The word entrepreneur conjures up images of high stakes deals, bold and audacious dealings with high rollers. Of course it can be that way for people like Donald Trump, Richard Branson or Sara Blakely (think Spanx!). But an entrepreneurial mindset is the way that group practices or even solo practitioners can build and sustain an excellent practice.

Research has suggested that entrepreneurs are more likely than others to recognize opportunities because they have access to specialized information and are able to utilize information in a way to create opportunity. This information can be accessed through:

• work experience
• a social network
• by actively searching for information

In my consulting I often suggest to clinicians that they miss practice opportunities by rarely (if ever) reading data-based research after graduate school. I developed an evaluation service for personal injury attorneys, physicians and chiropractors, by paying attention to the research of Ed Blanchard at SUNY-Albany. His research group found that if someone seeks out medical attention (any type) within one week of a motor vehicle accident, then when assed 1-4 months later, 46% have diagnosable PTSD. By actively seeking out information I was able to bring this service activity into my practice. What other opportunities might there be for practice? To learn more about this mindset check out the 2 credit CE course offered by The American Psychological Association titled, “Using Science and Entrepreneurship to Identify Practice Markets and Opportunities at http://www.apa.org/education/ce/1360221.aspx (please note that I earn no royalties on this course).

Research on entrepreneurship suggests that entrepreneurs have rich social networks (so they can learn about opportunities), actively seek out information (reading, social networking) and seek to develop a schema of “entrepreneurial alertness.   To learn more about entrepreneurship check out the textbook by Baron and Sloan, as well as the book Effectuation by University of Virginia Business Professor Saras Saravathy.

Steven Walfish, Ph.D. is a Licensed Psychologist in Atlanta and a Partner at The Practice Institute (TPI). For more information on TPI go to www.thepracticeinstitute.com. Join our mailing list to learn more about activities and products to enhance both the clinical and business health of your practice. Dr. Walfish is Editor of Earning a Living Outside of Managed Care: 50 Ways to Expand Your Practice published by APA Books (see http://www.apa.org/pubs/books/4317227.aspx for the Table of Contents)