The #1 mistake entrepreneurs make that costs them their first million

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.

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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 and practice medicine on your terms. I'm your host, Dr. Una. Well, hello friends. Welcome back to another episode of the Entre MD podcast. Today, I am so excited. I'm gonna be sharing a training that I did in the ontramd Facebook group. And it is a training on the number one mistake entrepreneurs make that cost them their first million. Okay. And this is something so critical. This is something that is simple. It may not be easy, but it's simple and you can start apply it to your business right away. Okay. And if you are not a part of the EntreMD Facebook group, I want to invite you to come join us. It is a group of over 2,000 physician entrepreneurs in one space, collaborating, helping each other, sharing with so other people can see what's going on. And I would go in there to do trainings on different things. And it is also the source of a lot of the podcast episodes. And so you can come in there and you can ask questions. And if it's something that is longer that I can type up in a comment, sometimes I'll make a whole episode about it. Okay, so go to Facebook and go search using the word Entre md. Okay, so there is one for the entremd business school. So that's a separate one. This just says entre MD and request to join. Answer the three questions you have to answer before you join the group and you'll be on your way. So for now, here's the training. Well, hi everybody. Welcome to our Facebook Live for today. Today we are going to be looking at the number one, the number one mistake that entrepreneurs make that cost them their first million. Hi, Dr. Shuruba. Nice to see you. We just had an amazing time at the ENTREMD Business School Vision retreats. I am so glad I got to see you in person again. Okay, so if you are watching live, say hi. If you're watching the replay, say hashtag replay. I always come back to my replays and we'll chat in the comments and all of that. This is going to be such a powerful thing and we are going to make this somewhat interactive in the sense that I will come back to your questions, your feedback, all of those things. Hi, Makeda. But I really want you to lean into this, okay? I have helped tons of doctors do this. I have done this for myself multiple times. And I really am here to help answer a question. Help shortcut your success, okay? You might be going like, well, I don't want to make a million. It doesn't matter. You can make a million. You can make a million. Give it away. You can decide. My number is 500,000. It doesn't matter, okay? But on the way to your next goal, this is one of the biggest mistakes I see. And I see it all day, every day. And that mistake, my friend, is diluted focus. Okay? I want you to type that in the chat. Diluted focus. This is something that sounds simple, but it is such an expensive mistake, okay? It is something that will decrease your ability to earn. It is something that will decrease your ability to serve. It would something that will decrease your ability to have this huge impact in your world. It's just crippling. Okay? So diluted focus. The price you pay for for greatness is focus. Now, you guys know that I'm really big on sports. Really? Because my husband is big on sports. It's not really sport, it's a sport. It's basketball. But when you think about the players that are the greatest of all times, most of the time I can't say all because I don't know everybody, but they are the greatest of all time at one thing, right? Is that one thing. It's basketball or it's golf or it's gymnastics or something, but they own one thing. They are laser focused on one Thing. And I can hear you, I can almost hear you go like. But Dr. Una, I have these 10 things that I really like. And these are the things, these are my passions and all of that. And we're going to talk about that. But I am making the assumption that you are somebody who wants to build a really great business that helps a lot of people and creates financial freedom for you, okay? And so because you're that person, many people may be doing the diluted focus, but not you, okay? Not you. So, so let's, let's lean into this a little more. And the truth of the matter is you can end up doing a lot of things. You can end up doing 10 different things. You can live nine lives. I'm living nine lives, and I don't know, I may add a few more, I don't know. But the freedom, what gives you the freedom to live nine lives is only one life. And doing it big, okay? You do one thing, you focus on one thing. After that, you can do whatever you want, okay? So Simone Biles is a really great gymnast and all of that stuff. And she can decide today that she wants to do a fragrance line, she wants to do a clothing line. She can decide she's an artist, she can decide all the things, right? And she can pull it off because she has done the focus on one thing, okay? She's done the focus on one thing. Beyonce can decide to own 17,000 companies and they'll work, but she focused on one thing, okay? Coca Cola can decide to have tons of products and they