Philippa Kennealy MD MPH CPCC PCC, entrepreneurial editor on PRN’s Expert Panel, has posted another interesting article on her Entrepreneurial MD website.
Dr. Kennealy has been discussing the “Intelligent Entrepreneur” by Bill Murphy Jr. In her most recent post she addresses his Rule # 6, “Manage Risk.” Unlike popular belief that entrepreneurs are “risk tolerant,” Murphy and Kennealy point to entrepreneurs’ ability to manage risk as a key differentiator.
They point to the business-savyy entrepreneurial physician and business owner’s need to:
* believe in their abilities and business idea
* understand their marketplace – make sure their business addresses a genuine problem rather than provides a nice-sounding solution to a problem that doesn’t exist
* raise funds before they need them, or figure out how to bootstrap on a budget
* focus intently on generating revenue
* watch their expenditures, even the teeny ones, and spend their dollars only when it makes sense
* keep their finger on the money pulse by understanding and reviewing regularly their medical practice’s or company’s financials
* develop an exit strategy, even if it’s to return to their former job or career
* be lucky and have a good sense of timing!
These reminders are helpful for the entrepreneur, as well as physicians exploring the possibility of a career change or consulting.
To read about managing risk and of Dr. Kennealy’s other posts about Murphy’s book, please visit the EntrepreneurialMD website.
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