Summary Build a business on skills you already have. Don't give
up your day job too soon. Forget the lawyer jokes; a good one is a godsend.
You may dream about being your own boss, but are you really ready to take
the plunge into healthcare entrepreneurship? Besides having a winning
idea or service to offer, you must be self-motivated, persistent and energetic,
say successful healthcare entrepreneurs.
Faye Berger Mitchell, a nutritionist in private practice since 1988 in Chevy Chase,
Maryland, and Thom Golden, a former emergency room nurse who founded Doctor Baby Proofer in 1986 in Dallas, offer
eight tips to aspiring entrepreneurs:
1. Do What You Know.
It's easier to launch a business that builds off your existing knowledge, experience
and professional contacts than to enter an entirely new field as an entrepreneur. Golden
hatched his idea to open a baby-proofing business while working with pediatric trauma
cases in the ER, where he recognized injuries that could have been prevented in a
child-safe home.
2. Believe in What You're Doing.
If you're going to invest your time and money in building a business, you must have
confidence in your abilities and boundless enthusiasm about your venture. Berger Mitchell
survived a few tough months right after quitting her job as a patient food services
manager because of her enthusiasm about self-employment. "For the first time in my
life I was able to take rejection and still keep going. It was because I loved what I was
doing," says Berger Mitchell. She now teaches a course for dietitians and
nutritionists called "Be Your Own Boss: The Basics of Starting a Private
Practice."
3. Look Before You Leap.
Trading career stability for professional independence is a worthy goal, but keeping a
full- or part-time job while you get your venture going is wise. You'll be able to see if
you're cut out for entrepreneurship while still earning a paycheck. Golden hung on to his
ER job while his baby-proofing business was getting off the ground. "Within two years
I was busy enough consulting and performing child-safety audits that I didn't have enough
time for the ER anymore," he says.
4. Expect Some Ups and Downs.
Most entrepreneurs don't hit the jackpot overnight; they painstakingly build successful
enterprises. Doctor Baby Proofer was a home-based business for 12 years before Golden
moved into a 4,500-square-foot showroom two years ago. He now has six employees. According
to Berger Mitchell, it takes most entrepreneurs an average of two to five years to build a
successful business.
5. Promote Yourself.
Berger Mitchell advises aspiring entrepreneurs to network, network, and then network
some more. She drummed up business initially by joining her local professional association
and volunteering for every opportunity to give a speech or work at a health fair. Golden
says his most potent form of marketing is giving seminars to expectant mothers in settings
like hospitals, health fairs and corporations. "You have got to sell yourself. No one
is doing that for you," Berger Mitchell says.
6. Cultivate Existing Contacts.
Your connections to your former colleagues are worth their weight in gold, too. Golden
still receives referrals from nurses and health professionals he worked with years ago
while he was still a practicing nurse, he says.
7. Recognize and Overcome Your Weaknesses.
You may have a steady stream of happy clients or customers, but you need to gain some
business savvy to stay afloat financially. Golden recommends that aspiring healthcare
entrepreneurs take classes through their community colleges on how to operate a business
and make use of community resources like the Service Corps
of Retired Executives. The help of a good attorney, accountant, or business advisor
can also be invaluable, Berger Mitchell says.
8. Don't Give Up!
The road to entrepreneurial bliss may be bumpy. If it is, perseverance is the key to
staying on course, Berger Mitchell says. "If this is something you really want to do,
you need to be persistent. Don't take 'no' for an answer."