Sage Business Lessons From Serial Entrepreneur Dr. Ronke Dosunmu

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.

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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's all about helping amazing physicians just like you. Embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms. I'm your host, Dr. Umna. Well, hello everybody. Welcome to another episode of the Entre MD podcast. I have a very special guest on today. Her name is Dr. Ronke do, and she is a doc that I followed for years. I've been so fascinated about, you know, by what she does as an entrepreneur, and she is part of the Entre MV business school. So we're going to have a really great conversation, hear about her journey as an entrepreneur. She's a serial entrepreneur. So so much wisdom to get out of this. I already have, you know, my note and pen in place to take notes as well, but this is gonna be really good. So welcome to the show, Dr. Dosumu.

Thank you so much for having me. I'm excited to be here.

Me too. Okay, so I knew I was not gonna do an introduction for you any justice, so I'm gonna let you introduce yourself, Dr. Serial entrepreneur.

Okay, so like Dr. Una just told you, my name is Ruanketo Sumu. I am a pediatrician and I have been that since about 1993. Went to medical school in Nigeria, came here for my residency and did that in New Israel. While I was there, I noticed that there was a lack of quality healthcare in the urban area where that was. And I decided to go ahead and fix that. Came out of residency, went into practice. It's been 25 years since I've been in practice. And a lot along the way, I noticed some other needs which needed a solution. And I did, you know, like Dr. Una said, start many other businesses. And now I am in Entre MD Business school, which I was very excited to find and started yet another business, which should be the last one.

I love it. We'll see if it's the last one. But this is so good. And I love. I hope nobody missed this. I love the fact that your businesses were not just because you're like, I'm going to be a serial entrepreneur. That was not the origin. The origin is, here's a need, here's a problem. I'm going to fix that. And the solution to that is a business which is perfect because that's what we do as entrepreneurs. We solve problems. So that is so good. Now you have a lot of experience as an entrepreneur. You started a number and all of that. What would you say are, like the top three things that have made you successful?

That's a very good question. And I'll. I'll answer it this way. I think the top three things that have made me successful are people. So number one is people, Number two is people, and number three is people. I love it.

Okay, unpack that. Let's do this.

Yes. So number one people, I'll say, is the voice of the customer. So with every business that I started, like I said, it was in response to a need that I thought that the customer had. So people, in terms of the customer is what is the customer telling you? What do they want? What pain points, like Dr. Una will say, do they need solved? And so that's my number one people. The second people is in order to be a serial entrepreneur or even to be a successful entrepreneur, you cannot do it by yourself. So you need a team. So that's my second people is hiring the right staff, putting the right people in the right spots in your organization so that you can scale and so that you can go ahead and not just work in your business, but work on your business. So that's my second people. My third people is my personal community, what I call my Peabody or my personal board of directors. So these are people that help me to focus, that cheer me on, that, criticize my moves if they need to. But just like a board of directors will do, these are my, my advisory group, as you know, so to speak. So Those are my three top things, people.

I love this. Okay, now I'm going to have you unpack this because this is too good. We can't move on from this just yet now. So when you talk about the voice of the customer, right, that's your first. People, unpack that a little for me. Give me an example in any one of your businesses of how this habit has made you successful.

Okay? So I'll take my pediatric practice, for example. In pediatrics, we have the advantage of serving a younger population because most of our parents are in their 20s and 30s, so they're very tech savvy. And so very early on, we noticed that appointment reminders worked better by text. It's just something that a lot of people probably know. So we notice that when we gave people paper, you know, they came to the office and we wanted to refer them somewhere and we gave them paper. We kept getting callback, callbacks. I lost the paper, I lost the sheet you gave me. So we decided to start texting them referral information. So if you referred someplace, we would text it to them. And they could never lose that. It was just as handy as their phone was. So that's one of the places where I'll say the voice of the customer. So it wasn't something that we thought of, but it was something that they wanted and they were comfortable with.

