Medical accountant Kym Nitschke explains how medical professionals can unlock their entrepreneurial spirit and create more opportunities.
Any entrepreneur will tell you that building a business can be one of life’s most enriching and challenging journeys.
Doctors can make excellent entrepreneurs, however, many fail to see themselves in this way.
If doctors can learn how to harness their existing attributes, and master some new ones, there is no limit to their potential.
By combining qualifications, knowledge, career experiences and money management skills, doctors can find great success as ‘docpreneurs’.
Here’s how doctors can sharpen their entrepreneurial skills and thrive beyond their medical careers.
Attitude is everything
Limiting beliefs can mean the difference between success and failure.
Across industries, entrepreneurs have confessed that relentless dedication is key to building businesses. It takes enormous energy to make good decisions, troubleshoot mistakes, and creatively think of solutions to overcome daily hurdles.
Passion, perseverance, and quickly learning from mistakes contribute to becoming a successful entrepreneur. Although many doctors may not have a business degree, they’ve already developed these characteristics thanks to their careers.
Years of gruelling medical school, persistence in finding the best treatment for patients, and overcoming the day-to-day challenges of working in the medical field are just some of the things that build tenacity in many doctors.
Additionally, doctors are already familiar with the concept of continuous educational and professional development. Being a great entrepreneur means you’re always willing to continually learn and master something new.
Embrace risk-taking
Starting any business involves risk. It’s the ability to accurately calculate the ‘risk-reward’ potential that leads to intelligent decision making, which is key for any entrepreneur.
Risk aversion is a significant stumbling block for budding entrepreneurs as the fear of failure or imperfect results immobilise ideas. This can be a challenge for many doctors who, because of the nature their work, can be risk averse. But by changing your perspective on risk and seeing it as an opportunity, while becoming comfortable with the likelihood that you’ll make mistakes, you can move through paralysis and into action.
Explore opportunities around you
When exploring alternative income streams, first look to your own industry, workplace and professional network. Often, the best ideas come from solving a problem you have already experienced.
There are huge opportunities in health. No doubt you would’ve already seen them.
Successful entrepreneurs are problem solvers. What problems do you see facing your patients, practice or industry that could be solved with the right technology or idea? Could you provide the solution? If so, you’re on your way to becoming an entrepreneur.
Smart money management
Flourishing businesses are built on solid financial systems.
As an entrepreneur and founder, you’ll need to get really clear on your business model. Further, it’s your responsibility to manage your projections, budgets and associated financials well. Some doctors have a knack for this, others don’t. Either way, it is always key to get expert help from the outset.
It’s ok to not be an entrepreneur
We’re not going to sugar coat it. Being an entrepreneur is stressful; it takes an incredible amount of time, effort and investment and that doesn’t always suit everyone’s personality or life goals.
As a doctor, your career is challenging enough. You may weigh up the pros and cons and decide that focusing on your medical career and practice is best for you, and that’s a great decision too. Either way, you need to weigh it all up and make the right call for you.
Want to talk about your ideas?
Want to talk about your business idea, career options or alternative revenue ideas outside of your ‘typical’ medical practice?
It starts with putting a wealth strategy in place. And we can help with every step and need. Contact us now.
Find out more about what we do for doctors along with medical practice advisory.
The information contained on this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.
