7 reasons why physicians make the best entrepreneurs

If your business isn't working the way you expected, it's not because you're bad at business. It's because no one ever taught you how it actually works. We were trained to master algorithms in medicine, but when it comes to revenue teams and growth, we were never taught anything. We weren't even told to figure it out. We just assumed somehow we'd know. Like it would magically make sense. But it doesn't. The era of the seven Figure Physician CEO is here. And it's not about working harder. It's about learning entrepreneurship as a system. The same way you mastered ACLs and pals, you can master the algorithm of building a profitable scalable business. That's why I recorded the Seven Figure Physician CEO audiobook. Whether you're building a medical or non medical business, and whether your goal is your first million, first 2 million, first 5 million, first 10 million, this is where the journey starts. There is no Calvary coming to save us. We are the Calvary. So. So go get your audiobook now. Www.entremd.com 7Figurebook. And let's rewrite the narrative for physicians starting today.

Hi, docs. Welcome to the Entre MD podcast where it is all about helping amazing physicians just like you. Embrace entrepreneurship so you can have the freedom to live life and and practice medicine on your terms. I'm your host, Dr. Una.

Hello. Hello and welcome back to another episode of the Entre Empty podcast. I know you didn't think you're going to get a third episode this week, but yes, you are. Thank you for being a listener, thank you for sharing, and thank you for commenting on social media about how it's been so helpful and for asking tons of questions, because I take those questions and make them episodes. So today we are going to be looking at the seven reasons why physicians make the best entrepreneurs. And you are going to get a ton out of this and this is going to set you on fire and you're going to be like, what? Let's do this. So it's going to be amazing. Before we get into that, I am very excited because on the 27th of June, I am hosting Entre MD live and it's going to be virtual. This is our second event. The first one in 2019 was unbelievable. Unbelievable. And people are still celebrating the changes that happened because of what got sparked on that day. So if you are a physician and you're like, I really, really want to start a business, but I have no idea where to start from, or you're like, I started a business and it's not making me any money or you kind of making money in business and you know you've gotten to some levels of success, but you're like, I know I'm playing the small game. I know there's so much more. Then this is the event for you. Okay, so it's Entre md dot com. Go get your tickets and come join a group of entrepreneurs in the same room. Energy on fire. Come see what other successful physician entrepreneurs are doing. So you get inspired and you leave with the roadmap because I will be sharing the three part framework that will make any business successful. So this is going to be off the chain. You definitely don't want to miss it. So entre md.com event and it's June 27, that's a Saturday and starting at 10am Eastern. So if you're on the east coast, you get to sleep in. Okay? So gonna be a really powerful event. Don't let me tell you about it. And you missed it. Okay. All right. So today we're gonna be looking at seven reasons why physicians make the best entrepreneurs. I think we're just set up that way and you'll see why. So if you've been thinking about it and you've been holding back, this is a time to go. Like not doing that anymore. I'm just gonna delve in and I'm gonna do this because I'm wired and built to do it. So the first reason is because we have an incredible work ethic, okay. For you to have gone through the process of pre med to med school residency, to fellowship for some others, for a fellowship after fellowship, you have a strong work ethic, okay? You're able to work for long hours, you're able to work hard, you're able to work smart. And guess one of the things that you really need to succeed as an entrepreneur. Hard work, a strong work ethic. Okay? So hard work, smart work. We're already trained for it. We've been trained for over a decade to work hard. So we got this. We don't need to be taught to do this. Okay? So that's the first reason. The second reason is because we prioritize helping people. I did a poll and I was like, why did you go to medical school? I asked a lot of doctors, why did you go to medical school? And this was the theme I got. Most people said, because I want to help people. I mean, like they said they told different stories, but it all came down to I want to help people. You know, I had, I was in an Accident. I broke my leg. I saw what the orthopedic person did and I was like, oh my gosh, I want to do that too. So I became a doctor, right? Or I saw the way people are being treated in the hospital and I was like, oh my gosh, you know, this could be done better. And so I decided to go to medical school so I can make it better. Or, you know, I saw my dad, you know, he was an internal medicine doc and he took care of people his entire life. And I saw the impact that he made. And it's like, I want to do that. I want to help people. Now guess what business is all about. Business is all about solving problems, helping people. That's all that it's about. It's just that it gets monetized, but it's all about helping people. So if you have a service that takes care of laundry, what is that helping people Bring in? Convenience. If you have a membership type service that delivers fresh vegetables to your house every week, what is that? They give you convenience. They're helping people. If you have a medical practice, what is that doing? It provides healthcare services. Helping people. That's all that business is about. What does Amazon do? Convenience. So you can stay on your phone on your way back from work and order whatever you want and then it comes to your house. It's convenience. You don't have to go to the store and try out stuff and all of that. It's all about helping people. What does a coach do? A coach helps people. What? It's all about helping people. But guess what? Our most doctors primary motivation is helping people. So we're wired for this stuff because that's what we do. Okay? And the best entrepreneurs are the entrepreneurs who build businesses that serve and earn. Both of them must be happening, serving and earning. But service is always number one and we always prioritize people over profits. That's how doctors are. The third reason why is because we are info rich in the info age. Okay? So I need you to think about people who are big names out there, who are online course producers, creators. Just think about it. They create a course that sell it for $2,000, sell that course to 100 people, that's $200,000 in revenue. What did they. They made an info product. It's like information repackaged and sold. And guess what? Doctors have a lot of a lot of information, a