When we started our health care business I had no experience in that industry. Now normally that is not advisable. However, there are ways to overcome a lack of experience.
I had two partners who were very experienced in health care, so that helped quite a bit. But, I also tried to learn as much as I could from those who worked in our business. In fact, when one of our facility managers had to be let go, I was the only person who could possibly step in and run the business until we could find a replacement. Luckily, I had spent time with the staff and had built a certain level of trust. They took me under their wings and helped me make it through a very difficult time in our business. I learned so many important lessons during those few weeks about the health care business from working side-by-side with our staff as they cared for our patients. It made me a much more effective leader as our company began to grow.
On a similar vein, Bizjournal has a story about an entrepreneur who bought a plumbing business without ever having worked in that industry.
“As the new owner of Superior Mechanical Inc., a local commercial plumbing company, Richard Drennen had ambition and energy aplenty. What he lacked at the time of the 1999 purchase was knowledge of plumbing – commercial or residential.
“In the ensuing months, he labored on the work site alongside his employees, resolving any credibility concerns they might have had.”
Knowledge and experience of the type of business you are starting or buying are certainly important to have. But, a lack of either, or of both, can be overcome.
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