So the key, one of the keys to making your business even more efficient is listening to the voice of the customer. Like, so, you know, because sometimes people ask me, like, for instance, with content, how do I know I'm going to run out of stuff to say? I'm like, you can't run out of stuff to say because your people have problems and they're asking you questions and they're telling you things they like and they don't like. All of that is content. So applying that to people, if you're listening to your customers, they will show you how to make your business better. That is so good. Now, how do you find that balance? Right? Because sometimes we get feedback and we have the opportunity to interpret it as criticism or, you know, someone's telling you something that could make your business better, and you're like, that's a naysayer. That's a hater. How do you balance that? Right? Like, take the information that you need without making it a negative thing.

That is a tough one. And I think some of that just comes with time. The initial thing always is the first time. Like you say, you get your bad review, you're up all night worrying Wondering. And sometimes, actually, the review is anonymous. You can't even go make it better or go ask more details. They just put it out there, and that's what it is. But I think with time, it's sort of something that you grow with. You learn that in every criticism, there's an ounce of truth. You just have to find that truth. You have to open up the kernel and find. Find the ounce of truth and discard the rest of it and make yourself better with what you learn.

I love it. Find the truth, discard the rest. That is so good. And it will hurt till you've done it long enough, and then it won't hurt as much. Okay, that's good. I can take it. All right. So you said something when you talked about your second people, right, the team. And you talked about leveraging the power of a team so that you can have time to work on your business, not in your business. And I don't know about you, but for me, taking more of that role as, you know, working on my business was a little tough because the practice was my baby. And I had started doing ev. I had. When I started, I was doing everything. So to walk away from that was a little challenging. But the more I did it, the more I saw, the more I do that, the better the practice is. So what would you say to the person who is in that point where they're doing everything in their business and not. They're not at the beginning where they probably have to, but they're at that point where they can start hiring, but they have a problem delegating or they feel like nobody would do it like them and. And stuff like that. What would you say to that person?

Well, the first thing I'll say is, you're correct. Nobody will do it like you. But that doesn't. That doesn't mean that they won't do it better than you. It might not be your style, but they'll get it done. The second thing I'd like to say to that person is that you're actually just an employee. If you don't delegate, you're really just. You're earning a salary, and you're just doing the basics. Being an entrepreneur, being someone in business, is not actually about doing what anybody else can do. So it's really important. It's very difficult because you want it done a certain way. For me, actually, I was forced to do it because when I decided to change careers or to pivot a little bit, I noticed that when I hired people, and I was also in the practice, the patients will not see anybody else. So I essentially had to take myself away so the patients got to know other providers and know that they were also good. And the other thing that I would say is that if you want to build a business that outlasts you, a business that's saleable, that you can leave and sell, you have to not be so intimately and intertwined with your business. Otherwise it's not sellable. When you're gone, your business is gone.

That is so good. So good. And I think I kind of did what you did in a way. When it was time for me to, I was like, we called it the Great Divorce. I know that's so bad, but that's what we called it. Like, you have to. You can't be here five days a week and be the only people person everybody wants to see and all that. I took a month off. And I almost. I mean, like, the thought of it, I almost passed out, but I took a month off. It was June. I was like, I'll see you guys in July. And I was not allowed to come into the office. I was not allowed to do anything. Was like, oh, my God, everything's falling apart because I'm not there. No, it was fine. And it's still fine. And then after that, I went back two days a week. And, you know, stuff like that. So that is so good. And I love that you say if you're so intertwined, your business is not sellable. Now, this applies to businesses in general, but especially in private practices where you have someone who's worked there the whole time. But because that doctor is the business, they can't sell it. Because if you go away, the practice falls apart. It's all built around one individual. But if you're away, like with your practice, it's easier to sell because the only thing that really changes is management. If you sell it, it's not like everything falls apart. That's so good. So, so good. Okay, and then tell me more about this. You know, Peabody, I've never heard that phrase, you know, that term before, so this is so cool. Your. Your board of advisors. I love it. Tell me a little more about it.

