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InSmartBudget > Startups > Five Lessons On Thinking Like An Entrepreneur

Five Lessons On Thinking Like An Entrepreneur

News Room By News Room August 4, 2023 8 Min Read
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Dr. Gail Lebovic is CEO at Silicon Valley Innovations and Inventor of NasoClenz.

From the outside, surgeons and entrepreneurs don’t have much in common. But for me, the two identities have always complemented one another. After decades of training and caring for patients, I can easily define how to think like a surgeon (precise, meticulous, planned and methodical). On the other hand, entrepreneurship came naturally to me but is harder to define. Perhaps that’s why not every creative thinker, go-getter or trailblazer crosses over into entrepreneurship.

My medical expertise shaped my path as an entrepreneur, including eight companies, 50 patents for medical devices and the creation of my latest venture, a nasal hygiene product. But I think what led to success was less about formal education and more about my state of mind.

Here are five vital perspectives that made a difference in my journey.

Embrace your North Star.

Knowing what drives you is critical to success. For me, that was never about owning a luxury car or having a fancy address. It was about my desire to improve people’s lives and leave the world a better place. That’s where entrepreneurship and surgery intersected for me. Over three decades, helping people has been my guiding light.

Honoring your personal North Star separates successful entrepreneurs from those who give up. The entrepreneurial path is anything but linear—things can go wrong during product development or through execution. But connecting deeply with your mission helps during the tough times.

Here are some questions to identify your North Star.

• What drives you to get up and hit the day hard?

• What “work” do you enjoy that feels rewarding in non-financial ways?

• What do you have a natural curiosity for?

• Where can your skills make a big difference and move the needle for others?

• What are you willing to go outside your comfort zone for?

No ‘seed of an idea’ is too small.

My first product invention was a small pocket-sized notebook to keep notes on patients during surgical residency, long before technology enabled us to track patient data on pocket devices. At that time, medical students and residents carried a clunky clipboard that was difficult to manage and virtually impossible to organize in a slick fashion. I knew there was a better solution, so I created this notebook with unique data cards to collate patients’ information.

We sold them out of my dad’s house, and ultimately, the notebooks were in medical schools nationwide. While the notebook wasn’t an earth-shattering idea, it solved a big problem. This boosted my confidence, motivated me to think and act as an inventor and planted a seed that I nurtured for many years.

Between those early stages of ideation and bringing something to life, there will be detractors and even supporters who say an idea won’t work because it has never been done before or has been done too many times. When I was creating a nasal hygiene product, everyone said no one would stick anything up their nose. Now those same people think it’s a no-brainer! As entrepreneurs, we see the vision before anyone else, so trust yourself. While there’s no recipe for success, here are some principles that can help.

• Do your homework: Understand the scope of the problem and the size of the potential market(s).

• Don’t let ego drive: Take a non-judgmental and objective approach.

• Learn from others: This includes the missteps that might have led them to failure.

• Don’t expect things to be perfect: Iterate daily and use passion to drive your team to excellence.

• Get to work early and stay late: Get things done whenever they need to get done.

Listen to your ‘aha’ moments.

When my career as a breast cancer surgeon was flourishing, I began consulting in the medical device industry and working with an internationally recognized cardiovascular surgeon and med-tech legend. We developed several products to improve patient care, primarily in women’s health.

Things snowballed from there. We created many products that Fortune 500 companies eventually acquired. I also ran a full-time surgical practice and taught worldwide during this time. In 2011 I had my “aha” moment: The dual path of full-time entrepreneurship and teaching oncoplastic surgery would allow me to create products that impact millions of lives. Make sure to listen.

Get in the weeds.

As an entrepreneur, I applied the surgical practice of plunging my hands into any undertaking with tenacity and meticulousness. I have always been close to the end-user/patient to study and understand the problem from the user’s perspective.

For example, my nasal hygiene product idea was born out of my witnessing the impact of poor nasal hygiene on the increased risk of postoperative infection and poor outcomes. Entrepreneurs are problem solvers, and the closer they are to the problem, the more intricately they understand what solution works best.

Getting in the weeds is also about the willingness to do any job when starting a company. You don’t have to be an expert at everything but know the gaps in your skills and strengths to hire people and learn from them.

Trust your intuition.

Reliable intuition is one of the most valuable assets for an entrepreneur. It helps in team building, avoiding toxic people, decision making when there isn’t enough data and when creating or launching a product or company. But how do you know the difference between intuition and fear or wishful thinking? Here are some ways that helped me throughout my journey as a surgeon and entrepreneur.

• Practice observing your intuition with small things first. Anticipate when things will go wrong, and slowly that knowledge and experience will add up to intuition.

• Observe when you listen to your thoughts instead of intuition and realize the intuitive way was the right path. Embrace that experience, and act differently when the opportunity arises again.

• Trusting your instinct comes with practice and time. You may get it wrong a few times, but patience and awareness are crucial in this process.

Entrepreneurship is a journey that demands passion, patience, being present and planning for the unpredictable. Most of all, it’s essential to enjoy building something from nothing—so enjoy the ride. It’s an amazing journey!

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Read the full article here

News Room August 4, 2023 August 4, 2023
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