How to be an entrepreneur in the medical field — 4 tips

Arlen Meyers, MD, discusses the different healthcare specialties and which ones are considered more entrepreneurial than others.

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Here are four tips:

1. Dr. Meyers’ definition of entrepreneurship is the pursuit of opportunity with uncontrolled resources with the goal of creating user-defined value through the deployment of innovation.

2. He believes that a hospitalist is not any more or less entrepreneurial than other medical colleagues.

3. Dr. Meyers offers these points to consider when selecting a specialty as well as intending to pursue biomedical and health entrepreneurship:

  • The amount of time you intend to practice clinical medicine.
  • Time to pursue other entrepreneurial interests.
  • Your financial and personal situation.
  • Your internal motivations and whether there is a good fit between your personality and the personality of your chosen specialty.
  • Mentors and champions in one field or another that inspire you as role models or mentors.
  • Was where you went to medical school or completed your residency and/or fellowship a supportive ecosystem or an isolated one?
  • Your networks and industry connections.
  • The unmet needs in your specialty and whether you have the stomach to meet them.
  • The risk tolerance culture of one specialty over another.
  • Myths and unrealistic expectations about a specialty that don’t become evident until you have practiced it.

4. Dr. Meyers is emeritus professor of otolaryngology, dentistry and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health. He is also founding president and CEO of the Society of Physician Entrepreneurs.

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