Doctors are full of ideas for businesses. It must be all that frustrated creativity manifesting in the shower!
Not all of these ideas, however, will make for a sound entrepreneurial physician business.
So how then do you know whether your idea is any good?
The Harvard Business Review Newsletter has a few tips for evaluating your physician business opportunity that resonate with what I teach, so here they are in a nutshell.
A viable business needs to:
- Resolve a problem, address a pain or respond to a desire or need that exists “out there” (in the marketplace)
- Have folks in your target market who want or need your solution, are willing to pay for it, and exist in large enough numbers to justify your efforts at reaching them
- Have your prospects be the decision-makers who can make a decision fast enough that you aren’t drowning in red ink while enduring an endlessly long sales cycle
- Be in possession of assets that are valued by your market, such an unique design, high performance or functionality, special qualities such a leadership or trend-setting ability, or prized information
- Be run by a person or a team with a passion for this business, and a culture driven by vision, values and a mission
- Be “testable” with a small group to provide a proof of concept
- Be able to succeed as a start-up with manageable overhead costs while generating some income
I suggest you try the Isenberg 2-minute test to see if you should be an entrepreneur and, if you pass, then focus on answering the above for yourself!