The market is a great teacher, but the tuition is very high.
There are a lot of great lessons you can learn from going to a business school.
There are a lot of great lessons you can learn from personal experience (“The School Of Hard Knocks”).
Both provide a great education, but are very expensive and time consuming.
From both experiences you should learn 2 primary lessons:
- The importance of planning
- The importance of strategic decision-making
The Plan is first. Strategic decision-making is second.
But can you take the “academic experience” and apply it to practical situations?
There is no single path to success. If you are going to venture out on your own:
- Do you have the necessary relationships?
- Do you know what your Core Story is and do you know how to tell it?
- Do you have the necessary legal and regulatory frameworks and protections in place?
- How many people do you need to hire? Do you need to hire anyone? Why or why not?
- Would you prefer to learn from your own mistakes or the mistakes of others?
- Do you understand all of the technology that will make you and your business relevant in the marketplace?
- Do you have an understanding of the competitive marketplace? Who are you competing against and why does it matter?
- Do you have a plan? Is it flexibly rigid?
Just as no airplane can take off without a flight plan and no ship can sail without a plotted course, no Doctor can comtemplate a successful transition from ”provider” to physician, Medical Advisor, and business owner without a comprehensive plan.
As you’ve no doubt heard before:
No one plans to fail; people simply fail to plan.
Do you have a plan?