Well-trained professionals are turning their academic expertise into booming entrepreneurial ventures-even without formal business training.
6 min read
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The American education system is set up to teach and train individuals to become experts and key thought leaders in the specific fields that they choose. Given the rising costs of education, rarely can students choose more than one area to specialize in. If and when the day arrives that one wants to start a business of their own, it is quite the challenge to learn the fundamentals of entrepreneurship later and confidently do so. Additionally, many people have been trained in the sciences or the arts, so finance and accounting seem like foreign languages to them. So how are so many specialized healthcare professionals creating booming privately-owned businesses across the country?
As a formally trained Doctor of Pharmacy (Pharm. D.), I had a unique advantage with an MBA in Entrepreneurship before enrolling in Pharmacy School. This opened my eyes and gave me the knowledge and inspiration to one day be able to start my own business. When most people hear of the Pharmacy profession, generally, they think about their local community Pharmacist at a nearby retail location. However, the skillset attained within school goes beyond the community realm and can be extremely useful in other areas. My career, post-Pharmacy School, began in industry where I learned more about the business of pharmaceuticals which gave me the knowledge base to co-found our own health and wellness company. My advice to all of the current students that ask is that they should focus on understanding the science and craft of therapeutics, as opposed to the specific job description that they think they may land after school. Once you are an expert in pharmacology, that skill set translates into many areas from community, clinical, industrial, and yes, entrepreneurial.
Many healthcare providers have taken a similar approach, including Dr. Akash Bajaj – a Pain Specialist & Anesthesiologist who is the founder of Remedy Pain Solutions in Marina Del Ray, CA. Dr. Bajaj and I work together with brands TIDL Sport and CytoCx, where he serves as the Medical Director and has dual degrees with an MD and MPH. Physicians like Dr. Bajaj, who has been featured on CBS TV hit series ‘Doctors,’ have had to build the plane as it is flying and have done an incredible job in the private practice space. No matter what the specialty, individuals can leverage these tips to make the most of their expertise and turn it into a profitable business while still serving the greater good:
1. Become a master of your craft
The first step is to immerse yourself within your training and specialty and have the confidence to be a key thought leader in the space. Do the extra research, spend the time to learn all of the new information and data in your field to truly understand the opportunity within. “I have been fortunate to be involved with several top academic institutions during my training. While the training was fantastic, there were areas that I felt could be improved for the ultimate outcome of increased access to hig