Ask yourself the 4W's before you start entrepreneurship

Entrepreneurship is a tough gig so you had better be prepared before you jump into it. There are many entrepreneurial competencies you will need, but the two most important are mindset and motivation.

After that, you should ask yourself these four questions:

WHY are you doing this?

Think about this from both the personal and the organizational change perspective.

Is it WORTH it?

What is your goal? Is it to make money, and, if so, how much? How big is the market and the future growth rate? Or, is it to improve the human condition as a social or public health entrepreneur , or reform medical education as an edupreneur?

Can you WIN?

Strategy is about deciding where you will play and how you will win. In the end, though, the only thing that really matters is creating value for stakeholders, suppliers, customers and/or employees. Are you ready to innovate? Do you have the courage to win? Do you have an entrepreneurial mindset?

Do customers WANT it?

The two main reasons why your startup will fail are 1) you make or offer something customers don't want, and 2) you have a faulty business model that is not VAST

Do yourself a favor. Get vaccinated, go to a quiet place outside and answer these questions before you go down a road that you will regret.

There is nothing wrong with concluding you should not be a physician entrepreneur.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs

Updated 6/20/2022