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5 Tips For New Health Entrepreneurs

 

Are you ready for a mission driven business or startup? 

Want to launch a health venture, but you have no prior medical expertise? 

Over the past 52 days, I’ve been going live on YouTube as part of The New Health Entrepreneur 90-Day Challenge. You’ll see how Entrepreneurs from ANY sector are turning their health problems into a business or startup with solutions, ranging from digital health, healthtech, and medtech, through to edtech, coaching, e-commerce, and more. The options are limitless… 

You and I are both after the same thing, better health & wellbeing. As an Entrepreneur, you may have seen or felt problems with your personal experience of healthcare. Given your mindset, expertise, and skillset, you now want to do something about it. You may be worried that you have no prior knowledge or credentials within the health sector.

This week, I’m joined by Stacie Ruth, Senior Vice President of Virtual Care at Best Buy Health. Stacie brings over two decades of Fortune 500 leadership experience in the healthcare and telecommunications industries. She’s served as a Senior Executive in both commercial and operational roles for Philips Healthcare. In addition to leading several sizable global business units in the patient care and clinical informatics segments, she opened new strategic markets in the emerging spaces of Medical Wearables, Population Health and Connected Digital Health. 

Following her passion for medical and health technology enabled solutions, she recently tackled the respiratory care space by founding and leading AireHealth’s journey into digital therapeutics. AireHealth is a respiratory care company focused on connected drug delivery for COPD patients. Stacie leveraged her learnings from leading numerous end-to-end technical innovation efforts from concept to commercialization and her extensive experience with building value-creating offerings that effectively address customer needs while growing revenues. 

Stacie’s leadership provides a framework for clearly defining value propositions based on market need, pairing problem-solving solutions to a precisely segmented customer while creating a foundation for sustainable growth with appropriately scaled business operations. She believes in developing her team into remarkable leaders in healthcare and knows that Best Buy’s collective efforts will make a difference in millions of lives.

If you’re an Entrepreneur new to the health space, Stacie has 5 top tips for you:

  1. You don’t have to have experience in health to be a health entrepreneur. We all receive healthcare. We all should be part of our own healthcare journey, so each of us has what it takes in us to understand the health environment. 
  2. Identify the problem that you’re solving. As a rule of thumb, it has to be a big and growing problem. It also has to be a problem that is widely recognised. If you’re wanting to start a business where you’re trying to convince people there is a problem to solve, that will be difficult.
  3. Pull together the assets, technology, people, and business model that can deliver the solution for the problem.
  4. Can you be credible doing it? Is there enough credibility that people will take you seriously in the marketplace? If not, how do you build that credibility?
  5. How do you get paid?

Ultimately in healthcare, the goals are to reduce costs and improve outcomes. These are the things you get paid for.

As The Entrepreneur’s Doctor, I specialise in supporting you to translate your unique knowledge, skills, experience, and mindset, into innovative solutions that promote health and wellbeing. I do that by prescribing a dose of Startup Therapy, empowering you to self-assess, diagnose, treat, and better yet, prevent issues facing your health startup or business. 

I’m Behrooz, a Harvard & Oxford trained preventive medicine / public health doctor, with over 20 years of international experience across direct patient care, wider public health service, policy, industry, media, research, education and training. I’ve supported and mentored Entrepreneurs from non-health backgrounds to enter and navigate the health sector. 

While the future of health and care may be digital and enabled by healthtech, most entrepreneurs are merely focusing on the symptoms affecting healthcare. I can help you dive deeper to tackle the underlying causes affecting health and wellbeing, highlighting strategies and opportunities for real impact. 

Sadly though, many Entrepreneurs and Startups fail, often due to problems securing investment, gaining adoption, and poor product-market fit. Sometimes, what limits the scalability and sustainability of the business is the physical and mental health of the Entrepreneur him/herself. 

That’s why I’ve created a free masterclass to learn how to launch a successful health venture, even if you have no medical expertise.

The Checklist Health Entrepreneurs Need

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