Prescription for Prosperity: How 2 Types of Healthcare Entrepreneurs Find Success

Through my 20 years in healthcare as a provider, private practice owner, and business mentor I have found that the majority of entrepreneurs in the healthcare space can be grouped into 2 specific categories. 

The duty driven entrepreneur and the title driven entrepreneur. 

Why is this important to know? Because knowing which one you are can offer direction towards the right path to success in your own business ventures if you’re brave enough to step fully into that identity. 

Is one better or more preferential? No, but what’s worse is not knowing which of these categories you fall into while constantly squandering time and money and never experiencing the true time freedom and financial freedom being an entrepreneur can bring you. 

Time to step into your entrepreneurial identity. 

The Duty Driven Entrepreneur

This healthcare provider has a desire to learn, grow and build a business by their own hands. They want to become an entrepreneur who is also a doctor. They are motivated to learn and implement. They invest in themselves and have a strong desire to take what they’ve learned and apply it to their business. 

These people are coachable and they understand that their initial sacrifice of time equity will yield big dividends for them in the long run as their business grows in revenue and they can implement more systems, hire more providers and eventually work themselves out of a job in order to switch to solely running the business. 

The biggest hurdle for these entrepreneurs is staying committed to the amount of time it takes to do both - be a doctor and a business owner. 

The Title Driven Entrepreneur 

This healthcare provider identifies as a doctor who owns a job (business). They typically want the title of business owner without the duties of running a business. 

They are likely to hire the, “Let us run your business while you focus on being the doctor,” type of systems. This healthcare entrepreneur should understand they will need to sacrifice revenue or equity in their business in order to be successful. 

They must find and hire the right people with the right experience and proven success in order to have the desired outcome of a successful business. 

Their biggest hurdle will be investing the money to get what they want rather than trying to nickel and dime their business with systems that don’t bring the desired outcome. 

Which one are you?

There is nothing wrong with either of these two entrepreneurial identities, but you must understand which one you are and be willing to own it. Be willing to step fully into it and do the research necessary to find the right people, coaches or systems to help. 

One way or another you will have to sacrifice time or money, but if you don’t come to this realization early, you will sacrifice both when trying to fix a struggling business.