Moving from Medicine to Entrepreneurship

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Medical professionals of all stripes do incredible things every day – often saving lives, easing pain or providing comfort. But sometimes, even after the many years of training required to become a licensed caregiver, someone may want to leave the profession behind and try something completely different.

exchanging scrubs for briefcases

There are many reasons why someone in the medical field might be attracted to entrepreneurship. One of the most obvious is that caregivers such as nurses and doctors who are accustomed to using traditional interventions to help patients need to develop their own market solutions for a medical problem or deficiency they have discovered. can be inspired. This could be an idea for a new medical device or treatment, a mobile app cloud service or a critical approach to a standard procedure.

Take Justin Barad, co-founder and CEO of Osso VR, who has an MD from UCLA. He was inspired during his residency when he saw the limits of traditional surgical training. He was eventually able to combine his medical knowledge with his passion for gaming to form a company that uses virtual reality To provide 3D surgical simulation.

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Another reason for changing careers can be the desire to change lifestyle or work schedule. Physicians often get tired of being exposed to diseases and viruses or being tied down to the physical location of their clinic. While the vision of working on a laptop from a beach in Bali can be wishful thinking, a career in business can involve more travel and the need to work on the go.

Personality and skill set can also be factors. Caregivers who are particularly engaging and really adept at explaining complex medical concepts may find themselves drawn to health-related professions that want the expertise of a physician at hand. Even big tech companies like Apple and Google are expanding into healthcare and hiring doctors,

What entrepreneurial roles might be suitable for a medical pro?

Some caregivers see the opportunity to find a start-up related to their experience. This will probably be something they have been contemplating for a while, realizing that they might be the right person with the right qualifications and aspirations to start a new venture.

It’s smart to form a partnership with someone who has already gained a foothold in a business of their interest, or who has at least some relevant connections, to help turn an idea into a reality. For example, Barad co-founded his company with an experienced game developer.

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Even if a medical professional doesn’t have their own innovative idea or solution to a medical problem in mind, they can still be a welcome addition to an established business. For example, they may be a perfect fit for an executive role in a medical technology firm, where they can help drive the development of products or services related to their medical background. Or they can be a major asset to a pharmaceutical company’s sales team, seeing how customers and prospects would appreciate hearing from someone with life experience in the field.

Becoming a successful entrepreneur may require a change in skills and mindset. Pursuing further education can be a wise move. If this is not possible, taking night classes or online courses in areas that require work such as public speaking, marketing or business writing can be helpful.

In addition to expanding the skill set, a person’s transition from the medical profession to business must make a major change in their way of thinking – and this entails becoming more comfortable with risk. For example, given the life-and-death stakes sometimes associated with patients, doctors tend to avoid risks as they should. Entrepreneurs must be willing and ready to take calculated risks – this is how a business innovates and grows.

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to start

Before turning to those scrubs for good, there are several ways to start dipping a toe in the entrepreneurial pool. talk to people. Attend medical conferences and visit vendor booths to learn what service providers and suppliers are doing in the market. Share with others solutions to the problems you are facing and see what they think. Read about progress reported in medical journals, which could lead to some great ideas.

Good healthcare and medical companies do not exist without the input of professionals with direct experience. Caregivers who enter the business not only have the opportunity to explore a rewarding second career, but also have the potential to bring life-changing innovation to patients.