You might not have heard the words ‘dentist’ and ‘entrepreneur’ spoken in the same sentence much before, but it’s becoming apparent that to succeed in this industry that’s exactly what dentists have to become.
After only 10 years of study, sound decision-making, strategic planning, and hard work, dentist can become an entrepreneurial success. While dentistry is, first and foremost, a profession, it is also a business. Rarely are dentist’s entrepreneurs. We commonly purchase an existing business and try to make as few changes as possible, preserve the cash flow, and make a decent living.
On the other hand, when you search for the definition of entrepreneur in the Merriam-Webster dictionary. It reads, one who organizes and assumes the risk of a business or enterprise. So I think it’s safe to say that the majority of dentists who own or operate a practice or business are entrepreneurs. For many years, dental entrepreneurs have been placed in a jumbo box with the belief that the techniques used to operate a business, hire the right team members, and possibly form a partnership should be approached the same way, with the same methodology. This is just not true anymore because not everyone is built the same way. Unfortunately, this notion has put some practices and companies out of business.
In the 21st century, a new and different model focusing on the approach and understanding of entrepreneurship is finally shedding its light. It’s called Entrepreneurial DNA, or your BOSI Profile. BOSI stands for Builder, Opportunist, Specialist, and Innovator. Entrepreneurial DNA and the BOSI Profile help dental entrepreneurs discover their distinct mode of operation in both their business and personal life.
If there was a rulebook that dentist shall follow to be a successful entrepreneurs, it will be something like this:
1) The customer is always right
2) If you have time to lean you have time to clean
3) If you own the business, you’re always on the job
4) Numbers rule the decision making
5) Re-investment is not an option, it’s a requirement