do, but in the beginning, to break through, they focused on one thing, okay? And so diluted focus is so expensive. And I want you to type that in the chat. Diluted focus. Focus is so expensive, okay? And I want to help you stop paying for it starting today, okay? Now, there are two main areas where I see this show up and that's what I want to give you today. And after today, you're going to edit some things and you're going to start creating bigger leaps in your business. So the first area I see this show up is in your core offer or your core business, okay? And so for some of you, that may be a private practice. Some of you, that may be a coaching practice. Some of you may be some other service based company. Some of you, it may be a product, okay? But your core thing, the prize of greatness, is focusing on your core thing. And shiny object syndrome is a real thing. And almost every entrepreneur suffers from it. And it doesn't take much. It takes taking A nice walk or. Or, you know, taking a long shower and you get 17,000 ideas of all these other things you should be doing. I will tell you this, and if it resonates with you, type it in the chat. That is what journals are for. Okay? It doesn't mean you don't have to execute every idea you get, right? That is what journals are for. You can write it in your journal and you can look at it, and maybe a time will come when you should do it. Maybe it's something somebody else would do. Maybe it's something you build a team someday and the team does that. You must not do everything you dream about. But let me give you a few examples here, okay? This comes up a lot because for some, it comes up because of this thought of multiple streams of income, right? So, for instance, I've built my private practice now. I want to build a side hustle because I need multiple streams of income. And notice the phrase is multiple streams of income, not multiple trickles of income, not multiple faucets of income. It is multiple streams of income. If you look at the people who talk about multiple streams of income who are doing it big, a lot of times what you see is they built one thing, they built a really big. It funded the next thing, which funded the next thing, which funded the next thing. They were not building seven streams of income at the same time. Okay?

All right.

So I've seen it with people starting private practices. I've seen it with people who are coaching, and for instance, they serve one audience. And some of the audience says, well, what about us and I? Oh, yeah, there are a lot of people there, and I could serve them, too. And they create another product, another product, another product. And then you end up with a business where nobody knows what you do, right? And if nobody knows what you do, nobody knows to refer you. You're not giving getting big wins in one category. It's like very scattered. And because of that, you have trickles. Okay? But we're going to end that. We're going to end that today. So I had a doctor in the ENTREMD business school who started a private practice. And I'm so happy for her because I wish I had what she had when I started my practice, because she started with a bank. And I remember when she launched her practice, it did really well from the beginning. And then people started telling her, oh, this is so great. You should start a coaching service to teach people how to start private practices. Right? Now, mind you, she was months into her private practice at the Time. And they're like, you should start doing that. You should start blogging about it. This is so powerful. And I remember her asking like, so should I do this? And I had two choices. I could have said, if I tell her not to do it, it would look like, well, you want to be the only people, the only person helping people start private practices and things like that. So would I not tell her? Would I tell her the truth? And I was like, listen, I was like, you're building a private practice. Your private practice is months old. It is going to take time and, and effort and energy to build it up. So you can build an organization, right? An organization that can run without you. It doesn't mean you have to leave. It doesn't mean leave medicine. It just means you set it up that way. So now you work because you love to work, not because you have to work. I said, when you get to that stage, you can really. I mean, you can build any kind of coaching thing you want, any kind of educational company you want, but guess what? You would have created. You will not be depending on revenue from that right away. So you can build it the way you want to build it. You would have built a team. You would have learned to build a team, and so you're not going to need to do it by yourself. You would have already built solid credibility. So it'd be so much easier for people to come and choose your. To use your service. And in the process of building this practice and making it big, you would have built a large following as well. So in your industry, there's so many people waiting and say, oh, my goodness, just show me how you did this thing. So I'm not saying don't do it. I'm saying, please don't do it now. Right? And I'm so grateful. I have so much respect for her