In recent years, doctors and other healthcare professionals have had a high failure rate in their attempts to initiate and sustain various healthcare innovations. Unfortunately, as doctors and healthcare professionals, we feel that understanding how to identify and address problems (diseases) qualifies us to become healthcare entrepreneurs (after all, isn’t that what entrepreneurship is all about?). It’s astonishing how often we get these skill sets mixed up.
For many years, even before I became a doctor and learned how to properly write a prescription, there has been a slew of doctors who started their businesses and built them up over time to become private healthcare behemoths, only to be eaten by debt and competition in recent years. The red ocean has gotten so tumultuous that gaining a sustained competitive advantage within these strategic groups has become nearly impossible. For doctorpreneurs, there is still a tremendous unexplored value gap, particularly in Africa. How do we find these blue oceans and monetize them?
The socioeconomic impact of private healthcare enterprises’ long-term viability and expansion is critical to economic development. As a result, “Doctorpreneurship” must be re-evaluated, particularly in Africa, to assure long-term viability. However, it is not all doom and gloom; there are some success stories of healthcare organizations that have lasted for decades, and a detailed examination of how they were founded, managed, and reinvented over time as the business landscape changed is worthwhile. Why do some private healthcare enterprises survive in these turbulent times while others fail?
I’ve been a victim of this erroneous perception in the past, and it’s cost me a lot of money. If you’re a doctor with no entrepreneurial experience, don’t worry; we’ll figure out how to learn and grow together
Meanwhile, here are a few things you might not know about DoctorPreneurship:
- Doctorpreneurship is about producing value, not simply companies.
- You’ll need assistance from people who have complementary skill sets to your own. You can’t do it on your own.
- It has nothing to do with practicing medicine. Always remember that you are an entrepreneur who also happens to be a doctor.
- Success necessitates a completely new learning curve and attitude. Doctorpreneurship entails more than just opening a clinic or hospital. There are a plethora of untapped options.
- If you don’t have a well-defined business strategy, you’ll fail. This is how you become suffocated by competition and a fast-changing business environment. The number essential for growth is effective leadership ability. Leadership is not an inherited trait. Prepare to learn.
Now Tell Me:
- What has your experience as a Doctorpreneur been like?
- If you’ve ever been a patient in a hospital, what prompted you to return or suggest it to others?