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Getting Started as a Physician Entrepreneur

Medic-ALL (01-18-2016) FEATURED POST
By Arlen Myers MD, Edited by Kayode Kuku

Medicine and entrepreneurship are not two words you will commonly find in the same sentence, but whether we like it or not Medicine and Healthcare are essential fields of human existence and hence should call for "good business" for stakeholders. This featured post highlights tips that can make a successful Physician Entrepreneur out of most. 

Physician entrepreneurship has thankfully gone mainstream, to the benefit of patients, physician employers and other innovation stakeholders. While most physicians lack an entrepreneurial mindset, several are realizing their innerpreneur and want to take the next steps.But, like having a good idea, they don't know what to do next. Here are 10 tips that can help you on your journey:

1. Connections are Everything:  Connect to the right people and organizations in the nearest innovation ecosystem and begin to research potential areas of interest and opportunities. Seek partnerships at every stage of your career, they will come in handy in the future 

2. Build a Brand:  Start a personal branding campaign using social media and communication tools to make people aware of your interests and skills so they can find you. You have to be known for something. Doctors specialize for a reason 

3. Acquire Knowledge: Arm yourself with the education, resources, networks, mentors and experiential learning you will need to advance your entrepreneurial career

4. Be a Business-man: Set yourself up as a business entity and separate your personal finances from your business finances and activities

5.  Small Beginnings: Don't be scared to start right where you are. 

6. New ways: Seek new and more efficient ways.  There are many ways to practice physician entrepreneurship or intrapreneurship, so take a high level view. Create user defined values not companies.

7. Consult with networks:  Engage others who are like minded in your region to develop a community of interest. Talk to business schools, medical associations, economic development professionals,venture or angel networks,  industry associations or patient groups interested in advancing biomedical and clinical innovation and entrepreneurship

8. Mentoring: Those who have gone ahead and succeeded, do have a lot to share. Find a mentors or probable sponsors.

9. Learn the Ropes: There are always more brain cells to engage. Get as much business "clinical" experience as possible, realizing that the initials after your name really do not mean much. Start to come down off the mountain.

10. Pass it forward: Train others 

Don't expect everyone to welcome you with open arms. People WILL FEAR YOU OR HATE YOU.

So, may feel threatened , but as long as that little voice in your head whispering entrepreneurial sweet nothings seems to be getting louder and louder, take the next steps and enjoy the journey. With any luck, it will be a lengthy and successful one.

Edited by Kayode Kuku, MD,  CEO Medic-ALL blog 

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs at 

Medic-ALL Inc. 2016

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