because she was like, okay. And she leaned all in to her practice, and now her practice is killing it. Right? And she has the bandwidth to lean all in, focus on her practice, make it a thing. She is doing unbelievably well as she's not even two years in. Okay. And somewhere along the line, I was like, so what do you think? Right? Like, so this is, you know, many months later. What do you think about the decision you made to hold off? She was like, oh, my goodness, there's no way I could have done both of them. Right? But while she's building the first business, she really is building the second business. And so I want you to type that in the chat if you're on here with me live. While I'm building my first business, I really am building my second business, okay? You're doing all of them at the same time. But as far as executing, you're going to have to do that in sequence. So. So this is a big area where I see a diluted focus is in the thing I'm offering. And so I have one business who that hasn't taken off. And I want to add all these other, other things, right? Other different businesses. I'm not talking about verticals in the same business. Like. Like something completely different. Okay? So what is the benefit of focusing on one business? If you focus on it, you become known for something, okay? Where anytime someone is like, oh, I need this kind of coach, they're calling you. I need this kind of service, they're calling you. I need this kind of private practice thing, they're calling you like you're known for something. Because once you become known for something, that is leverage to then do a lot of things, okay? So you become known for something, okay? You become really good at what you do, all right? You become really, really good because you've put in the reps doing one thing right. And so I want you to think about a ball in the hand of Stephen Curry, a golf club in the hand of Tiger Woods. Like, you become so good at it because you've put in the reps. The third thing is that there are a lot of testimonies that you now have testimonials of breakthroughs that you've given people, a lot of them. And let me tell you something, the bigger your business becomes, the more powerful it is for you to have testimonies. Because what ends up happening is people start treating you as a unicorn. Like, sometimes if I come to you and say, you can pull off this private practice, you can build a seven figure business, you're like, yeah, yeah, whatever. But if I bring doctors from the on trendy business school and they're sharing their story, it is so powerful. And so the more time you spend focusing on one thing, the bigger the wins you're able to get people, okay, the bigger the wins. And that social proof will do wonders for your business. It will do wonders for your positioning, it will do wonders for your revenue because people will hear them and want to come work with you, okay? But if you have this diluted thing, you don't get those bigger testimonials. You don't get those more mature testimonials. For instance, we had times when, you know, a break is in the business school where it's like, I launched my practice, I hit my first hundred K and all of that to this stage. We're at a point where I started my practice and our first year, we hit a million. Now, is everybody doing that? Not necessarily. But is somebody doing that? Yes. So you have more mature, right. Testimonials because you've zoned in and focused on one thing. Do you see what I'm saying? And so, man, I wish I could hug everybody who's listening and say, just do one thing. I promise is great. Lean all in and do one thing. Okay, so since I can't come and hug, if you could just type in the chat. I'm going to focus on my one thing. I'm going to focus on my one thing. Right? And so that may be your private practice. That may be a coaching practice, serving this kind of client. Like all, like, I'm going to focus on my one thing. Okay? So you become known for something, become really good. You start generating these really, really mature testimonies. So I want you to think about your business, your offer, your core business. I want you to start thinking about, like, red wine, right? And you know, the way it works, the longer you let it sit, the better it is, the better it tastes, the more expensive it is. So just allow your business age, you know what I mean? Give it space to, to grow and to age, okay? So diluted focus with the core offer. That is something we have to start walking away from. I'm going to go all in. I'm going to be known for this. I'm going to be really good at it. I'm going to have a reputation for helping people get wins here. Like, I'm going to be really good, okay? And sometimes, you know, the thing is, you know, it gets boring. I feel like I'm saying the same thing. I feel like I'm doing the same thing. And the thing is, this business is boring, right? And you're like, wait, what? Yeah, I mean, it's exciting. It's very exciting. But as far as what you do, because guess what, you're doing the same thing for many people, right? And so you're going to say the same things and you're going to do a lot of the same things. And, and it's not boring in a bad way. Like, I'm bored out of my mind.

But you're.

