5 Critical Elements for a Successful Startup | The Doctor Weighs In

By: Nick Hernandez, MBA, FACHE

These 5 critical elements are sometimes missing when starting a company but they aren’t the only ingredients that are needed for a successful startup.

I work with many physician entrepreneurs with great ideas who want them to come to fruition. These physicians are often curious as to what would make their startup successful. You could argue that many ingredients go into a successful startup, and luck is undoubtedly one of them.

However, there are additional elements that are necessary for success. Physician leaders must be innovators to navigate their practices into and through the era of healthcare reform. True physician entrepreneurs take charge of change and continuously scan the outside environment for new and fresh ideas. They search for opportunities for ways to do what has never been done before.

The history of modern healthcare will continue to be filled by practices that no longer exist because their leaders refused to adapt and change until it was too late. Consequently, you must always be actively looking and listening to what is going on around you for even the most remote signal that there is something new on the horizon because today’s innovations can come from just about anywhere.