Dentist = Entrepreneur — Are all dentists’ Entrepreneurial DNA the same?
By Diana Thompson, Dental Performance Institute
If I had a dime for every time I was asked the following three questions, I’d be comfortably wealthy.
“Why is it that the dentist down the street is doing well operating his/her practice and I’m struggling to make mine a success? We have the same size practices and are operating them the same way!” or
“I have a revolving door when it comes to my staff. How do I hire the right people to work with me?” or
“My business partner and I agreed to part ways. Why is it that a large percentage of dental partnerships fail?”
The answer
Because there is no one-size-fits-all approach to operating a dental business, hiring the right team to complement or add to the success of that business, or choosing the “right” dentist as a business partner, are important. Let me explain.
I looked up the definition of entrepreneur in the Merriam-Webster dictionary. It reads, One who organizes and assumes the risk of a business or enterprise. So I think it’s safe to say that the majority of dentists who own or operate a practice or business are entrepreneurs.
For many years, dental entrepreneurs have been placed in a jumbo box with the belief that the techniques used to operate a business, hire the right team members, and possibly form a partnership should be approached the same way, with the same methodology. This is just not true anymore because not everyone is built the same way. Unfortunately, this notion has put some practices and companies out of business.
Point to ponder — Is Donald Trump the same entrepreneur as Richard Branson? Is Richard Branson the same entrepreneur as Dr. Oz? Is Dr. Oz the same entrepreneur as Steve Jobs? Think about their business behaviors, how they started out, the product or service they brought to market, and the road they chose to make a name for product and/or service.
In the 21st century, a new and different model focusing on the approach and understanding of entrepreneurship is finally shedding its light. It’s called Entrepreneurial DNA, or your BOSI Profile. BOSI stands for Builder, Opportunist, Specialist, and Innovator. Entrepreneurial DNA and the BOSI Profile help dental entrepreneurs discover their distinct mode of operation in both their business and personal life. So what are the characteristics of each profile?
The Builder DNA makes up 10% of business owners. These are individuals who create highly scalable companies and grow them to millions (and billions) of dollars in revenues almost effortlessly. They are built to deploy high growth systems and lead large teams.
The Opportunist DNA makes up around 30% of business owners. They are drawn to ground floor opportunities and tend to dabble in multiple industries, often at the same time.
The Specialist DNA represents around 45% of all business owners. They go through years of schooling, apprenticeship, or on-the-job training to develop expertise in an area. They tend to pick an industry and stay in it for 10 to 30 years.
The Innovator DNA makes up around 15% of business owners. These are the “mad scientists.” They want to change the world with their innovation. They would much rather be in their lab than in the office or around business operations.
These definitions offer a brief explanation to get you started on the path to discovering your unique Entrepreneurial DNA, while learning how to make it work specifically for you in your dental business and life. What do you think your Entrepreneurial DNA is? You can find out by completing your complimentary assessment at *BOSI Initial Assessment.
“Mr. and Ms. Dental Entrepreneur, you are unique. Your distinctive BOSI Entrepreneurial DNA has and will continue to shift into action whenever a decision is being made. To make the right decisions, you must discover your specific primary and secondary Entrepreneurial DNA traits, understand the strengths and weakness of each, design a plan of action just for you, and deploy your customized plan into your marketplace. If you are interested in enhancing your current business plan or creating an action plan to work with your new business venture based specifically to your Entrepreneurial DNA, Dental Performance Institute can assist you.”
Diana Thompson is the founder of Dental Performance Institute in Chicago, and is a *BOSI Certified Partner. With 25-plus years of experience in dental practice management, operation analyses, and administrative and clinical organization, Diana’s passion shows daily as she continues to assist dentists, OMSs, and their teams in creating the “Essence of Life” they have always envisioned. High levels of performance in all aspects of the dental practice bring about a level of professionalism, continuity, and connection that speaks volumes with owner(s), their teams, and patients. To achieve your Essence of Life and discover your specific Entrepreneurial DNA characteristics, contact Diana today.
