8 Reasons Why Doctors Make Great Entrepreneurs

I advocate for many different things here at The Motivated M.D.  One of my most frequent rants involves the necessity of diversifying your income.  Generating multiple streams of revenue can be critical for both increasing your supplemental income as well as expanding your business endeavors.  Take me for instance, I have been using this blog to build My Physician Side Hustle.  I love my career in medicine, but I needed an outlet for my non-medical interests.  For me, this manifested as personal writing.  My personal writing evolved into a blog, then guest posting, and ultimately the formation of a limited liability corporation (LLC).  As my small business continues to grow, so too do my business goals.  I have found the transition from doctor to entrepreneur to be a seamless one… and I think I have some reasons why.  Here are the 8 reasons why doctors make great entrepreneurs!

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1. Doctors are intelligent

Let us start with the low hanging fruit.  Doctors are often generally intelligent individuals.  It is no small feat navigating the academic challenges of a career in medicine.  For starters, individuals who practice medicine often need to graduate with strong collegiate merits, then complete four years of medical school.  Following this they are subject to The Match process, and must survive an often-grueling and time-consuming residency (and sometimes a fellowship too)! 

For my physician colleagues reading this, you understand.  For everyone else…suffice to say it is difficult.  It takes unwavering intellect, passion, and grit.  We will get to the other character traits later in this article, but ‘smarts’ is one of the most important factors for a physician.  It is no wonder why the bright minds of healthcare workers translate well to entrepreneurship.  In order to find success, you must acquire many skills, one of them is a hunger for knowledge.  Doctors, thankfully, have an abundance of this, and its application to business can often prove valuable!  Physician intelligence is the first reason in our list of the 8 reasons why doctors make great entrepreneurs. 

2. Doctors understand delayed gratification

Delayed gratification is the idea of working hard now, for a (potential) reward in the future.  Sometimes we do not know how far in the future we must wait!  For physicians, this form of gratification is commonplace.  Individuals looking to become doctors will often need to complete college, then medical school, then internship, and lastly residency (and even fellowship).  This process can last almost a decade (or more) depending on their chosen specialty.  Though the medical and surgical professions continue to offer relatively high reimbursements, individuals must find comfort knowing they have a decades’ worth of education and training to complete before they will see any of this income manifest.

For entrepreneurs, they are often tasked with turning a potentially profitable idea into reality.  It can be difficult to gauge the time commitment (and monetary commitment) needed to create a profitable product or service, thus one needs to be at peace ‘working and waiting.’  This can be challenging as the gratification of success can be motivating; however, this is not always possible in early business/product development.  Finding comfort in delayed gratification is a quality every entrepreneur should work to achieve.  Physicians know this all too well.

3. Doctors have great critical thinking skills

Critical thinking is an underrecognized skill.  Critical thinking means you can objectively analyze an issue or situation in order to form a sound judgement.  In medicine, physicians are often tasked with taking a series of (what appear to be) ambiguous and unrelated complaints and synthesizing this data into a working diagnosis.  This is easier said than done, but there are often mental strategies physicians utilize to reach logical conclusions.

Entrepreneurs also benefit by harnessing the ability to think critically.  No matter what your business venture, thinking critically can allow one to appropriately evaluate an issue, make a decision, and move forward.  Doctors are already primed to do this.  When faced with a decision, many physicians are already starting to build a working list of solutions to address a problem.  All entrepreneurs should learn to develop critical thinking skills.  For this reason, critical thinking is number 3 on our list of the 8 reasons why doctors make great entrepreneurs! 

4. Doctors have a great work ethic

It can be taxing to develop a small business.  It can be even harder to rely on your current job to help support your pursuit of a side hustle or side gig.  Though the promise of potential supplemental income is tempting, it can be very difficult juggling the needs of everyday life while starting a business.  For me, I have written lots about the woes of jugging family, medicine, and a blog.  It is no easy feat.  It requires dedication, commitment, efficiency, and work ethic. 

In a post I previously wrote called How to Make Money Blogging as a Doctor, I discuss the difficulty of balancing the current obligations with the expectations of blogging.  I have had to learn to sit down and create a blog post once a week.  I must find the time to work this in between all my daily obligations.  Physicians subject themselves to grueling education and training.  It requires determination to place yourself on a path for (nearly) a decade in the expectation to be a productive doctor.  Starting a small business is no different.  Entrepreneurs work to turn ideas into profit.  This often means a vast majority of the hard work is put in well before there is any reward.  Doctors are well acquainted with this path and grow to find comfort in it. 

