entrepreneurship in medicine

8/14/2019 Entrepreneurship in Medicine

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Entrepreneurship inEntrepreneurship in

MedicineMedicineBy Muhammad Yusoff bin Mohd RamdzanBy Muhammad Yusoff bin Mohd Ramdzan

10500231050023


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Contents of My SSMContents of My SSM

DefinitionDefinition

ExamplesExamples

LawsLawsAdvantages & DisadvantagesAdvantages & Disadvantages


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DefinitionDefinition

the use ofthe use ofcreativity and inventivenesscreativity and inventiveness

by someone who may or may not be involvedby someone who may or may not be involved

in the field of Medicinein the field of Medicine

to create ato create a business that involves Medicinebusiness that involves Medicine,,

taking greater risks at the same time,taking greater risks at the same time,

to advance him/herself (for whatever reasons).to advance him/herself (for whatever reasons).


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ExamplesExamples Dato Dr. Noordin DarusDato Dr. Noordin Darus

Dr. Danial Zainal AbidinDr. Danial Zainal Abidin

LawsLaws

various Health Actsvarious Health Acts

other previously unrelated Acts will come into play,other previously unrelated Acts will come into play,

depending on the businessdepending on the business


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AdvantagesAdvantages

salary potential, freedom, independence,salary potential, freedom, independence,

flexibility, originality, excitementflexibility, originality, excitement

DisadvantagesDisadvantages

decisions & responsibility, no regular income,decisions & responsibility, no regular income,

unpredictable work schedule,unpredictable work schedule,


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My 9-question e-mail interview withMy 9-question e-mail interview with

Dato Dr. Noordin DarusDato Dr. Noordin DarusA bona fide medicalA bona fide medical

entrepreneur!entrepreneur!


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I was recovering from cancer, and I realized theI was recovering from cancer, and I realized thedifference in the healing process when I drink certaindifference in the healing process when I drink certaintypes of water.types of water.

That's how I ventured into Rx-Water, and from thenThat's how I ventured into Rx-Water, and from thenon, it was just a matter of finding the most appropriateon, it was just a matter of finding the most appropriatebusiness model to distribute my product.business model to distribute my product.

WorldWellness NetworkWorldWellness Network was the appropriate vehicle,was the appropriate vehicle,andand network marketingnetwork marketing the right business model...the right business model...

1. How did you get started in this business?1. How did you get started in this business?


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2. Is this your first business? If not, what were2. Is this your first business? If not, what were

the others and what happened to them?the others and what happened to them?

No. I was previously running aNo. I was previously running a wellness consultancywellness consultancycompanycompany, and we provide seminars and trainings, and we provide seminars and trainings

too dependent on my ability to talk in publictoo dependent on my ability to talk in public, thus I, thus Ineeded to venture into a product-based business.needed to venture into a product-based business.

My battle with cancer probably made me realize howMy battle with cancer probably made me realize how

important it is to have a business that is independentimportant it is to have a business that is independentfrom my health.from my health.


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3. How did you finance your business?3. How did you finance your business?

The successes of my previous business venture left meThe successes of my previous business venture left mewith a sufficient amount of reserves to start the business.with a sufficient amount of reserves to start the business.

And I am a firm believer inAnd I am a firm believer in organic growth without debtorganic growth without debt..

Thus, I have been fortunate enough to remain debt-free inThus, I have been fortunate enough to remain debt-free inmy business venture.my business venture.


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4. How have sales grown in the last few4. How have sales grown in the last few

years?years?

As we are a Network Marketing company, one of the keyAs we are a Network Marketing company, one of the keymeasurements would be the number of distributorsmeasurements would be the number of distributors

we are now closing on aroundwe are now closing on around 40,000 distributors40,000 distributors..

