Five Reasons Physicians Make Excellent Entrepreneurs

According to this Forbe’s article, medical practice revolves around two important concepts: reducing the likelihood of errors and achieving the highest probable benefit. I suspect this would be translated to mean improved practice of evidence-based medicine and profits. We know that healthcare has become more of a business and less of a healing environment. Almost a readymade environment for entrepreneurs. The article professes that physicians are well suited to be leaders in creating successful ventures. 

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.

Entrepreneurs create wealth and generate employment. The article proports that physicians are well suited to be entrepreneurs in the health care industry. This article supports the notion of physician lead healthcare teams and physician owned health facilities. Here is a summary of what the article describes as to why good physicians make excellent entrepreneurs:

  • Physicians Commit to Profound Educational Development
    • 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.
  • Physicians Are Detail-Oriented
    • 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.
  • Physicians Are Experts at Making On-The-Spot Decisions
    • Regardless of specialization, doctors and physicians from different fields face highly variable circumstances, most of which lie outside their direct control.
  • Good Doctors Have an Ethical Responsibility
    • By applying all four principles (autonomy, justice, beneficence and nonmaleficence), 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.
  • 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.

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