Entrepreneurship is a particularly complex subject and one that is often difficult to define.
Society benefits significantly from entrepreneurship, not only because entrepreneurs create wealth and generate employment, but because they inspire others to push beyond the usual paradigms that shape economic status.
A strong need for such a paradigm shift is in the healthcare world. I want to encourage physicians to appreciate their strengths and take the steps to create successful ventures.
Medical practice revolves around two important concepts: reducing the likelihood of errors and achieving the highest probable benefit. These two concepts are framed by an important economic slant that, given the right context, translates rather well into the world of business and finance.
Here are five reasons good doctors also make excellent entrepreneurs.
1. Physicians Commit To Profound Educational Development
Scientific knowledge is updated continuously, and as a result, medical students commit very early on in their careers to the continuous development of their educational and professional capacity. This process requires tenacity and more than a bit of willpower.
Saying that physicians are survivors of medical school is, in my opinion, not an exaggeration. Medical education is not only difficult, but it provides physicians with the ability to find creative solutions to difficult problems, to communicate efficiently and effectively, and to foster interpersonal relationships in a way that makes teamwork second nature.
The demanding regimen of learning and practice that characterizes medical school forges a particular type of individual who is ideally suited to succeed in the uncompromising world of business and entrepreneurship.
2. Physicians Are Detail-Oriented
In the field of medicine, nobody has the last word. Since what works for one patient may not work for another, professionals must be detail-oriented, open-minded and able to quickly adapt to new processes and discoveries.
Regardless of their given specialty, good doctors are meticulous, conscientious, diligent and attentive. These qualities allow them to become exceptional at asking pointed questions, detecting patterns, making connections and hypothesizing potential outcomes.
This predictive ability translates well to the world of business, where uncertainty reigns supreme and a distinctive risk permeates every potential interaction and decision.
3. Physicians Are Experts At Making On-The-Spot Decisions
Both physicians and entrepreneurs thrive or fail as a direct result of the choices they make. Sometimes this decision making process is based on trial and error. Other times, the decision making process is mediated by the experience and mastery of a specific field. All decision making, however, hinges on the intentions, attitudes and values that arise during the process.
Regardless of specialization, doctors and physicians from different fields face highly variable circumstances, most of which lie outside their direct control.
Moreover, entrepreneurs, regardless of which sector they operate in, must deal with varying degrees of certainty, risk and uncertainty and make on-the-spot decisions to sway their potential for economic success.
This similarity in risk assessment capabilities draws a direct parallel between the abilities of both doctors and entrepreneurs to make quick, impactful decisions.
4. Good Doctors Have An Ethical Responsibility
Some argue that ethics are black and white. Others say ethics includes a whole range of behaviors that can be more or less ethical. Regardless of how flexible a definition we apply, it cannot be denied that being ethical is not an easy task.
Medical ethics uses the principles of autonomy, justice, beneficence and nonmaleficence to evaluate the merits of a doctor or physician. By applying all four principles, doctors can guarantee that all interactions with patients are fair, just, beneficial and free of coercion and that they don’t cause needless harm. Doctors who manage to behave ethically are the best in their field.
In much the same vein, an excellent entrepreneur must be an ethical force within their industry. Unethical entrepreneurs may be able to establish enterprises that generate high profits, obtain enviable stock quotes and achieve far-reaching reputations. However, without ethical behavior, they are no different than successful crime syndicates.
An excellent entrepreneur has to approach business from an ethical standpoint, using the same four principles that doctors use to consider the consequences of their decisions on all the parties involved: themselves, their employees, customers, suppliers, the local community and society as a whole.
5. Physicians Are Relentless
Often, the diagnostic process is challenging, tedious and taxing. Correctly identifying a condition may require a plethora of tests, consultations, conversations and treatment plans. A good doctor will be relentless when it comes to the well-being of their patients and will keep trying until something works.
This level of persistence and perseverance translates well into the world of business, economics and entrepreneurship.
Success is rarely found without tasting failure first. What separates the wheat from the entrepreneurial chaff is the level of commitment and the relentless pursuit of success.
Therefore, it should come as no surprise to anyone that doctors and physicians around the world have performed some of the most exciting and successful entrepreneurial work, and we need more to continue this trend.