Physicians leverage their training, education, and entrepreneurial spirit when they transition to running a business.
Five years after starting a private practice, Colorado-based obesity medicine specialist Carolynn Francavilla, MD, was at risk of going under.
Until 2020, Francavilla saw owning a business, making payroll, and marketing as the price of practicing medicine on her own terms. But as her business ventures increased, that changed.. And there’s an entire cottage industry of bloggers and consultants ready to back the doctors who want to be entrepreneurs, too.
But you don’t have to develop, scale, and sell a medical solution to become a physician entrepreneur. That’s just one of many avenues.. Franchising or investing — both in clinical and nonclinical spaces — makes you an entrepreneur. Leveraging your technical expertise to consult for other doctors or medical businesses is also entrepreneurship.
The good news is every doctor is gritty enough for entrepreneurship — otherwise, they wouldn’t have made it through training, Shufeldt said. And grit is one of the key attributes his firm looks for when investing in entrepreneurs.If doctors are so well positioned to make the entrepreneurial move, why don’t more do it?
“Physicians are really highly trained, and we tend to think we have to be that highly trained to be good at anything,” Francavilla said. “But business isn’t that complicated.”
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