lot of expertise, a lot of skills, a lot of those things. And this is the information age where you can sell information. So we have a lot of Information at the right time in the information age. So that makes us, I mean like think of all the things you can do. You're a doctor and the obesity crisis is a problem for you. That's an info product, right? Think about, you are a pediatrician and what you love to do is support moms. That's a membership, right? Think about, you know, you are, you're really concerned because a certain population is at higher risk for hypertension or diabetes or whatever. That's an info. Like I could go on and on and on and on, but we have the information in the information age, okay? So that's reason number three. Reason number four is we have access to capital. And you might be like, no, you don't understand. But listen, you're a six figure earner, that puts you ahead and somebody else is trying to start a business, right? Like if you said, I'm going to put away 10% of my income or I'm going to put away 30% of my income, or we're going to live off my income and we're going to use my husband's income to start the business or whatever, we have more access to capital between us and our contacts and our networks and all of that. We have more access. Even if, if we went to the bank, we have more access because we have a higher earning power. So the bottom line is we can make better entrepreneurs because we have access to the capital to start these businesses. Reason number five, we are great at weathering storms. We are amazing. You know why? Everything we've done has been a storm. Think about it. Going from, you know, pre med to med. You had to do the mcat. You had to go for all these interviews, you had to do all this stuff. You had to handle setbacks, you had to handle challenges, you had to not give up on your dream. Because for most, it's not a walk in the park. For some people it is very small percentage. But for most people it's not. And you had to deal with that. You had to deal with talking to somebody who you thought would give you a really strong letter of recommendation. They wrote you a really crappy letter. Or you tried to get in and you didn't get in. And maybe you did three tries before you got in, or maybe you took the MCAT three times before. I mean, like we weather storms, we know we have a destination and we are going to do what it takes to get there. Okay? So we're really good at weathering storms. And because we're able to do that, we make Great entrepreneurs. Why? Because entrepreneurship is about succeeding as an entrepreneur is tied to how much pain you're willing to take. Right? Because there will be challenges, there will be setbacks, there will be storms. Can you weather them? And if you're a doctor, the answer to that is yes, you can. All right? You have a really good track record for doing it. All right? So that's reason number five. Reason number six is that we are voracious learners. Voracious. Think about the number of textbooks you had to read, number of classes you had to attend. Think of the number of hours you had to study. Think about the number of times you had to try a skill to master it, whether it's a spinal tap or intubating a preemie baby or whatever it is. Right? Think about how much time and effort you put into learning. We are great at learning. We are great at consuming information and business. Business skills are skills and they're learnable. And guess who is really good at learning? We, the doctors. Okay? So that is another reason why we make really, really good entrepreneurs. And the seventh reason is we have credibility. There is credibility that other people don't have that we have because we're doctors. Right? She's a doctor. She must know what she's talking about. She's a doctor. That means she has it together. He's a doctor. So this must be a good brand. And I'm not saying that to say that we can create mediocre stuff and hide behind it. I am trying to say that you can build something great and it your doctor or your MD amplifies it. Right? So you have more credibility because you're a physician. Okay? So when you look at these seven reasons you've been told you can't do business because you're not a business person. You can't do business because you're not an mba. You can't do business because you didn't develop the skills. You can't do business because you didn't come from a family of entrepreneurs. I'm here to tell you that while all of that may be true, the reasons given, you have still been equipped to be a really good entrepreneur. You are still equipped to get ahead because you went through med school. I don't look at med school as a disadvantage or medical training as a disadvantage. I think it's an advantage. Now we have to pivot. We have to learn new things, we have to adopt new things. We have to recognize that there's nothing in our medical training, content wise, that prepares us to be great entrepreneurs. We have to learn something new. But we've been set up that we can learn that quickly. We have a platform to stand on. We have credibility to stand up. We have assets that we can monetize. We make great entrepreneurs. Okay, so maybe you're driving and listening to this or you're walking in the park. I want you to not too loudly say, I'm the man for the job. I'm the woman for the job. I can do this. I have what it takes to be a great entrepreneur. You can say this even if you don't have the foggiest idea how you're going to bring it to pass. That's not the point. The point is you make a decision first. And the decision I want you to make today, what I want you to come to terms with today is I'll make a great entrepreneur. I'll make a very successful entrepreneur. I'm going to do it. Okay? That's just the decision that I want you to make. And if you're thinking about it, of course, you know that you're going to need training for it. And if you're not signed up for Entre MD Live, I want you to come because you're going to be in a group of doctors just like you, and doctors who are a little further along who can show you what they did and their stories will inspire you. And in that event, you get, you know, next steps to take to start on your journey or take your journey to the next level. Okay? So one of the things that you want to do is say yes. Okay? Say yes. Go to entre md.com event. Go sign up for your to save your spot. But remember, you are the man for the job. You are the woman for a job. You have what it takes to become a great entrepreneur. So I want you to go on your social media, share your biggest aha moment from this podcast episode. Tag us onTrend. I want to hear all about it and I want to see you on June 27th for ontremd live so we can start this journey or take this journey to the next level together. See you later.

If you love this podcast, please take a moment to subscribe, share and review it on itunes as you go about your week. Remember, you're not just an md, you're an entree md. Don't forget to tune in next week for another great episode.

Until next time.