If you’re thinking about launching a business venture within the healthcare sector, you’re definitely onto something.
From the rising healthcare needs of aging Baby Boomers to advances in technology to demands for premium experiences from healthcare consumers, there’s ample opportunity for entrepreneurs who are looking to disrupt the marketplace with new ideas and solutions.
There’s no questioning the opportunities that abound — but what does it take to be a successful healthcare entrepreneur? Here’s a list of the top five qualities that are essential for making it in the world of healthcare business venturing.
- Passion-Driven Vision
The best healthcare entrepreneurs are focused on the big picture. They have a vision for not just starting a business or making money, but for solving real problems within the healthcare industry and subsequently creating better experiences and outcomes for patients, healthcare providers, and/or other parties within the system.
Creating and sustaining a healthcare business takes a lot of time, energy, and resources. Having a passion for what you’re doing can help keep you motivated through all the ups and downs you are bound to encounter in your entrepreneurial journey.
Whether you’re designing tech-based solutions to streamline health administration processes or you’re providing public health solutions that give the masses better access to care, you should always have a strong grasp of your “why” and let that passion serve as the momentum that propels you.
- Understanding of the Healthcare Industry
You can’t create business solutions for the healthcare space unless you have an in-depth understanding of how this industry works, including its current systems, challenges, and needs. Healthcare entrepreneurs should have knowledge in areas such as health administration best practices, payer-provider dynamics, healthcare laws and regulations, health system infrastructure, healthcare information management, health technologies, and more.
While healthcare entrepreneurs do not have to be licensed clinicians, they should be familiar with the world of clinical care, especially if they plan to open and operate a clinical practice or provide solutions that support clinicians.
- A Business Mindset
Passion and understanding of the healthcare industry aren’t enough to help you build a thriving healthcare business or practice. You should also have a strong grasp of business and managerial best practices, as you will be securing capital, managing budgets, building teams, overseeing operations, and more.
As a healthcare entrepreneur, you will need to understand topics such as:
- Budgeting and finance
- Marketing
- Organizational leadership
- Business law and ethics
- Strategic planning
- Operations management
You can build a solid foundation for future entrepreneurship and business management in healthcare by earning a business degree, such as a Master of Business Administration (MBA) with a specialization in an area such as health administration or public health. You may even want to consider a Master of Health Administration (MHA) or a Bachelor of Science in Health Administration (BSHA).
- An Eye for Innovation
With the rise of big data and artificial intelligence applications in healthcare, there’s plenty of opportunity for innovation. From health-tracking mobile apps to integrated health information management systems to smart medical devices to unique healthcare service offerings, healthcare entrepreneurs have the chance to disrupt the current marketplace with new solutions that meet healthcare consumers’ or providers’ needs in a whole new way.
Healthcare entrepreneurs need to be able to think outside the box and also think long-term so they can come up with unique product and service offerings that stand out from the competition while sustaining strong positioning in the marketplace over the long run.
- Resilience
There will be times that you will feel stretched thin (at least until you can grow your business to the point of hiring others for some of these roles), and you will undoubtedly come across challenges along the way.
Successful healthcare entrepreneurs don’t give up easily when faced with challenges, they use creative problem-solving to get through business setbacks, and use their passion-driven vision (see #1 on this list) as their motivation to keep moving forward.
Work Toward Your Goal with an MBA
West Coast University helps provide the foundational education that students need to become business leaders and entrepreneurs. Explore our online MBA program, which offers specializations in Health Administration and Leadership, Public Health, and Project Management.
WCU also offers a Master of Health Administration program, which offers specializations in
Informatics, Organizational Leadership, Project Management, and Public Health.
If you’re interested in a bachelor’s degree program, WCU offers a BS in Health Administration
program, which offers specializations in Finance and Strategic Management.
WCU is here to help equip you with the tools you need to make a difference in healthcare!
WCU provides career guidance and assistance but cannot guarantee employment. The views and opinions expressed are those of the individuals and do not necessarily reflect the beliefs or position of the school or of any instructor or student.
