There is a general belief that doctors cannot be good business people, they should only look after patients and let other people handle the responsibilities of a business. However, in the present healthcare scenario in the US, doctors cannot sustain themselves if they agree to such beliefs. It is also a fact that doctors do have the qualities that are present in good entrepreneurs. In the following sections, we will look at some of the reasons why we think so.
Doctors know the way to building clinical judgement and the same process applies to businesses as well. We get experience from our mistakes and clinical judgement develops from experience.
This same concept applies in case of entrepreneurship as well. The percentage of entrepreneurs who failed with their start-ups is quite high and those who were successful are the ones who learned from mistakes and grabbed the next opportunity that came along.
Research & Experimentation:
The core aspect of entrepreneurship involves experimentation and research, which doctors do every day while dealing with patients.
Deal with uncertainty:
Business involves many uncertainties and it applies for doctors as most often doctors have to decide about a treatment based on incomplete information.
It is a fact that only about thirty-five percent of all medical decisions are actually taken following proper scientific evidence.
Core entrepreneurial skills:
Some of the core entrepreneurial skills include observance, associating as well as connecting with others and asking the right questions. Almost every doctor has all these qualities.
Doctors are courageous and can decide when any particular treatment or diagnosis will not work and needs to be stopped.
They face such situations on a daily basis while treating patients and such quality is very important for entrepreneurship.
Risk versus benefit:
Doctors have to make spot decisions about cost and benefit out of it that is important if the person wants to become an entrepreneur. Similarly, doctors can easily fit into various roles such as market perceivers and investors.
There are three basic things, which a doctor has to do, take decisions, communicate with people and perform procedures. Pattern recognition skills are important part of these three tasks and doctors are quite adept in all of them.
Doctors have all the qualities that are present in a successful entrepreneur. Therefore, you should not be surprised if you hear someone saying that he is a physician entrepreneur.