5. Doctors know the importance of collaboration

In the medical field, we lean on our colleagues all the time.  When I am working in the intensive care unit, I consult other subspecialists constantly.  Sometimes for a specific medical need, other times for reassurance.  However, it is very much a ‘norm’ to collaborate with others from different backgrounds and training regularly.

Entrepreneurship is no different.  Though we may have ideas in business, often we need others to translate that dream into a reality.  Take real-estate for instance.  It is common that individuals in healthcare professions use the capital from their high-incomes to support real estate investing.  However, for those looking for a more ‘hands-on’ approach, like flipping homes, or building a portfolio of rental properties, you will need so many others to help you.  From landlords to electricians, plumbers, HVAC personnel…you name it.  Physicians understand the importance of collaboration.  Look, ‘you don’t know what you don’t know.’  Get comfortable working with others and you will reap the benefits.  Collaboration is the fifth of our 8 reasons why doctors make great entrepreneurs. 

6. Doctors are comfortable making difficult decisions

Doctors deal with life and death decisions with some regularity.  Depending on one’s specialty or subspecialty, individuals may deal with this daily.  With a wife in emergency medicine and myself in critical care, I am all too familiar with having difficult conversations.  Business is no different.  An entrepreneur needs to be willing to reflect on their business plan or progress with some objectivity…even if they do not like what they find.

All small business owners need to be able to give constructive feedback to both themselves and others.  Knowing when to cut your losses is difficult.  It can be even more daunting knowing you need to put years’ worth of effort in before you will receive any tangible reward.  Understanding what may be a lucrative business venture and where the ‘pinch isn’t worth the squeeze’ is difficult…especially if you have family, employees, or others who depend on your success.  Force yourself to find comfort in the discomfort.  It will allow you to make educated decisions and harness the power needed to lead during tough times. 

7. Doctors respect research and evidence

Not every doctor or hospital you interact with will be ‘on the cutting edge,’ but it is both normal and expected for physicians to stay up-to-date with the latest evidenced based medicine.  Only through regular large randomized controlled trials can we move the needle forward when it comes to patient care through evidence.  Again, business is similar in this way.  As you begin your business venture, make sure you are observant, and utilize research and evidence to help better your business.  Collect data where appropriate.  Interact with colleagues and ask their opinions.  Reach out to more successful individuals in your field/niche and ask for constructive feedback on your product or service.  If you are able, request surveys and be willing to spend an equal amount of time on both the praise as well as the criticism you receive. 

Both forms of feedback are helpful and educational.  It can be difficult making yourself or your business vulnerable by asking what others think.  However, this is the best way to learn and adapt in our ever-changing economy.  Like doctors, as an entrepreneur, make sure to spend time researching and reviewing ways to better your brand. 

8. Doctors need outlets outside of medicine

Recently, I have been publishing a series of posts aimed at personal finance tips throughout the various stages of medical training.  From internship to fellowship (and beyond) different stages of education will invariably offer new challenges.  However, I made certain to end each article discussing ways to prevent burnout.  Doctors, as well as many other healthcare professions, are undergoing a crisis of burnout, made worse by the global COVID-19 pandemic.  I have found a shared sentiment among my colleagues that outlets are needed outside of medicine.  For myself, this manifested as blogging. 

I have grown to preach the importance of outlets outside of our profession.  Entrepreneurship is a great way to explore your interests, and potentially create something valuable.  Generating multiple streams of revenue can afford physicians avenues to lessen their clinical demands.  I have found that doctors are often eager to explore interests outside of their profession.   I think this makes them posed for success when venturing into the world of entrepreneurship. 

Take home points

As a full-time doctor working to grow a side business, the transition from physician to entrepreneur has proven to be eye-opening.  I can assure you that I knew absolutely nothing about business, but the characteristics that make success achievable are already accessible as a result of my profession.  There are many reasons why doctors make great entrepreneurs, but overwhelmingly the habits and character traits that make them successful in healthcare will also help make them successful business owners.  These were the 8 reasons why doctors make great entrepreneurs, but I could think of many more.  If you are a physician looking to pursue an interest or business endeavor outside (or inside) of medicine, I encourage you to go for it!  You already have so many of the skills necessary for success!  As always…

Stay motivated!

The Motivated M.D.

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