills) for business. Truth be told, it is now very difficult to be financially successful in the medical field and seems to get even tougher in the future.
The topic of how to run a business has become more than a luxury in the medical field.
In order to stay profitable and be able to provide a high level of care to their patients, the doctors have to constantly upgrade their business skills.
Conventional wisdom has it that “doctors are lousy businesspeople,” and they should just take care of patients and leave the business stuff to someone else. Well, people who came up with such wisdom had no clue what today’s generation would be capable of.
This wisdom is not worth a penny now, thanks to people like Dr. Natesh Trehan, Founder Chairman of Medanta – The Medicity one of the largest multi-specialty hospital at Gurgaon, Dr Devi Shetty, Founder of Narayana Health (Narayana Hrudayalaya now Narayana Health), a chain of 21 medical centres in India. The latest example to prove my point is the story of Dr. Ritesh Malik, Founder of Project Guerrilla, who runs a virtual Start-up Accelerator in India, currently investing in and mentoring 11 start-ups across various industries.
Many would say that these are just exceptions and the majority would still go with the wisdom that was born out of a mouth a man who must have suffered a loss because of a doctor.
It is a fair question on their part, so instead of providing you with a long list of successful doctors, we will give you something better than that.
10 reasons to prove that doctors have the potential to be terrific entrepreneurs.
1. Clinical judgment – The know how to build clinical judgment and the process for a business are identical to a great extent. When one learns from his/her mistakes, it is called experience. When he/she learns from experience, it is called clinical judgment.
2. Research and Experimenting – Entrepreneurship is about researching about things extensively and then experimenting with new ideas. Doctors do this every day with their patients making them a pro at it.
3. Uncertainty – Doctors are used to dealing with uncertainty. Like entrepreneurs, doctors make decisions with incomplete information. Sometimes they have to do things based on their gut.
4. Problem-solving trait – Just like businessmen, Doctors too have a bias to action. A patient’s history, physical exams and tests, all are a routine part of care, just means of solving the problem the patient is suffering from.
5. Pattern recognition – Doctors are excellent at it. They basically do 3 things: Make decisions, communicate/educate, and do procedures. Decision-making, whether in dermatology, pathology or in an MNC, relies on pattern recognition skills.
6. Question, observe, connect and associate – These core entrepreneurial skills are what makes a Doctor. In The Innovators DNA, the noted core skills of innovators were: questioning, associating, connecting, experimenting and observing.
7. Assess risk and make the spot cost-benefit decisions – Every medical decision made by a doctor is based on the results of risks versus the benefits.
8. Core entrepreneurial roles – Doctors know how to be technopreneurs, market perceivers, managers, and/or investors.
9. Patients or Customers, both need something – Doctors have access to patients and understand the clinical issues more than anyone else. Just like customers, patients also have needs and wants.
10. Take difficult decisions – Doctors have the courage to know when something won’t work or should be ended. Doctors deal with many grave circumstances and do what’s best for the patients. The same thing is required by an entrepreneur as well.
Going to medical school can impart many vital pieces of knowledge from analytical skills and pathology of diseases to knowing the value of a Rupee.
You can call a person intelligent, resourceful, flexible, and communicative, all the things which are very useful in business or you can call him/her a doctor.