Why Doctors Make Great Entrepreneurs
There are people out there who believe doctors should remain only doctors, that we in medicine should stay in our lane and are less capable of running businesses. I’m here to tell you this: They’re wrong.
As physicians, we take the pledge—the Hippocratic Oath—where we promise to act in service to others with integrity, personal commitment to their best interests, and to do no harm. It’s my belief that we carry those principles into all aspects of our lives while at home, in our communities, and, yes, even into our professional ventures outside of medicine.
We are highly capable of running and growing businesses that we can be proud of. Don’t believe anyone trying to put down physician entrepreneurs. In fact, doctors have proven to be very successful business owners, and the most successful do it in a way that honors our commitment to serving others.
If that’s not enough to nudge you toward your entrepreneurial dreams, start by engaging in communities of like-minded people. There, you can see what others are doing and know what’s achievable. (Spoiler alert: Anything is achievable!) For those of you who’ve been part of our Leverage & Growth Summits or Accelerator Community, you know first-hand the power of this support.
From my experience, a successful entrepreneurial journey is grounded in the principles I’ve learned in medicine—tips I want to share with you today. What’s more, not only can they help you grow a successful business, you’ll also feel proud of what you’ve built.
5 Tips to Build and Grow a Business to be Proud of
1. Build What People Are Asking For
Businesses are solutions to problems. In other words, successful businesses are born because somebody saw a problem or need and addressed it with their product or service.
As I began my journey in passive income and entrepreneurship, I was tired of only hearing about 401(k)s and stock portfolios, hoping that someday they would grow into a comfortable retirement. As I sought other options, I found that there are a lot of paths to financial freedom, many of which can help you realize your ideal life much earlier than traditional retirement.
That’s when it hit me: The problems I faced were shared by many of my colleagues. Then I started Passive Income MD as a solution to a problem, sharing what I was learning with colleagues looking to build their ideal futures. Since then, the Passive Income MD community has grown enormously.
Now it’s your turn. Your medical and professional experience has you primed to identify problems and create a successful business that offers a solution.
2. Start Something That Matters
Build a business that helps and serves others. When a business is centered around a cause, a mission, or a passion that improves the lives of others, it will be more sustainable. What’s more, you’ll even enjoy it more.
Put people first. Practice empathy. Understand your customer’s journey with the market step-by-step and have them somehow involved in your decision making. This helps you be more open, genuine, and communicative. People aren’t dollar signs; understand them and what matters to them.
It reminds me of Blake Mycoskie, who started TOMS Shoes with a one-for-one model of social consciousness. Socially conscious businesses create change.
3. Create Alignment of Interest
Create a business model where you win only if others win. As a business owner, model your operation so that you can only win if your customers, partners, employees, and community all win.
Create incentive for all parties to go all-in on and trust your business. If interests are aligned with everyone—and everyone benefits—interest in your service or product will soar. That will build trust and loyalty from everybody involved while building communities of like-minded people.
4. Be Open to Growth Opportunities
Own your mistakes and be accountable. Just like we learn from our setbacks in medicine, we need to view entrepreneurial setbacks as learning opportunities. In business, those that maintain an open mindset throughout the entire journey tend to thrive.
Warren Buffett, regarded as the greatest investor of all time, also had some of the biggest losses of all time. Learn from your mistakes and continue forward.
5. Maintain Your Reputation
Stay true to your mission to serve others. Don’t let naysayers stop you; when you build a business you can be proud of, you’ll know that you’ve grown and maintained a reputable and ethical business for the purpose of serving others.
Start Growing Your Business Today. Lead with integrity, honesty, and a passion to serve others. Remember, your entrepreneurial growth translates to personal growth as well. Stay inspired and keep working toward building your ideal life!
Thank you for being part of the Passive Income MD community and making us part of your journey. We hope to grow alongside you as we both take steps on this awesome journey. Stay inspired and keep working toward building your ideal life!