Starting and Building a Non-Clinical Business

This is a course designed for those physicians who are considering becoming physician-entrepreneurs. Attendees will be given practical, easy to understand advice on how to plan, launch, run, grow and eventually cash out of a non-clinical business. Attendees will be encouraged to pre-submit a 1-2 page executive summary of their business plan for feedback from the faculty.

Andrew “Zach” Zacharakis, Ph.D. is the John H. Muller, Jr. Chair in Entrepreneurship and the Director of the Babson College Entrepreneurship Research Conference, the leading academic conference on entrepreneurship worldwide. He previously served as Chair of the Entrepreneurship Department at Babson College from 2003-2005 and as Acting Director of the Arthur M. Blank Center for Entrepreneurship at Babson College from 2003-2004. In addition, Zacharakis was the President of the Academy of Management, Entrepreneurship Division, an organization with 1800 members from 2004-2005. Zacharakis’ primary research areas include the (1) venture capital process and (2) entrepreneurial growth strategies. Zacharakis is the co-author of five books, The Portable MBA in Entrepreneurship, 3rd Edition; Business Plans that Work; How to Raise Capital; Entrepreneurship, The Engine of Growth; and a forthcoming textbook titled Entrepreneurship. The editors of Journal of Small Business Management selected “Differing Perceptions of New Venture Failure” as the 1999 best article. Zacharakis’ dissertation The Venture Capital Investment Decision received the 1995 Certificate of Distinction from the Academy of Management and Mr. Edgar F. Heizer recognizing outstanding research in the field of new enterprise development. Zacharakis has been interviewed in newspapers nationwide including The Boston Globe, The Wall Street Journal and USA Today. He has also appeared on the Bloomberg Small Business Report and been interviewed on National Public Radio. Zacharakis has taught seminars to leading corporations, such as Boeing, Met Life, Lucent and Intel. He has also taught executives in countries worldwide, including, Spain, Chile, Costa Rica, Mexico, Australia, China, Turkey, and Germany. Zacharakis received a BS (finance/marketing), University of Colorado; an MBA (finance/international business), Indiana University; and a PhD (strategy and entrepreneurship/cognitive psychology), University of Colorado. Professor Zacharakis’ actively consults with and invests in entrepreneurs and small business startups. His professional experience includes positions with The Cambridge Companies (investment banking/venture capital), IBM and Leisure Technologies.

Attendees will use the case study method favored in business schools to study the experiences of the faculty and several physicians who have become successful entrepreneurs. The focus will be on how they got started, how they transitioned out of clinical medicine and how they financed their business, and how they grew their business. Questions and Answers

All successful physician entrepreneurs share the talent for turning an idea into a profitable business. In this segment attendees will learn a step-by-step process for coming up with ideas, vetting ideas and recognizing the ones that should be pursued and the ones that are best left on the table. Attendees will participate in interactive exercises in which they are asked to critique sample ideas. Questions and Answers

The importance of a comprehensive, well organized and professional looking business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives. Just as a builder won’t begin construction without a blueprint, physicians shouldn’t rush into new ventures without a business plan. In this segment physicians will review a complete model business plan and will be shown the secrets to writing a powerful and persuasive executive summary of their business plan. Questions and Answers

Physicians don’t get into business with the intention of losing money. However, there is always a certain amount of risk involved in any business venture. In this segment the faculty will review techniques for financing a business while managing your financial risk. The faculty will discuss how to value your business and also how to achieve a liquidity event to provide both you and your investors a return. Questions and Answers