3.5 - The Entrepreneur

Defining

"one who organizes, manages and assumes the risk of a business or enterprise" - Merriam-Webster

Forbes - George Deeb - Defines it:

A risk taker

A visionary

A leader

A pitbull

A superhero

Entrepreneurship

It Hard

It requires Grit

(Patience, Perseverance, passion)

It is a Mind Set

From problem seeker to problem solver

Skill set to set of skills

From security to uncertainty

Grit

ONE thing to be Successful Entrepreneur - Grit

Grit is relentless pursuit of your passion with patience

The Entrepreneurial Age

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Entrepreneurship in any Industry is Challenging

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Healthcare brings its own set of challenges

  1. Reward not attached to Outcome but reimbursement
  2. Lack of training of Entrepreneurship
  3. Lack of multiple skills needed
  4. Lack of Networking
  5. Lack of culture of sharing
  6. Medical Training is increasingly specialized and take longer

Healthcare differs from any other industry where price and demand is dictated by value, quality and performance.

Healthcare is driven by reimbursement often set by government regulation

E.g. Telehealth has been around for years the pandemic exploded it because of legislative leniency. In short people started getting paid for there services because of change in policy.

In other industries faster shipping will make you a two trillion dollar company.

Medical Training

Increasingly Specialized

Time to enter workforce is increasingly getting longer

Do not waste time on an MBA

Better to consider short on-demand online courses

Stages in Digital Health Entrepreneurship

Stage 1: Industry and market analysis Stage 2: Opportunity identification and assessment Stage 3: Crafting a solution and demonstrating technical, commercial and clinical validation and verification Stage 4: Deployment Stage 5: Dissemination and implantation, promoting the diffusion of innovation across the various customer segments such that it becomes the standard of care Stage 6: Marketing and post-market surveillance Stage 7: Continuous quality improvement and product development

Advice To A Medical Student Entrepreneur

  1. Internship with a startup
  2. Network, network, network (esp LinkedIn)
  3. Free MOOCs
  4. Identify yourself as open for Innovation
  5. Talk to leaders and learn there history in entrepreneurhsip
  6. "Factor in your entrepreneurial career objectives when it comes time to choose a specialty"
  7. Be tactful - Not Loud - Make sure

How To Pick A Residency If You Are Interested In Entrepreneurship

  1. Innovation ecosystem
  2. Physician champions and entrepreneurs?
  3. Access to entrepreneur mentors?
  4. Time
  5. Intellectual Property
  6. Seed Funding
  7. Non-clinical jobs

US Cities with most Entrepreneurs

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The 10 Paradoxes of Entrepreneurship

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This is a must read!