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The Challenges Of Physician Entrepreneurship

One of the challenges for anyone in the medical profession is in shifting their mindset from providing services to charging for services, products, consulting, ideas, or technology. Physician entrepreneurship often becomes difficult when doctors must make this shift from focusing on care to focusing on managing and promoting their business.

Finding effective physician business solutions is not always easy. Unlike other types of small business opportunities and entrepreneurships, medical professionals often have highly niched markets, and entering these markets with new devices, products, and services in the medical field is both costly and takes a significant amount of time.

Options to Consider

One option to consider is physician investing. This allows a physician to work with a team that manages the strategic and operational side of entrepreneurship while the doctor or group of doctors provides the idea, concept, and funding. This allows all involved to use their areas of expertise to move through the research and development as well as prototyping and marketing phases of starting the business.

Other choices in business ideas for doctors include utilizing expertise and experiences to work as consultants, advisors, or to become directly involved in training, coaching, or educating other medical professionals.

No matter what type of business a doctor considers, it will be important to work with an advisor who offers information and support on personal finance for doctors. It is easy to make assumptions about the viability of a business concept, which can create significant personal financial problems. Working with a CPA or financial advisor with experience in physician finance will help avoid common mistakes that can detail your business plans.

The Doctor’s View offers insight into physician entrepreneurship, finance, and physical investing. Written by a doctor for doctors, this is a great blog for anyone in the medical profession. To read more, see us at thedoctorsview.com.