Entrepreneurship by Healthcare Consultancy Operations & Management

Siddhant Sharma

Chief Controller & Asst. Professor - GIHM Six Sigma Star Healthcare (P) Ltd. New Delhi

A consultant is a knowledge worker. Therefore the first thing you need to ensure is that you have a sound educational background in your area of practice. In many areas of consultancy practice you also need to acquire a professional certification in your field.

he fundamental law of entrepreneurship is T – What is good for the Business is Good for me. The entrepreneur think differently. They have historically been known as 'risk takers'. You should go out and reach for the stars. Setting Goals

Good management is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in

"I'm sailing away, set an open course for the virgin sea I've got to be free, free to face the life that's ahead of me On board, I'm the captain, so climb aboard We'll search for tomorrow on every shore And I'll try, oh Lord, I'll try to carry on" ("Come Sail Away")

measurable terms of performance. Break major goals down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years. Beside each goal and sub-goal place a specific date showing when it is to be achieved.

Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time. Establish priorities.

Plan in advance how to measure results so you can know exactly how well you are doing. This is what is meant by 'measurable' goals. If you can’t keep score as you go along you are likely to lose motivation. Re-work your plan of action to allow for obstacles which may stand in your way. Try to foresee obstacles and plan ways to avert or minimise them.

Getting Started

before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are: c You want to be your own boss. c You want financial independence. c You want creative freedom. c You want to fully use your skills and knowledge.

Next you need to determine what business is 'right for you.' Ask yourself these questions

o What do I like to do with my time? o What technical skills have I learned or developed? o What do others say I am good at? c Will I have the support of my family? c How much time do I have to run a successful business? c Do I have any hobbies or interests that are marketable?

Then you should identify the niche your business will fill. Conduct the necessary research to answer these questions:

c What business am I interested in starting? c What services or products will I sell? c Is my idea practical, and will it fill a need? c What is my competition? c What is my business's advantage over existing firms? c can I deliver a better quality service? c can I create a demand for my business?

The final step before developing your plan is the pre-business checklist. You should answer these questions:

c What skills and experience do I bring to the business? c What will be my legal structure? c How will my company's business records be maintained? c What insurance coverage will be needed? c What equipment or supplies will I need? c How will I compensate myself? c What are my resources? c What financing will I need? c Where will my business be located? c What will I name my business?

Your answers will help you create a focused, wellresearched business plan. that should serve as a blueprint. It should detail how the business will be

Any business, including consultancy practice, is fraught with uncertainties. You may need to take decisions regarding issues beyond your immediate area of expertise.

operated, managed and capitalised.

One of the most important cornerstones of starting a business is the business plan. Once you have completed your business plan, review it with a friend or business associate. When you feel comfortable with the content and structure, make an appointment to review and discuss it with your banker. The business plan is a flexible document that should change as your business grows.

A consultant is a knowledge worker. Therefore the first thing you need to ensure is that you have a sound educational background in your area of practice. In many areas of consultancy practice you also need to acquire a professional certification in your field. Each profession would have its own requirement for certification. The national nodal professional body for your profession will provide the necessary information in this regard.

A consultant is a person who works by selling their specialist knowledge. So you need to make sure you have this knowledge and have the propensity and appetite to develop it as the industry it serves changes. You may also need to acquire a professional qualification or certification. So make sure you have the requisite bits of paper. As soon as you do quit your job you will need to figure out your own balance between the time you spend marketing and the time you spend delivering. If you are delivering a lot then you will have little time for marketing. Don't neglect this or else when you run out of work to deliver there will be nothing in the future.

HOW ImPORTAnT IS HAnDS On ExPERIEncE fOR A STARTuP?

Can you learn to drive a car by reading the instruction manual?

While it is possible to think the big things through by going to a research stint, it gives little experience with the tactical skills and in dealing with ground realities. It is possible from a research perspective to come up with sound strategies and business ideas; but you may get severely hampered when it comes to actually implementing them. There is no denying that fact that you need a few years of hands on experience where you hone not only your technical skills, but also the people issues within the organisation and outside

Mentoring

Any business, including consultancy practice, is fraught with uncertainties. You may need to take decisions regarding issues beyond your immediate area of expertise. You will be buffeted by changing business realities due to myriad reasons, such as, competition, obsolescence, business cycles, regional and global geo-politics, and many more. To guide you through this jungle it is prudent to adopt a seasoned mentor. Ideally, he is a person whose professional background and expertise is from your area of consultancy practice, he has hands on experience in running a company and has a wide network of professional contacts. Adopt him, use him as a sounding board, treat him as your friend, philosopher and guide.

Entrepreneurial Thought Processes Entrepreneurs think differently. The life of an entrepreneur is one of seeking and seizing opportunity. They have historically been known as risk takers. Learning to think in an entrepreneurial way could allow you to stay one step ahead of the competition, whether it be in your business or with other aspects of your life.

You should go out and reach for the stars. While you may not be successful in plucking one, you won't come

up with a handful of mud either. It is a painful thing to start on your own. A 9 - 5 job gives a sense of security alright. But that security is given to you by those who take risks. And when you give that kind of security to others, the feeling is hard to describe. makes you a humble and a fuller being.

Business Development

Once you are through with the initial phase of the startup, you need to focus on the business development aspect of your consultancy practice.

A very important part of starting or growing a business is making contacts and creating a web of resources for your company. creating both personal and professional bonds with other people is critical and could open doors for a budding consultant. To do this one could try to find common ground with new acquaintances and make some sort of connection with them. Always having business cards on hand and using them as a way to casually exchange phone numbers. One should try to go to as many social and business functions as possible. making contacts is crucial to the future success of your business.

Some suggestions for doing this are: make a list of individuals that you would like to meet. Then determine your common interests. Think of every possible connection you could have with these people. Are your children at the same middle school? Do you belong to the same religious/ social organisation? Are you both members of a certain club? Will they be attending an upcoming industry conference? Try to find the common link that will create a casual and relaxed first meeting. Once you do have the opportunity to meet, make a note of the place you met and the discussion you had. Pay attention to their interests and things that are important to them, whether they are business oriented or personal. It is appropriate to touch base with them or extend an invitation to some sort of gathering once every six months, just to keep the lines of communication open. To help you in your effort it could be useful to use a contact management program such as mS Outlook or Act! that allows you to keep updated information on contacts. These programs will also allow you to create notes on each individual and record your discussions. creating a personal relationship with these individuals is the way to gain their trust and business. Keeping in touch with people is the way to maintain professional and personal relationships and the best way to promote your practice.

You never know how helpful the web of relationships could be to you in the future.

Conclusion

While you are contemplating at starting a consultancy practice, you may use these ideas to help you develop your thoughts. However, you must remember that each business is unique and there is no pre-defined roadmap for success. Ultimately, your convictions based on your unique experience, training, background and opportunities are the best guide. best of luck!