The Core Questions You Must Ask When Planning Your Launch Strategy as a Dentrepreneur®

The Core Questions You Must Ask When Planning Your Launch Strategy as a Dentrepreneur®

1/29/2016 9:21:22 AM   |   Comments: 0   |   Views: 100
There’s a question that’s vital to your success as a dentrepreneur®. Ready?

What type of leader are you?

That’s tough to answer. Before you do, I’ll help by narrowing it down. 

Are you more likely to lead with answers?

Or… 

Do you lead more often than not with questions?

The heart of collaboration

We’ve talked about the value of coaching in recent posts. At the core of a beneficial coaching relationship is what might be called an insatiable curiosity. 

Your curiosity is compelled most often by the questions you ask.

If you’re inclined to lead with answers you open yourself up to greater risk. Leading with questions keeps your curiosity white-hot and open to challenging your assumptions - good or bad.

That said, your desire to lead a mid-level dental enterprise (think smaller scale DSO - Dental Service Organization) requires seeking answers to a strategic set of questions.

The Core Questions You Should Be Asking as You Seek to Expand Your Dental Enterprise as a Dentrepreneur® 

Core Question 1-Who’s in-my-corner?

This is fundamentally a question of collaboration. Your connections can make or break you in the early phases of dentrepreneurship. TWEET THIS

Seth Godin shares the following insight via a quote at the conclusion of his book, Tribes:

“I’m not sure where I’m going. I’ll lead.” - Emmanuelle Heyman

There are two powerful (and useful) truths contained in those words. 1) Being honest about and intensely comfortable with ambiguity or lack of answers. 2) Being confident in one’s ability to lead regardless of how clear the outcomes are.

Your leadership as a dentrepreneur® will often be shrouded in “fog.” The “fog” of indecision, fear, lack of confidence, knowledge, and understanding, etc.

So…this makes it all-important that you carefully consider your collaborative relationships from the outset. And that you know the right questions to ask and have answered. 

Answer these related questions:

Are you collaborating with other colleagues (dentists)?

Are you collaborating with non-dentists (those with stakeholder capacity)?

Core Question 2-Will I leverage available resources/assets or launch from the ground up?

This question engages your start-up options. You can create your dentrepreneurial venture with a common merger-acquisition or you can choose to launch on a new foundation. TWEET THIS

It’s basically choosing to follow existing paved roads as a pioneer or choosing to make new paths out of fresh, uncharted territory.

Each has their risks. The latter (Denovo) approach may appear to have higher investment costs while the former might seem to have less start-up hassle.

Answer these related questions:

Aside from available resources, what is the appeal of a merger-acquisition approach?

How do you justify starting something new (Denovo) compared to a merger-acquisition?

Core Question 3-What do I know about my acquisition opportunity?

This is a question of how much due diligence you have done or are prepared to do. There’s more to an acquisition than physical assets (facility, number of chairs/operatories, existing staff, location, etc.). 

A practice has a “culture.” And that “culture,” depending on your plans going forward, can make a substantial difference in the initial start-up pace and ultimate profitability of your dental enterprise.

Practice “culture” is huge! So…I must ask —

What about the “culture” gives you confidence? Lack of confidence?

Your success as a dentrepreneur® can rise and fall on the quantity and quality of your questions. TWEET THIS Share your questions with us.

We are equipped to provide you the necessary, strategic questions (and coaching towards answers) that can accelerate your dentrepreneurial goals.

Sources: Seth Godin, Tribes, p148.

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