There has been a steady increase in terms of sales andThere has been a steady increase in terms of sales anddistributorship for the past 3 yearsdistributorship for the past 3 years


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5. How do you divide time between practising5. How do you divide time between practising

medicine and business? What is an averagemedicine and business? What is an average

workday like for you?workday like for you? No, I don't have to divide time since INo, I don't have to divide time since I no longer practiceno longer practice

conventional medicineconventional medicine. As a medical practitioner, there is a. As a medical practitioner, there is aconflict of interest andconflict of interest and against ethics to promote a productagainst ethics to promote a product..

I took the decision to promote my concept of WellnessI took the decision to promote my concept of Wellnessthrough my products and public speaking engagementthrough my products and public speaking engagementrather than conventional medicine.rather than conventional medicine.

I've been fortunate enough to have a well-run organisationI've been fortunate enough to have a well-run organisationthat I no longer have to be hands-on in everything,that I no longer have to be hands-on in everything,especially operations. So I have a lot of time to pursue myespecially operations. So I have a lot of time to pursue myother interestsother interests


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6. How has Medicine played a part in or6. How has Medicine played a part in or

influenced your business?influenced your business?

understanding of conventional medicine tounderstanding of conventional medicine to realize therealize the

potential of wellness products that complements itpotential of wellness products that complements it

I am moreI am more aware of the side impacts of my productsaware of the side impacts of my products, thus, thusensuring a higher compatibility with users experiencingensuring a higher compatibility with users experiencing

medical conditions.medical conditions.


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7. What has been your most effective7. What has been your most effective

marketing tactic? Is the title 'Dr.' considered amarketing tactic? Is the title 'Dr.' considered a

business tactic to you?business tactic to you? We place importance onWe place importance on word-of-mouthword-of-mouth from our users.from our users.

roadshowsroadshows on a regular basis.on a regular basis.

The title Dr. is not a business tactic, but it's an indication ofThe title Dr. is not a business tactic, but it's an indication of

my qualification However, I cannot deny that when you'remy qualification However, I cannot deny that when you're

promoting health related products,promoting health related products, the qualification helps inthe qualification helps inensuring credibilityensuring credibility..


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8. How can an entrepreneurial medical8. How can an entrepreneurial medical

practitioner survive in the business world?practitioner survive in the business world?

Entrepreneurship requires a giantEntrepreneurship requires a giant leap of faith in yourleap of faith in yourabilitiesabilities. Be ready for a rough ride as business is never. Be ready for a rough ride as business is nevereasy clinical skills is a small portion to the skill sets youeasy clinical skills is a small portion to the skill sets youneed to succeed.need to succeed.

Setting up a practice is a simpler form of entrepreneurship,Setting up a practice is a simpler form of entrepreneurship,but you do have tobut you do have to acquire the basic knowledge ofacquire the basic knowledge ofconducting a businessconducting a business like managing cost, humanlike managing cost, humanresource, and cash flow.resource, and cash flow.

However, medical practitioners have some basic valuesHowever, medical practitioners have some basic valueslike intelligence, a curious mind and an ability to trust yourlike intelligence, a curious mind and an ability to trust yourinstinct that are invaluable in entrepreneurship.instinct that are invaluable in entrepreneurship.


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9. What three pieces of advice would you offer9. What three pieces of advice would you offer

entrepreneurs starting out today?entrepreneurs starting out today?

Understand who you are firstUnderstand who you are first A high self-awareness would A high self-awareness wouldenable you to assess whether you have what it takes to commitenable you to assess whether you have what it takes to committo a business.to a business.

Identify your personal mission and visionIdentify your personal mission and vision Understand whatUnderstand whatdrives you. Are you success-driven at all cost, or contented withdrives you. Are you success-driven at all cost, or contented withhelping people, but not making money?helping people, but not making money?

Conduct a complete and honest business feasibilityConduct a complete and honest business feasibility

assessmentassessment. Nothing is worse than not knowing the market, the. Nothing is worse than not knowing the market, theproduct, and your customers.product, and your customers.

and don't be afraid toand don't be afraid to say nosay no..


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Thank youThank you

entrepreneurship in medicine

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