You know, for me, I look at it like my personal shark tank. If you. If you just have your family or your friends and you ask them, or what do you think about this business idea? And for me, because I'm an ideas person, I come up with ideas every second. And if I don't have people that can tell me the truth, which sometimes is not Friends or family sometimes won't tell you the truth. Then I'll just run up, you know, I have scleralitis, like you call it. I need to carefully choose people who I know and not afraid to call me on my. On my stuff and say, this makes no sense, or people that will say, yes, go for it. So I have people. I have somebody that's my. My cheerleader that will cheer me on no matter what I say. Those are. Those are useful people to have, but they can't be a whole but of advisors. I have someone that is always, always only finds what could possibly go wrong. And I need to hear that also. And I have someone else that she knows everybody. So that's my chief networker. So if I need something, I know if I ask her, she'll find me the right person or the, you know, the right product. So that is what consists of my personal board of directors.

That is so good. And that's so intentional, so deliberate. Like, it's not just that your relationships happen to you. You strategically create that. That is so good. Okay, so let's talk about challenges, right? Because. And I like to talk about this because sometimes when you scroll on the Internet, right, It looks like business is just a walk in the park. All you have to do is take this one online course, and you will be on, you know, at the beach sipping margaritas, and your business will just be working, right? And I like for people to hear stories of the challenges. Even for very successful entrepreneurs, there are challenges. So what kind of challenges have you experienced as an entrepreneur, and what did you do to overcome them?

I'll give you an example of a business that we started, my husband and I, that failed. And it was a retail business. It was a business that a friend actually brought, and he wanted to start it, and we were going to fund it, and he was going to run it. Well, halfway through the whole thing, we had put so much money into it, he decided he wasn't interested anymore. Our money was on the line, the store was open. We both knew we didn't have the time to run a retail store, but because we had invested so much into it. And there were two locations, one of them out of state, which made it really crazy. And that business ultimately failed. And what I learned from it was invaluable, though. I learned that retail is not the same as a service business. I learned that employee theft is your number one issue. I learned that. I just learned all kinds of lessons. I learned that retail is not for me. Also, I learned there are Certain businesses that are just not for me. And that time is so much more valuable than anything else. And I just did not. Could not do any business that would require me to spend that much time in it. So those. That was the biggest challenge in business. I would say faced.

Oh, wow. Okay. I would not have known retail, but. But again, you said something that I hope everybody got, which is the lessons I learned from that were invaluable. And that's the reason why you can talk about it and you're laughing about it. Right. As opposed to having it be a stop where five years later you're still saying, life would have worked for me if not for this incident that happened five years ago. That's so good. So. So that was an education. It was an expensive education, but it was an education. Awesome. Okay, now, so this is something that we probably haven't talked about, but when you joined the ENTREMD Business School, I saw your name and I stopped and I was like, this woman is probably the most inspiring person I know. And this is why I said that. I was like, how is it that somebody who is a serial entrepreneur who has done a lot of things, who is very successful, how is it that she's like, I want to be in this community with entrepreneurs. I want to learn more. I want to do more things. I was like, what kind of person is this? I was like, literally. And I was like, so. So now that I can ask you the question, I mean, like, for the we in the world, you know, this is the audience. What made you at this level of success? Say, I want to be here. What made you make that decision?

I was looking for community. That is the number one reason why I joined Entry MD Business School. I had done so much entrepreneurship, but all of it had been very lonely for me. A lot of my friends, physicians, physicians mostly, are not interested in entrepreneurship. So I didn't have a community of people who thought that way. And that's really what I was looking for when I joined NT Business School. And that's what I found. So it was very exciting.

I'm glad you found it. I really am. And. And what you said is true. It's nice to have a place where, you know, I call entrepreneurs the crazies. You know what I mean? Like, the things you think up, you're like, you're going to do that. Okay. But to have an environment where that's normal. Right. Like, things you wouldn't say anywhere else. You can come, I'm going to do this. Yeah. And I can connect you to this person who can help you do just that. I mean, like that is, that is so helpful and especially as physicians, because we don't have a business education right through the education we get through med school. And it's almost like some of the training is anti business. I don't think it's intentional or any, I don't think it's some conspiracy, but a lot of it is anti business. To have a place where you can then develop all of that and thrive and all of that, it's wonderful. Okay, all right, so what has your experience been like?