There's a lot of repetition there. There's a lot of it. And it's. It's okay. It's like parenting. There's A lot of repetition there. And it's okay. So avoid the shiny stuff. Remember that greatness is in the boring stuff. If you think about a Larry Bird, for instance, Boston Celtics, you know, one of the greatest of the greats of all times. And even as a teenager, before he would go to school, he would do 500 jump shots. I want you to think about it. Think about how painful it would be if I told you before you go to work you just have to count to 500. Like you don't have to jump and you don't have to shoot. You just counting. Think about how annoying that is. But he would do 500, one after the other after the other, after the other after the other. Right? That's boring. But that's the price of greatness. And so he would do that and do that and do that. So no wonder he was best shooter for four times. Four different times. No wonder he was a 10 time all star, NBA all star. No wonder he was the rookie of the year. He got an Olympic gold medal and all of that. Like no wonder. Okay, so type in the chat. Boring equal to greatness, right? Maybe we equate it that way. All right, so that's the first area of a diluted focus. So zone in. Simplicity, scales, complexity, constraints. So think simple. Think. This one thing I'm focusing on. This one thing I'm going to be known for. This one thing I'm going to use to serve my world and create big wins. This one thing. This one thing. Okay, so that's, that's the first area. The second area where diluted focus shows up a lot is in creating revenue. Okay. All right, so we're going to talk about. This isn't creating revenue. It's in asking. It's in asking like you're strong. Ask like. So let's talk about marriage. Right, let's talk about marriage. So a guy likes girl. Okay? Guy wants to marry a girl. And there are many things he can do. He can take her out on dates, he could buy her roses, he can take her shopping, he can take her on vacation. And he'd be thinking, she should know that I'm very serious about this relationship and I want to marry her. There are none of those circumstances that are going to make the girl say yes. Because yes is not something you say when someone takes you on vacation. Yes. It's not something you say when somebody buys you flowers. Yes. It's not something you say when someone looks into your eyes and says I love you. Yes. It's something you say when this person says, will you marry me? Right? And so when you think about your business and you want people to work with you, and you want someone to become your client, you want someone to become your patient, an area of focus every entrepreneur needs to have is asking, like, ask them, ask them to work with you. Everything you're doing is leading up to that. Like, ask them to work with you. And so if this is not an area of focus, right? If it's not an area of focus, then you're hurting your business. Because this is the one thing that makes people say yes, right? The one thing that makes people say yes is the one thing we're like, not today, right? And I understand it's nerve wracking sometimes, but not as nerve wracking as a lot of the things you've had to do as a physician. So think about it this way. We can choose to dilute our focus, right? Like, how do I acquire clients? Well, my website, my fancy logo, Being a guest on podcasts. Mm mm. Posting a lot on social media. Mm mm. Speaking on stage. Uh, now, are these things bad? Don't get me wrong, they're good. I talk about them all the time. Except the website on the logo, I just dissed those. But I talk about them all the time and you should do them. However, what needs to be on all of those things is an invitation. Come work with me. Come work with me. I want you to silently think about the number of times in the last week, in the last month that you've asked somebody, work with me. So you going to speak and not asking people to work with you is like the guy taking the girl on vacation and not asking her to marry him. Like, by all means, go on the vacation, but ask the question. So post in the chat, ask the question, ask the question. And this is directly proportional. The more you ask people to work with you, the more they will say yes, the more you will serve and the more you will earn. It's all proportional, okay? So if you can only do one thing in your business, that thing is asking. It's very simple. It's asking like, come work with me. Ask the question. Come work with me. Come be a patient. If you're a private practice, I'm going to give you. I'm going to even give you a little bonus here. Because one is, come work with me. The second is you want to also talk to your biller and have the show me the money conversation, Right? Because in private practice you don't get paid because you see patients. Is that what happens? You see a patient and money appears. No, like if you're, if you take insurance, you see patients and claims are sent out and they're followed up and then you're paid, right? And so you ask the question, but you also talk to your biller, like, show me the money. And I say this because a lot of times in private practice, we don't talk to the biller. We don't want to know about their reports. We don't want to have anything to do with them. But your billing department is like your aorta. Like, if there's a nick in it, you're bleeding to death. Right? You want to know. So I want you to think so your focus. Because sometimes we say things like, well, I'm not doing this for the money. So the question then becomes, is that true, though? Now, of