I have been a business consultant for doctors for several years now.
Since then, I’ve learned most doctors who start their own business fail because they never change their employee mindset. They think all that’s needed to succeed are top-notch clinical skills, and never realize focusing exclusively on the clinical aspect is what's actually holding them back. To be honest, it took me quite a while to learn this lesson too.
Here are some of the other reasons I've learned doctors fail when starting a business:
- Reason #1: They don't plan for the life they want to create.
- Reason #2: They fail to develop a business owner mentality.
- Reason #3: They lack business, sales and marketing strategies.
The good news is all of these are fixable.
If you're planning to start your own business, make sure you:
- Design the lifestyle you want your business to deliver
- Start thinking like a business owner, not like an employee.
- Invest time and money to develop solid business strategies.
And if you've already started your entrepreneurial journey but feel like stuck and unfulfilled, check to make sure you're doing each of the above steps. In order!