Getting a medical degree does not automatically makes one work in hospitals or pharmaceutical companies. It may be a specialised field, but there’s plenty of opportunities for entrepreneurship in this business space. There is a door in this industry that can lead you to the entrepreneurial journey.
There’s no denying that the medical and healthcare industry is becoming a popular arena for startups because of technology, specialisations and people’s increasing consciousness to their well-being. Even if you do not have the expertise in business, you can still dip your feet into the water and establish a venture in this field.
Armed with your medical know-how, you can prepare yourself for the journey and survey the playing field before you embark on starting a business. Then work your way towards improving your craft, expanding your business and caring more for patients who need your services.
Maximise your skills and capabilities
Your medical background is already an asset to the business. Add to that your hands-on experience and training. Look at your strengths and let them work to your advantage.
Identify the need
The reason most businesses thrive is that they provide a solution to a problem. Consider the gaps in your industry and the need of your target market or patients. Keeping in mind the need of the people you serve will make you stay true to your purpose and balance profit with purpose. Do market research and reach out to your prospects and clients regularly.
Work on your limitations
Define your weaknesses and work on addressing them by getting partners, investors, consultants or third-party service providers to help you out. Bring an edge to your venture that will make it stand out from the competition.
Create your team
Put together your dream team who can embody your corporate values and culture. Be discerning in selecting those with potential, efficient in retaining the good ones and fast in letting go of those that do not fit in your standard. Hire people that can help you with administration, finances and operations. Remember that your team are your hands, feet, eyes, ears and mouth. They are an extension of yourself, so you need to preserve the trust and harmony when you work as a group.
Look for a group that can help nurture your business sense. Join organisations like EO and surround yourself with like-minded individuals. Learn from other entrepreneurs who have experienced the journey ahead of you. Listen to experts and nurture your business knowledge through books, podcasts and other resources that can hone your skills. Be mindful of trends and disruption, especially in the use of technology in business and medicine.
With commitment, passion and proper guidance, you can take a step towards becoming a successful entrepreneur. More importantly, don’t lose sight of your vision as it will motivate you to keep going amidst the challenges and hardships that the journey may bring.