course you're not. That's not the primary driver. Okay? That's not the primary driver. Your primary drivers that want to help people, okay? But the question then becomes, are you saying that you're fine if in five years this business makes no money? Because if you're not saying that, then yes, your primary driver is not money. Your primary motive is not money. But you want to make money. And if we deny that, we hurt our businesses. Because if you say, I'm not, I don't want to make money, then you're not going to focus on the things that make money. So the question is, are you going to be okay if you don't make money? Right? Like, we have to tell ourselves the truth. You see what I'm saying? So ask. When was the last time you said, come work with me? How many times have you done a Facebook Live? And you're like, so if you want to know more, reach out. That was your call to action. Oh, my goodness. Nobody reaches out, right? What is a call to action? A call to action is me after doing a video saying, and listen, if you love this, this is what we do in the ontremd business school. We do a deep dive of this. Our mission is to help you build a six and seven figure business so you can live life and practice medicine on your terms. So if you've been thinking about it, this is a time. Head over to entre md.com business and put in an application. My team is on standby. We're going to go through your application. We are looking forward to welcoming you into the business school. That's an ask. Okay? Reach out if you want more information. That is not an ask. That's like if you, if you like me, girl, let's go on another date. She's not going to say yes to that because you did not ask her to marry you, Right? So I want you to start thinking. And the reason why I'm using the proposal analogy is because until you have asked, you have not asked. So you may have a position where you have a podcast, lots of people listening. You may be in a position where you have a Facebook Live that you do every week and lots of people are watching. You may have an email list that's full of people, but nobody's saying yes. But could it be that they're not saying yes because you're dating them and taking them on vacations and buying them clothes and buying them roses, but you're not saying, come work with me? Okay, so that's a very diluted focus. Very diluted. If you want your business to do well, you want to become an asker, you're going to ask and ask and ask, and you might be saying, oh, my goodness, Dr. Una, that's the one thing I hate. That's the one thing that makes me so nervous. That's the one thing I didn't have to do in my business. Well, let me tell you this. If you haven't heard my story, I won't tell you the story. But I'll tell you this. I started off as a socially awkward, super shy, introverted introvert. And I am your evidence that even if you are shy, even though you're introverted, I was so ashamed. Like, I think I even felt shame. Like, I wouldn't even go to tell OB gyn, I'm a pediatrician, Send me a patient. That's how bad it was for me. But I am your evidence that you can become good at it. It's not a personality type. It's not something you're born with. It is a skill, okay? Asking, selling it is a skill. And you are one of the most skilled people on the planet. And you are one of the people who are really good at learning new skills. You can learn this, too. And you can do it professionally, and you can do it in a classy way, and you can do it in a way that inspires people to say yes. You just have to learn it. But it's like driving, okay? There's no amount of reading about driving that makes you a great driver. You become great by learning and driving. Read a little bit of book. Go drive. Take a little bit of instruction. Go drive, okay? You become great at asking by asking. You become more comfortable asking by asking, okay? And it would warm my heart if you will decide. I am going to ask. Okay. Maybe you type that in the chat. I'm going to become really proficient at asking. What if we created, like, little logbooks? You know, the way you had to log your procedure. You log your asking. Okay. In the entremd business school, we did. I've done many variations of this, right? A lot of the challenges, you know, some variation of asking. So we've had the Sellathon challenge. We had the Ask a day challenge, the Askathon challenge. And it's all about just practice for the next 30 days. Ask every day, five days a week. Just ask. Ask people to work with you. Ask them to work with you. You might say, but I don't want. I. That's. I don't want to manipulate people. Okay, well, when you ask people to work with you, one of the things that you must understand is that you are giving people the opportunity to let you help them solve a problem they have. Okay, Everybody has a problem. Everybody has a problem right now they will pay to get rid of. Like, oh, my goodness, if I could just find the person who can solve this problem right, I will throw my money at them. You are not trying to convince people who don't need what you do to pay for your services. You're trying to tell people who have a problem and are willing to pay for it to go away. Hey, I'm over here. You've been looking for it. I'm the answer. You've been waiting since January. What? I'm the answer? Yeah. That's what asking is. That's what selling is. Okay, so it's not manipulation is serving is helping. Asking. Selling is serving. Okay, you may be feeling, I don't want to bother people again. If I have a problem that I'm willing to pay to make go away, and I've had it