It has been so good. So I'll tell you how I joined. So initially I came to the one day, the two day meet that you had. I think it was called Entre MD Live, the EntreMD Live. And it was a weekend. And at the end of that weekend I told my kids, I said, I am so excited that other people like me. Because all the while before this I kept thinking something was wrong with me. Why am I not enough? Why am I not satisfied? Why do I keep wanting to do more? And when I saw I wasn't alone, I was so ecstatic. I mean, it really brought me to life. So I was so excited to join. And you know, that's, that's the best part for me. The community is wonderful. It's inspiring. It keeps you taking action. You know, you can't just sit still. You have to keep moving. And that's what I want to do. And you know, I'm so excited I found it.

Well, I'm excited you're there. I'll tell you that this, this has been, been a fun ride and you know, to watch everybody inspire everybody and like you say, stay in action. Because a lot of times that's, I mean, almost all the time, that's where the rubber meets the road, right? You can learn anything. Especially as physicians, we are willing to learn anything. We're willing to get 10 more certifications. And sometimes doing that is actually procrastination because there are things we don't want to do. But at least if we're, if we're still learning, we could say we're busy. You know what I mean? So, so that's fun. But okay, so in this business that you're working on now, tell us what you do and tell us where we can find you.

Okay, so my new business is called Maven CEO and I'll tell you how that came about. So after I joined the ENTREMD Business school, of course my family was, oh no, not another business and so, like I told the story that they made me promise that I wouldn't go back into business, that I wouldn't start any new thing. And so with Entre M, I was able to actually design a new business, which, like I said, is probably my final business, where I'm a business coach, helping professional women thrive in leadership and entrepreneurship so that they can live a life of purpose, passion, without losing their personality and all of what they desire to do. So why I'm saying this is probably my last business is that through this business, coaching other women and seeing them succeed as entrepreneurs, I can live vital, curiously through them without necessarily starting a business every minute.

Yes. So you can start 300 businesses through other people. Yes.

The plan.

Love it. I love it. I love it. So let's say, you know, professional woman is listening as, like, oh, my God, this resonates with me. Where do they find you?

So the website is maven CEO.com or you can find us on Facebook or Instagram. It's at Maven CEO, also on YouTube, but the YouTube channel isn't as developed. So I'll suggest the. The website or social media. We posted quite active on social media. I'll be excited to talk to you.

Excellent. Okay, so now I want you to talk to the, you know, like, you're at the serial entrepreneur level, Right. And. But there's someone who's a physician who's listening and who has thought about their business idea, maybe doesn't even really think it's a business or they've started it, but they're not really throwing their weight behind it because they don't really think it's a thing. Right. They don't really think they can thrive at it. What would you say to that, doctor?

I would say that not giving it your all and at least giving it a good try will always leave you regretting what could have been. You know, I have a lot of people that do this. They had an idea, and then someone else fleshes out that idea and makes it into a business and they're like, oh, I thought about that first. But, you know, ideas are a dime a dozen. If you have a good idea, you give it your all, work on it. If it doesn't work, you can say, I gave it everything. And even if it doesn't work, most of the time, you can pivot that idea into a different business. That would definitely work. And even if it was like mine, the education is invaluable whichever way. There's no, there's no loss.

I love it. Whichever way, there is no loss. So just go do it, Doc. I love it. Well, thank you so much for coming on. This was fantastic. And for those of you listening, you heard her right. There may be challenges, there may be doubt, there may be all of that, but this is our time to do that. And if you haven't started, start. And if you know that you've been in cruise control and it's time to scale, scale. If there's this new idea that's been, you know, scratching at you and you have the bandwidth to do it because you've been working on a business and stuff in it. So you have the time to do it, and it's time to do it. It's time to embrace it all. Okay? And if you've been like, I need some help with this, come join us in the Entremdi Business School, okay? It's on trendy.com business. Come join us. We'll be happy to have you in our community where you get all the coaching, community accountability that you need to thrive, where they're entrepreneurs who are killing it and you can be one of them. So thank you so much, Dr. Dosoma, for coming in. All her links will be in the show notes. Check it out, check her out. Share her information to professional women in your life and can't wait to see you at the top. Thank you. Thank you for coming.

Thank you so much for having me.

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