Thinking
About Becoming an Entrepreneur? 6 Keys to Success
by
Philippa Kennealy, MD, MPH, CPCC, Coaching Associate with www.PhysicianLeadership.com
Do you
wish your career offered more than just showing up on the
job?
Are you secretly
incubating an idea for a business, but don’t know where to
start with it? Are you
longing for a creative outlet that makes you money and frees
you up from relying on your practice or organizational
position for income?
If you
answered “yes” to any of the above, you may be poised to
join the ranks of the thousands of employees from all
industries, including physicians, who are either fleeing the
rigidity and frustration of working for someone else or who
are brightening up their days by building a business
“on the side”.
Physician as Entrepreneur -
The Story of Dr. S
A client
of mine, Dr. S, was a hospitalist who disliked working for a
large group and had dreams of starting her own business. She
nurtured the germ of an idea of offering a service to
medical practices in response to a need she felt existed in
her community.
She had
taken the bold step of quitting her group and launching her
business, but she was stuck. She had received some
“bites” for her service, but because she lacked a
business plan, a source of financing and a marketing
strategy, she was barely making it each month. Not the life
she had envisioned for herself!
When I
started working with her as her coach, one of our first
actions was to explore her approach to her business:
Don't Have an "Entrepreneurial
Seizure"
In the
book, “The E-Myth Revisited,” Michael Gerber debunks the
myth that all it takes to succeed in business is to be good
at something, and be willing to work hard. He points out the
rate of failure of small businesses is 40% of the more than
one million businesses in the first year! He
attributes this largely to people being caught up in what he
terms an “entrepreneurial
seizure”.
Entrepreneurship
is the mother of all roller coaster rides. It demands
passion, perseverance and purpose. It first shows up as a
restlessness, a questioning of the status quo, a hungry
curiosity and, if indulged, it has the capacity to thrill,
tease and terrify.
Like Dr.
S, you might begin your business with a desire for escape,
or more flexibility, or as an outlet for your creativity.
Soon however, you may find yourself mired in a business that
has you enslaved – you’re working “in your business”
and it’s become the tyrannical boss you sought to flee.
Six
Keys to a Successful Venture
How do
you avoid this trap as an entrepreneur? Here are the 6
keys to embarking on a successful entrepreneurial venture:
|
1.
Get
clear
To
have the tenacity and fire in the belly to develop and
grow a start-up business, you need, MUST HAVE an
inspiring vision of what you hope to accomplish and
what your motivations are to begin charting this
course.
|
|
2.
Feel your
passion
It’s
daunting to think of changing course in your career or
finding the time to build a business on the side, but
it is unbridled enthusiasm for what you are doing that
will enable you to move past the doubts and
insecurities that plague all but the hardiest
entrepreneurs.
|
|
3.
Much
of entrepreneurship is about “the inner game”!
Develop self-awareness about your strong points and
about those of your skills or qualities that needs
bolstering. Having good insight into what gives
meaning to your day, and what emotional needs an
entrepreneurial adventure will satisfy, will serve you
well when the ride gets bumpy.
|
|
4. Don’t
go it alone
Use
a trusted sounding board, find a loving devil’s
advocate, hire a coach, or join a like-minded group of
budding entrepreneurs - people who are willing to keep
you honest, without throwing cold water on your
dreams.
|
|
5.
As
physicians, we were educated to exercise clinical
skills – we are what Michael Gerber terms superb
“Technicians”. Begin to acquire the skills of
business, which include:
-
Leadership
to carry the torch of your vision
-
How
to write a business plan
-
Financial
planning
-
Managing
systems that operationalize and support the smooth
running of your business
-
Strategic
partnering and planning
-
Marketing
and developing a brand
-
Selling
-
Fulfilling
the needs of your potential clients.
You
may choose to do this with a formal education. If your
passion is heating up and you don’t want to delay or
invest your start-up capital in an expensive degree,
find one of the many other routes to getting an
on-the-job education. People do it all the time, and
succeed!
|
|
6.
Remember,
this newsletter is entitled “Daring Doctors."
Entrepreneurship is not for the timid, but, by way of
encouragement, I can attest to the fact that it
provides a greater sense of aliveness and personal
accomplishment than all the other careers I have
known. |
Thrive,
and inspire yourself
with the following quote of Goethe’s: "Whatever
you can do, or believe you can, begin it. Boldness has
genius, power and magic in it."
Philippa
Kennealy MD MPH CPCC, President of Oya Consulting, is
an Executive and Personal Coach who helps her healthcare executive and
professional clients express their full potential as organizational or
business leaders and individuals.
She can be reached at pkennealy@oyaconsulting.com
|
