Clinical physicians are trying to transition to non-clinical roles in increasing numbers. The usual gripe is that it's hard to get a foot in the door. You know, the old Catch-22 about needing a job to get experience to get a job.
However, there is another side to the coin...having to choose between multiple opportunities either as an advisor, consultant, part of the leadership team or as a physician investor. What's more, your most valuable possession that can never be replaced is your time, so making the right choices about where to spend it is critical.
If you are faced with the happy choice of where to lend your talents, ask yourself the following questions before you take the plunge:
- Who is on the team and can you trust them?
- What is the opportunity, particularly the size and importance of the problem, the value of the proposed solution and the business model?
- What are the risks?
- What are the benefits?
- Is there anything about the opportunity that does not pass the smell test?
- What is the size and timing of the exit and how likely is it to happen on time and on budget?
Asking yourself these basic questions will save you a lot of heartache. When it comes to choosing how to spend your entrepreneurial time, don't let your ego get in the way of your cerebral cortex.