for a year. You are not bothering me. When you tell me that that's what you do. I'm like, oh, my goodness. Thank you, Lord, that I met her right? Like, that's. That's the way that works. So you're not bothered. You're not manipulating. You're not bothering. You're serving. Asking is serving. Selling is serving. Okay, so we did the Cellathon challenge, and I am telling you, there is a coach on here. I think she's mentioned this on the podcast. And she was like, before she started the business school, she had done 2k as a coach, and I think the first challenge she came into was the Cell A thon. Challenge, right. Or one of the first ones. And then she embraced asking, she embraced talking about what she does. And what she does is phenomenal. Like every time I'm blown away, okay? And she went from that to generating 100, I think 128k or something like that in that year, in her first year in the business school. And what was it from Asking, asking, asking, asking. You gotta focus on asking. If you want to serve a lot of people and you want to help a lot of people, you have to focus on asking. Okay? So what I would love for you to do is I want you to make a decision. I'm going to focus on my one, my one offer, one business, one core thing that I do. I'm going to go all in on it. All in, number one. Number two. And like if you're, if you're a private practice and you're not at full capacity, you have much opportunity to grow and you've been thinking about a side gig, I want to invite you to have this thought. Your private practice is your main gig. Your side gig is your all kind of gig. Okay? That's what that is. When you build it up to capacity, you build a team that can help you run it. You are free to then, right? Like you can do all kinds of things, but the price for the freedom to do all kinds of things is building your one thing up. Okay? So focus on your one core offer, your one core thing. And the second thing is to focus on asking directly. Okay? So not if you need more information, reach out or if this might be something you could need, like my post or what? Like ask people, ask them to marry you. Right? You get the analogy? Ask them to marry you. Okay. All right, So I want you to focus on those two things and we have, I don't know, 70 days left in the year or something like that. If you will do this this year, you don't even have to wait to next year. This year you'll create radical change in your business. Radical. Okay? Focus on. And if you're going to do it, I want you to type in the chat, two for two. Two for two. I'm going to focus on my core offer and I'm going to focus on asking directly. Asking directly. Work with me. Work with me. When you send an email, work with me. If you're a coach, book your call here. If you're a private practice schedule, appointment here. Like tell them what to do. Ask directly. Ask directly. Okay, so two for two. Two for two. Let me know in the chat. Hi, Dr. F. Young. Hi. Right. Two for two. Two for two. Decide that's what I'm going to do. And let me tell you something. When you focus on your offer, you become the thought leader in that space. Your position as the number one person in that space, you become the go to business for what you do. When you focus on your asking, you will have the opportunity to serve a lot of people, and you have an opportunity to earn a lot. You have an opportunity to earn a lot, which will give you the freedom to bring on a team, which will bring you freedom to pay for ads if that's what you want to do, which will give you the freedom to do other things because it creates financial freedom for you. So we can do this. And it's just too little. Two little shifts. Too little shifts, right? Stop the diluted focus. Lean all in. You are like an athlete. You are like a basketball player who's the greatest of all time. You focus on the major things, right? You can dribble, you can pass, you can do all the things. But you know how to get that basketball into the basket. Like, after all those things, to score, it needs to go in the basket. That's your asking. You're going to ask. You're going to ask. You're going to make a lot of shots, right? You're asking. You're going to ask, right? And you're going to turn your business around. Okay? All right. So this was super helpful. Let me know. Let me know what your reflection is in the comments. If you have questions, post them there. I'm either answer them there or come do a whole new life to answer them if it needs a more detailed answer. But please understand that I'm rooting for you. My dream. My dream is that physicians end up being the people who own the most innovative, most impactful, and most profitable businesses inside or outside of health care. Okay? And I'm here to support you, to help you to do that. So let's get to work. Okay? All righty. And oh, my word, isn't that amazing? Like I said, simple may not be easy, but simple and you can do it. Many doctors just like you have. So go apply this. And I cannot wait to celebrate the wins you create because you are now this person who is able to have not a diluted focus, but a focus. Focus. Now share this episode and I'll see you on the next episode of the OnStreamd podcast. Hey, if you love listening to the EnTreeMD podcast, I want to invite you to join Entre MD on demand. It is my signature subscription program that gives you access to a library of business courses designed to help you do one thing as a physician entrepreneur, and that is to thrive. Just head out to entremd.com forward/on demand, and I love to have you join us. See you on the inside.