The greatest wealth in the world has not been created by inheritance – but by investing! It is only this generation that can make this comment. We are lucky to be living in times when we can make this statement. Let us take examples of Warren Buffet, Bill Gates, L N Mittal, Azim Premji, Ambani, …and I could go on.
If you are wondering what this means for doctors, read on!
Very rarely do doctors seek advice on investing in their own ‘profession’ – and try to make it a business. They seek outside investments. Clearly wealth creation from your own ‘profession’ – being converted into a business is a great thing to do. Is it possible for a doctor to do so? I think yes. Ask Dr. Prathap Reddy – the founder of Apollo Hospitals.
If you are a doctor earning well it is time you tried converting the profession into a business. This means you are earning not only on your skills as a doctor, but also on the ability to leverage the skills as a doctor-cum-businessman. What are the steps required for this metamorphosis from a larvae to a butterfly?
Well the following steps would be nice:
1. Decide on how to grow the business – geographically (chain of small clinics with your brand name?) or by creating a hospital.
2. Once you decide to set up a hospital – look for a good location where you can one day grow to be a really big hospital.
3. Make a business plan – make your strategy, invest in resources, work the strategy and just do it!
4. Be ready to let go of non medical functions to a partner with good management skills. Such a person should be brought in early in life so that the business can grow.
5. Spend time on good systems, people, marketing, brand building, etc.
6. Keep in mind funding sources – angel investors, venture capital and then listing. It is clearly the best way to create big wealth.
7. Creating a big business has to start with a nice idea, perhaps a couple of like minded people to team up with you and the guts to launch the business.
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